Optimism collaborates with Etherscan the blockchain analytics platform to achieve their goal of creating optimistic ethereum. Optimism is a public benefit corporation working to enhance and enshrine fair access to public goods on the internet. They work through the development of open-source software.
Currently, they are trying to provide a layer- two scaling solutions for the ethereum Blockchain.
In an announcement on May 21, optimism declared it a major usability milestone. They stated that it makes highly technical information easily searchable and human-readable.
How will this eEtherscan integration help ethereum users?
With the Etherscan integration, Optimistic Ethereum users will be able to:
- Monitor deposits and withdrawals
- Complete withdrawals on L1
- View when L2 transactions are pre-confirmed by the sequencer and when they have been posted and finalized in batches on L1
- Verify and publish the source code of OVM-compiled contracts
The firm’s L2 scaling technology is called Optimistic rollups which builds on zero-knowledge proofs but changes the consensus. Instead of verifying each transaction, the network assumes that all of them are correct. Intervention is only necessary if there is a submission of “fraud proof” for an incorrect transaction.
According to optimistic Ethereum’s roadmap, the Mainnet launch is by July 2021. However, a lot of whitelisted protocols are moving forward than the original timeline.
Integration of Optimistic Ethereum on other DEFI protocols
Synthetix, a DeFi synthetic assets exchange is one of the first protocols to deploy Optimistic Ethereum(OE). Its founder Kain Warwick states that the rollout has taken longer than expected but is now imminent. “While it has taken far longer than we hoped to get to this point, we are now only a few weeks away from having everything ready to enable exchanges on BTC, ETH, and LINK,” he wrote.
He added that the delay had enabled oracle provider Chainlink to work on latency upgrades on L2 aggregators. This will enable lower fees to be achievable through additional optimizations. That also allows for the removal of fee reclamation, resulting in Synthetix regaining composability with other protocols.
Warwick also believes that the launch of multiple other protocols on Optimistic Ethereum will significantly undermine the value proposition of chains like Solana and Binance Smart Chain. The lengthy update did not specify a date for the launch. It stated that there will be a scalable platform to finalize the scope of Synthetix v2 in few months.
The world’s largest decentralized exchange, Uniswap, has also been whitelisted for Optimistic deployment. That means the long-awaited layer two scaling for v3 could be launched before July. There has been no official announcement regarding the L2 launch from Uniswap Labs, however.