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Thursday, January 26, 2023

Ethereum Layer 2 Scaling Solution By Optimism Will Be Ready In Two Weeks

Optimism’s mainnet for the Ethereum trial run will debut by 15th January on Synthetix. Optimism, the firm which is building the Layer 2 scaling solution to protect the network of Ether states that the preliminary mainnet of the solution will be available in the market by 15th January. The 1st trial run of the mainnet of Optimism would happen simultaneously with the protocol of decentralized exchange Synthetix.

How Does The Solution Work On The Network Of Ethereum?

The solution solves the scaling problem of Ethereum by making a channel inside which the transactions will be capable of running more quickly along with incurring a lower cost. Presently, Ether runs around 1.2 M transactions each day, while the transaction fee on average is around $15.The 1st trial run of the mainnet of Optimism will take place simultaneously with the protocol of the decentralized exchange, Synthetix.

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In the period of trial, Synthetix will make it possible for transforming the smart contracts of Ethereum to the OVM. Once it gets transferred to the OVM, deployment of the same will happen on the mainnet of Optimism. Additionally, it was reported by The Block that OVM appears to be almost compatible with the Virtual Machine of Ethereum, which indicates that Synthetix doesn’t have to go for changing its code for deploying the smart contracts on the OVM.

But as the current project run is just a trial, Optimism’s team is predicting some bumps to appear. Optimism stated that the team will be holding upgrade keys during the 1st six months at least for ensuring the safety of the user funds. Therefore, until they relinquish the keys, one shouldn’t consider the system as final and full. The mainnet’s public version is presently scheduled to get launched on 15th March. Several projects of the Ether landscape like Chainlink and Uniswap will run the solution trials of Optimism before then.

 

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