Decentralized finance (DeFi) startup Optimism has finally launched the alpha version of its layer two scaling solution, decentralized exchange Uniswap said in a blog post on 13 July.
According to the announcement, Uniswap’s third iteration is already live on the Optimistic Ethereum (OΞ) mainnet, which should significantly reduce the transaction fees of its users. While the layer 2 solution was released as a limited version, its developers will deploy the full system gradually, as to be able to address any issues that could arise. Uniswap said in its blog post:
“Today’s launch marks the first step in the journey for DeFi applications to rival and surpass traditional web user experiences. Optimism’s roadmap promises further powerful improvements including additional scaling, smart wallet EOAs (no ”approves”, pay gas in any token), and decentralization of the transaction sequencing operation.”
Initially OΞ will support around 0.6 transactions per second — approximately the TPS of Uniswap V3 on layer 1 — but will offer instant confirmations, which will effectively get rid of pending and stuck swaps. The blog post further explained that transaction speeds will be increased over time, as the infrastructure is tested and optimized, and that OΞ transaction costs will be around ten times lower than layer 1.
Uniswap did warn its users that OΞ is currently in its alpha state, meaning there could be unplanned downtimes of the network during the early days. And while deposits from layer 1 to OΞ will be instant, withdrawals will take around 7 days until the fast withdrawals service has been activated. The network will also support a limited number of assets at launch — namely ETH, USDT, WBTC, DAI, and SNX — but more will be added over time.