Uniswap v3 has launched layer two scaling on the Optimistic Ethereum (OΞ) mainnet, as the long-awaited layer two scaling solutions upgrade for Uniswap has finally been spotted the alpha launch.
It has been reported that the alpha launch is a limited version of the full system which helps developers deploy the system gradually and address any issues that may arise.
The report stated:
“Please treat this as an early alpha product. Optimistic Ethereum is a complex Layer 2 scaling solution still in need of rigorous battle testing.”
However, the DEX warned of potential downtime and stated that withdrawals from OΞ to layer one will take seven days. It also stated that there are limited assets at launch, namely ETH, USDT, WBTC, DAI, and SNX, but more will be added in the coming days and weeks.
During the alpha period, the platform will support an initial throughput of 0.6 transactions per second. It added that this should equate to a transaction capacity roughly in line with layer one, but transactions on OΞ confirm instantly meaning there are no more pending or stuck swaps. Uniswap explained that assuming v3 has equal usage to layer one, OΞ should offer transaction cost savings of up to ten times, however, increased demand will drive gas costs higher.
Likewise, the transaction speeds will be increased over the coming weeks and months as the infrastructure is tested and optimized at scale.
Hayden Adams, the founder of Protocol, said:
“Building general purpose Optimistic Rollups is an extraordinary undertaking and a critical step for decentralized finance to gain mass adoption.”
According to the reports, initial users have been impressed, with Bankless founder David Hoffman exclaiming “It's instantaneous and insanely cheap. 5 swaps in 30 seconds, and I wasn't even trying to be fast.”
“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.”
OΞ uses an optimistic rollup which changes the zero-knowledge consensus principle by assuming that all transaction verifications are correct. Users only intervene only if they see an incorrect transaction whereby they can submit a “fraud-proof” to signal that the data is incorrect. DeFi platform Synthetix has also announced the launch of Optimistic Ethereum for its layer two exchange for the week beginning July 26.
Thus, in late May, the Ethereum layer two scaling solutions provider announced a collaboration with blockchain analytics platform Etherscan.