Optimism "Soft" Launches Layer-2 Solution Amid Ethereum Bull Run

Key Takeaways

  • Optimism launched its Layer-2 scaling solution, Optimistic Virtual Machine, on the Optimistic Ethereum mainnet yesterday.
  • Synthetix exchange is trialing the OVM and SNX holders can now stake the token.
  • The success of Optimism could make or break the ETH bull run.

The Ethereum bull run is in full swing, the soft launch of the Optimism scaling solution will likely fuel continued appreciation.

Ethereum Gets Optimistic Boost

Ethereum had a huge year last year, with transaction fees overtaking those of Bitcoin and daily fee revenue still the highest in the market. Demand for Ethereum applications has been high, and apps like Uniswap dominated the market despite rising network fees.

Optimism’s scaling solution hopes to unbound this growth by reducing the cost of using the number two network.

The Optimism team stated in yesterday’s blog post that “it is finally time to take our first material steps towards alleviating the gas crisis by deploying to mainnet.” 

Many analysts in the market view the Optimism launch as a potential catalyst for further upward price momentum — but the result could go either way.

The Optimism team has been careful to state that bugs may occur in the launch’s early phases. The testnet was rolled out in phases to test specific features in batches, rather than in one fell swoop, perhaps a lesson learned from failed attempts such as the Spadina testnet.

“We want to be sure our features are right and our system is rock solid, which can only be confirmed in the harsh and unforgiving environment of mainnet,” said the Optimism team.

The team listed defense features such as permissioned contract deployment, authenticated withdrawals, and upgrade keys, while urging the community not to view the soft launch as the finished product.

The true launch is due in late February or early March. This will be a crucial moment for Ethereum, and many seasoned traders will be waiting with bated breath to monitor its success.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article