Ethereum’s Optimism Releases Limited Testnet of its Layer-2 Solution

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Optimism has finally released a limited testnet of the network
  • Optimism has decided to launch the full-scale version in the four phases, where every phase will be released with a significant update
  • Not just Synthetix but projects like Uniswap and Chainlink who are considered as one of the few top decentralized exchanges have also shown interest in being part of the testnet

Optimism, the Ethereum scaling startup, engaged in the building of a Layer-2 solution has finally released a limited testnet of the network. As per a Medium post, it is said the company sees this as a gradual release and gave the reason for overwhelming demand for the update. The announcement mentioned it will be a small cohort of early adopters and decentralized apps (dApps) for providing a better experience and support to each individual. 

Synthetic Exchange to be Launched First

Crypto Exchange Synthetix will be the first to be integrated with the dapp and Optimism’s limited testnet network. For creating momentum users of Synthetix will be incentivized with the 200,000 SNX tokens amounting to a value of $930,000 rewards. At press time, SNX token was trading at $4.65. Optimism on the subject expressed that the company is highly grateful to Synthetix for testing their code. They continued that the environment created for testing is near-same as the mainnet itself and the serious value of Optimism is at play. 

Not just Synthetix but projects like Uniswap and Chainlink who are considered as one of the few top decentralized exchanges have also shown interest in being part of the testnet. At present, testnet is completely public for use, but the public contract deployment is yet to start. Optimism stated the reason as ‘to isolate bugs’ and hence the first phase will be launched as a subset of the full feature set. Once the progress in testnet versions are observed through each phase, further versions will be launched gradually. The process will be continued until the full-feature version of Optimism Etherem System is running smoothly and bug-free on the mainnet. 

Phases of the Launch

Optimism has decided to launch the full-scale version in the four phases, where every phase will be released with a significant update. Phase A will be open to the public but limited to airdrop tokens into L2 goerli, claim staking rewards, mining and burning of sUSD will be allowed. They are putting on hold the actions of deposits and withdrawals. With Phase B, deposits will be permitted, and users will also be allowed to increase SNX tokens post the deposit.

The third phase will be a Security Drill where OVM Contracts will be upgraded to the ability of verification. And Optimism will perform intentional frauds on the network for testing purposes. The company will reward users submitting these frauds. And from the fourth phase, withdrawals will be enabled.

Optimism has also announced the early release of their other projects for their early adopters and testnet integration purposes. 

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