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The L2 solution has been highly anticipated especially by most Defi projects that run on the Ethereum mainnet.
High transaction fees that have characterized the Ethereum ecosystem are expected to continue being a challenge until July, according to project insights reported by Cryptonews.com. The Ethereum community was expecting the layer 2 scaling solutions to be deployed in March but the developers have pushed the launch up until July.
According to the developers who spoke to the media outlet, they postponed the layer 2 launch in favor of a more coordinated community launch. “The expedited timeline took most projects by surprise and we did not give ample notice for our community to prepare for launch. … In our excitement, we only considered our own needs and failed to consider our partners’ timelines & requirements,” the developers noted.
The developers further noted that a rush to launch the layer 2 solution could endanger the community by exposing investors to possible fraudulent activities. “Our goal is to make sure that foundational projects, infrastructure providers, block explorers, wallets, and token bridges have time to integrate, audit and test,” the team said, adding that their main heuristic for opening mainnet to the broader public is “stability and ecosystem readiness.”
Ethereum Scaling Solution and Other Upcoming Updates
Consequently, the Ethereum ecosystem’s major decentralized financial platforms are likely to migrate to much cheaper blockchains like the Binance Smart Chain that offers similar services but at a considerably cheaper rate.
The layer 2 solution has been highly anticipated especially by most DeFi projects that run on the Ethereum mainnet. Currently, scaling in the Ethereum ecosystem is challenging owing to the fact that transaction fees are unbearable to most traders. Besides, the total throughput is very low in comparison to other projects that are processing hundreds of thousands of transactions per second.
The team of developers behind the Ethereum later 2 scaling solution was funded by a16z (Andreessen Horowitz) back in November. Notably, a16z described Optimism as “an extension of Ethereum, [with] adherence to Ethereum development paradigms, [which] results in a very easy transition for developers, wallets and users.”
Worth noting, the new guidelines that suggest a July launch is merely an estimate that the team might change in the future accordingly. “Opening mainnet to the public is not something we can do alone,” said Optimism. “It will be a collaborative effort between us, projects, and core infrastructure providers like oracles, wallets, nodes & explorers.”
With millions of crypto users cash going into transactions, Optimism is expected to integrate with decentralized exchange protocol Uniswap to offer cheaper transaction fees and faster speed. Optimism, formerly known as Plasma Group, has pioneered Optimistic Rollups. A rollup provides scaling by bundling or rolling up transactions into a single transaction.
Ethereum was trading around $1,630.62 Having jumped approximately 2.5% in the past. However, the asset is up over 10 times in the past year.