Optimism has “soft launched” its solution to Ethereum’s transaction problem, the Optimistic Virtual Machine (OVM)

Optimism has launched its Layer 2 scaling solution, the Optimistic Virtual Machine (OVM) on the L2 Optimistic Ethereum (OΞ) mainnet, at a time when gas fees have reached near all-time highs for decentralized finance (DeFi) traders.

Members of the Synthetix team(Synthetix) | Image via Coindesk

First on the docket is decentralized exchange protocol Synthetix, which has been working on an integration for some weeks now. This means holders can now stake the protocol’s native token, SNX.

“We are extremely excited to announce that staking on Synthetix is now live on L2 mainnet, Optimistic Ethereum (OΞ). This marks a huge next step not only for Synthetix, but the entire Ethereum ecosystem, as OΞ is the first scaling solution with full cross-layer porting capabilities for smart contracts without rewriting them,” Synthetix announced Friday.

“We have opted for initiating the transition with the absolute minimum risk to layer-1, and then adding functionality over the course of the next few months as we build confidence in Optimistic Ethereum,” the DeFi exchange wrote.

Optimism, formerly known as Plasma Group, has pioneered one implementation of what are known as Optimistic Rollups (ORs). ORs – or other rollup variants such as ZK-Rollups – are layer two solutions that act as throughput boosters for blockchains.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like