The popular Ethereum decentralized exchange (DEX) Uniswap has announced an Alpha launch of its V3 on the much-talked layer-2 scaling solution Optimism Ethereum (OΞ) mainnet.
Uniswap announced the news in a blog post on Tuesday, July 13th. According to the announcement, this is a soft launch and is not activated to its full potential. The team has imposed a strict limit of 50K transactions per day or approximately 0.6 TPS. The blog post reads:
“During this Alpha period, OΞ will support an initial throughput of 0.6 transactions per second. Because Uniswap v3 is currently one of the few protocols deployed to OΞ, this should translate to transaction capacity roughly in line with L1. Unlike L1, transactions on OΞ confirm instantly — no more pending or stuck swaps!”
Optimism Ethereum is an Ethereum Layer 2 scaling solution by Optimism. The solution uses an Optimism rollup solution to scale general smart contracts and enable instant transactions, higher total transactions, and much lower gas costs on Ethereum.
Optimism started the development of Optimism Ethereum in collaboration with Uniswap at DEVCON V in 2019. The initial product of this collaboration was Unipig Exchange, a demo of Uniswap on Ethereum Layer 2.
According to a separate announcement by Optimism, the product was a success. As Crypto Economy reported, OΞ was initially scheduled to launch in March 2021 but delayed until July 2021 as according to Optimism, the ecosystem was not ready for the launch. Now, after “several mainnet deployments, several hundred thousand transactions”, the project has gone live and the biggest Ethereum Dapp Uniswap is now riding on it.
But this is not a full launch and according to the teams, the main goal of this release is to uncover new bugs and beef up the system’s stability. Assuming Uniswap v3 sees equal usage to L1, OΞ should offer up to 10x transaction cost savings. TPS will increase over the coming weeks and months as the OΞ infrastructure is tested and optimized at scale.
Users can now easily move their assets from L1 to Optimism Ethereum using Optimism Gateway. Uniswap v3 can support any ERC20 token on OΞ but will offer a limited number of assets at launch. More tokens will be bridged to Optimism Ethereum over the coming days and weeks.
The combination of Optimism Ethereum and the upcoming ETH 2 update could greatly enhance the degraded performance of DeFi king. Uniswap said:
“Scaling Ethereum will be an iterative process, but this is a major step forward. Optimistic Rollups and ETH 2.0 are complementary scaling solutions and together will propel DeFi to mainstream adoption.”
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