Uniswap v3 launches Ethereum Optimistic for Layer 2 scaling in Alpha
The long-awaited upgrade of the Layer 2 scaling solution for Uniswap was finally discovered in the wild with the introduction of version 3 on Optimistic Ethereum.
In a post on July 13, the world’s most popular decentralized exchange announced that it is pleased to finally announce the alpha version of Uniswap v3 on the Optimistic Ethereum mainnet (O announce).
An alpha launch is a limited version of the full system that helps developers introduce the system step-by-step and troubleshoot any problems that may arise. The blog post goes into the details:
“Think of this as an early alpha product. Ethereum is optimistic about a complex Layer 2 scaling solution that still requires rigorous combat testing. “
The DEX warned of possible downtime and stated that the withdrawal from OΞ to level one would take seven days. It also says that there are a limited number of assets at launch, namely ETH, USDT, WBTC, DAI, and SNX, but more will be added in the coming days and weeks.
During the alpha phase, the platform supports an initial throughput of 0.6 transactions per second. It added that this would be equivalent to a transaction capacity similar to layer one, but transactions on OΞ confirm instantly, which means there are no more pending or stuck swaps.
Uniswap explains that assuming that v3 has a usage at the level of Layer 1, OΞ will save transaction costs up to ten times, but the increased demand will drive up gas costs. Transaction speeds will increase in the coming weeks and months as the infrastructure is tested and optimized on a large scale.
Commenting on the introduction and possibility of high-speed transactions, protocol founder Hayden Adams added:
“Building universal optimistic aggregates is extraordinary work and an important step towards mass adoption of decentralized finance.”
It’s happening right now
Act now and steadily scale with the ultimate goal of meeting the demands of fast and affordable DEX trading
All are based on Ethereum and are managed decentrally https://t.co/SyVtUsswYW
– Hayden Adams (@haydenzadams) July 13, 2021
Connected: Will the introduction of Uniswap v3 trigger a new DeFi boom?
First users were impressed by Bankless founder David Hoffman scream “It’s instant and insanely cheap. 5 swaps in 30 seconds and I don’t even try to be fast. “
Uniswap says this additional scaling solution for Ethereum 2.0:
“Scale Ethereum will be an iterative process, but that’s a big step forward. Optimistic rollups and ETH 2.0 are complementary scaling solutions and together will lead DeFi to mainstream acceptance. “
OΞ uses an optimistic synthesis that changes the zero-knowledge consensus principle by assuming that all transaction reviews are correct. Users only intervene when they see an incorrect transaction, which allows them to present “evidence of fraud” to signal that the data is incorrect.
The DeFi platform Synthetix also announced the launch of Optimistic Ethereum for a Layer 2 exchange in the week of July 26th. At the end of May, the provider of Ethereum scaling solutions, Ethereum, announced a partnership with the blockchain analysis platform Etherscan.