What Is Optimism (OP)?




Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. That means transactions are trustlessly recorded on Optimism but ultimately secured on Ethereum.

Optimism is one of the biggest scaling solutions for Ethereum with over $500 million in TVL. It is home to 97 protocols, the biggest being Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an AMM. Users can begin their journey on Optimism by adding the chain on their Metamask and bridging tokens like ETH to the L2. On May 31, 2022, Optimism conducted a highly anticipated airdrop of its OP token.


Optimism (OP) – the faster way to use Ethereum

Who Are the Founders of Optimism?







Optimism is led by the Optimism Foundation, a nonprofit organization dedicated to growing the Optimism ecosystem. Similar to Ethereum, Optimism aims to become a fully decentralized public good that is not profit-oriented. Optimism is completely funded by donations and grants, and pledges to produce infrastructure that promotes the growth and sustainability of public goods.
This New Development Could Stop The Optimism (OP) Price Dead In Its Tracks

What Makes Optimism Unique?




Optimism is designed around four core tenets:

  • Simplicity
  • Pragmatism
  • Sustainability
  • Optimism

Optimism aims for the minimum number of moving parts while building a layer-two solution for Ethereum. In practice, this means using proven Ethereum code and infrastructure when possible. Optimism thus aims to keep its code as simple as possible and work directly with existing codebases.

The ecosystem further emphasizes pragmatism and is driven by the real-world needs and constraints of its own team and the users engaging with the ecosystem. Hence, Optimism aims to build iteratively and implement features like EVM equivalence gradually.

Optimism's design process is built around the idea of long-term sustainability and not taking shortcuts to scalability. That is why it uses optimistic rollups and takes advantage of the consensus mechanism of Ethereum to scale the network. Blocks are constructed and executed on the L2 (Optimism), while user transactions are batched up and submitted to the L1 (Ethereum). The L2 has no mempool, and transactions are immediately accepted or rejected. This guarantees a smooth user experience while ensuring security through the Ethereum consensus mechanism.

Transactions are submitted to Ethereum without direct proof of validity and can be challenged for a certain period of time (currently seven days). After that, a transaction is considered final. That is why withdrawals from Optimism to Ethereum take seven days to complete.

Source : Coinmarketcap

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