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Optimism: Ethereum’s Layer-2 Blockchain

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Optimism: Ethereum’s Layer-2 Blockchain

Optimism, Ethereum’s low-cost blockchain, allows successfully addressing the major scalability challenges faced by Ethereum’s network, thus contributing to its further development and additional functionality available for users.

What is Optimism?

With the transition to Ethereum 2.0, the question of scalability tends to become central for Ethereum’s sustainability. Innovative layer-2 solutions allow addressing the existing gap between Ethereum and proof-of-stake competitors such as Solana. Optimism is one of the major layer-2 blockchain innovations in this field. Optimism is a fully decentralized and open-source system that allows radically increasing the productivity of Ethereum’s network and significantly reducing the average cost of such transactions. The existing estimates illustrate that the cost can be reduced to up to 500 times as compared with the layer-1 solution. The benefits of Optimism are already recognized by the following platforms: Uniswap, Synthetix, Stargate Finance, and others. In this manner, they effectively increase the productivity of their systems and maximize their financial results.

Optimism’s ecosystem creates a unique environment that allows creating various innovative apps in the following segments: DeFi, NFT, Bridge, and various complementary tools. Various crypto businesses can reliably utilize Optimism’s functionality to make their blockchain services more flexible, productive, and cost-efficient. Crypto wallets can also significantly benefit from relying on Optimism’s innovations when offering additional services to users. Optimism’s owners have also announced their plans to launch a token in the near future that will allow to attract additional investments and expand its ecosystem even further. The network demonstrates sustainable growth with the involvement of a higher number of developers from different related sectors. Community ownership and governance are the major values promoted by Optimism in all its projects and initiatives.

Optimism: Ethereum’s Layer-2 Blockchain - 1
Figure 1. Optimism’s Strengths Promoted on Its Website; Data Source – Optimism

Key Performance Indicators

The major financial and operational data confirm the effectiveness and sustainability of Optimism’s ecosystem. In particular, Optimism has already saved about $1.1 billion in gas fees for its users. Moreover, 300,000 unique addresses currently rely on Optimism for making ETH transactions. The ecosystem secured $900 million in value delivered to various stakeholders. Optimism facilitated more than $17 billion in transaction hash volume. Finally, the network has generated $24.5 million in revenue, and its financial performance tends to improve substantially. Thus, the major innovations developed by Optimism contribute to the more effective allocation of crypto resources and additional benefits enjoyed by key stakeholders.

At the moment, Optimism’s owners focus on expanding its network and involving new partners from the DeFi and NFT segments. The ecosystem allows integrating various innovations, thus expanding their functionality and contributing to the maximum productivity and scalability. The growing adoption of Optimism creates additional opportunities for transforming the system and introducing new features that may contribute to higher sustainability in the long term. From the perspective of investment opportunities, Optimism’s native token may present a considerable interest for investors because the growing demand for layer-2 solutions and their applications in various crypto segments should inevitably result in Optimism’s appreciation in the following months. Optimism’s capitalization dynamics may also remain closely correlated with Ethereum as its basic network.

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