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Alpha launch of Uniswap v3 on the Optimistic Ethereum (OΞ) mainnet is on
- An initial version of the entire system launched
- Layer 2 scaling solution and requires extensive testing in real-life situations
- Users say it was instantaneous and insanely cheap
Much awaited layer two scalings has been launched on Uniswap v3, though in a curtailed format initially. Uniswap, through a post on July 13, informed that the alpha launch of Uniswap v3 on the Optimistic Ethereum (OΞ) mainnet is on.
The layer two scaling solutions upgrade for Uniswap was long in the offing, and it has been finally realized with the launch of version 3 on Optimistic Ethereum.
A watered-down version of the complete system
The alpha launch on the world’s most popular decentralized exchange is a watered-down version of the complete system. It will help developers deploy the platform and take on the bugs if anyone by one. The blog post made this clear, and it told all developers to treat this as an early alpha product. The blog post added that Optimistic Ethereum is a complex Layer 2 scaling solution and requires extensive testing in real-life situations.
Withdrawals from OΞ to layer one will take seven day
The exchange cautioned potential downtime and stated that withdrawals from OΞ to layer one would take seven days. It further stated that few assets would be available at launch, including ETH, USDT, WBTC, DAI, and SNX. It, however, said that more assets would be added in the coming days.
Will support a throughput of 0.6 transactions per second
Initially, the platform in the alpha period will support a throughput of 0.6 transactions per second. It corresponds to a transaction capacity roughly in line with layer one. However, transactions on OΞ will be confirmed instantly, meaning there are no more pending or stuck swaps.
Uniswap further elaborated and said that if v3 has equal usage to layer one, OΞ should offer transaction cost savings of up to ten times. However, increased demand will also push gas costs higher. In addition, the transaction speeds will rise in the coming months as the infrastructure is tested and optimized at scale.
Hayden Adams, the Protocol founder on high-speed transaction capabilities, said that creating general-purpose Optimistic Rollups is an essential and significant step for decentralized finance to obtain mass adoption.
Users have given thumbs up for the update and Bankless founder David Hoffman declared it instantaneously and insanely cheap. David completed five swaps in 30 seconds, and he said that he was not even trying to be fast.
Describing its scaling solution as complementary to Ethereum 2.0, Uniswap said that Scaling Ethereum would be an iterative process. However, describing it as a significant step forward, Uniswap said Optimistic Rollups and ETH 2.0 are complementary scaling solutions and together will help DeFi to mainstream adoption.
Users can monitor the progress and intervene if the data is incorrect
OΞ employs an optimistic rollup which erases the zero-knowledge consensus principle and assumes that all transaction verifications are correct. Users can monitor the progress, and if they see an incorrect transaction, they can intervene and submit a “fraud-proof” to signal that the data is erroneous.
Another DeFi platform Synthetix has also announced Optimistic Ethereum for its layer two exchange for the week beginning July 26. In late May, the Ethereum layer two scaling solutions provider had announced a partnership with blockchain analytics platform Etherscan.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
