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Monday, September 26, 2022

The Users Of Optimism Saves Upto $1 Billion In Gas Fees

Optimism, the Layer 2 scaling solution has guaranteed funding of $150 million which will be used by them to recruit new developers. Moreover, the funding will also be used to reduce the fees on the network controlled by Ethereum

Optimism Raises $150 Million In Series B

Optimism, the famous scaling solution of Ethereum, recently declared that they bagged funding of Series B $150 million. This deal was made by Andreessen Horowitz, the co-led and Paradigm with a valuation of almost $1.65 billion. 

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As per a post by OPT, the solution of L2 has benefitted the ETH users by saving approximately $1 billion for gas fees. This funding will be put to use by expanding the team of OPT and giving more effort to decrease the fees of the network. The Optimism fees were reduced last year by a total of 30%. Moreover, the team of Optimism is now giving more effort to the Ethereum Improvement Proposal (EIP) for the transactions of Shard Blob and this will again reduce the network fees by 100x in the future. 

Optimisms, the L2 solutions have expanded massively in a very short time as the demand for NFTs are increasing with time along with applications of Defi in the network of ETH and smart contracts. However, NFTs and Defi have congested processing of transactions which have raised the gas fees yet again. 

The workings of OPT occur with the help of ‘optimism rollups’ which sum up the transactions that take place outside the blockchain of Ethereum and the slippage is reduced. Furthermore, following this, the transaction cost decreases again and the speed of transaction also improves. In the views of L2Beat, the data tracker, the TVL on the platform of L2 has increased to $5.76 billion and the currency of OPT ranks fourth among all its L2 peers.

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