OptimismOptimism

Welcoming Optimism chain to Flooz

The Optimism network is now available on Flooz with our swap feature, allowing for easy cross chain swaps. Trade any token across the Optimism chain, and join an ever expanding ecosystem with over $1B TVL!

Ilias Salvatore

5 min read โ€ข Feb 14, 2024


๐Ÿค Welcome Optimism to Flooz

We're excited to be bringing a seamless DeFi experience to Optimism network. You can now trade any token across the Optimism chain, and join a thriving ecosystem with faster transactions and cheaper network fees.

Let's have a look into our latest cross chain swap feature network, Optimism.

โ“ What is Optimism?

OP Mainnet is a cutting-edge Ethereum Layer 2 (L2) blockchain, leveraging the power of Optimism to deliver a solution that is both cost-effective and lightning-fast. Developed by Ethereum experts for the Ethereum community, OP Mainnet stands out as a fast, stable, and scalable L2 blockchain designed to meet the needs of Ethereum developers seamlessly.

This innovative platform serves as a minimal extension to existing Ethereum software, employing an Ethereum Virtual Machine (EVM)-equivalent architecture.

The beauty of OP Mainnet lies in its ability to seamlessly scale Ethereum applications without unexpected challenges. Compatibility is a key feature, ensuring that applications working on the Ethereum network can easily transition to OP Mainnet, all while significantly reducing operational costs.

Optimism

Operating as a Layer 2 network, OP Mainnet is strategically positioned atop Ethereum's architecture, extending its capabilities while preserving the robust security measures of Ethereum.

This configuration enables developers and crypto users to experience rapid transactions at minimal fees, presenting an attractive proposition for those seeking efficiency without compromising security. Furthermore, Optimism introduces the "Superchain" thesis, further enhancing the value proposition of OP Mainnet. This innovative approach promises a holistic and optimized solution within the Ethereum ecosystem.

In essence, OP Mainnet represents a pivotal advancement in Ethereum's scalability, offering a cost-effective and high-performance L2 blockchain for the benefit of the entire Ethereum community. How does it work? Optimism, a network utilizing optimistic rollups, employs a unique approach to transaction processing, aiming to enhance efficiency and reduce costs.

In the realm of blockchain technology, "optimistic rollups" stand out as a method designed to streamline transactions and address challenges like high fees and network congestion.

Transactions are processed off-chain in batches, a technique that significantly cuts down on transaction fees and eases network congestion. Optimism achieves this by bundling multiple transactions from Ethereum's Layer 1 into a single transaction on its Layer 2 network, OP Mainnet. This way, the transaction fee is distributed among all users involved, ensuring a fair and cost-effective system. The process is coined as "optimistic" because each transaction is initially assumed to be valid on Optimism's Layer 2 without immediate computations. In case of suspicion of fraudulent activity, a fraud-proofing mechanism is activated to verify the transaction's validity. It's important to note that optimistic rollups differ from zero-knowledge rollups, also known as pessimistic rollups. Zero-knowledge rollups require proof of transaction validity before reaching the main Ethereum blockchain, making them more expensive. Optimistic rollups, in contrast, prioritize affordability by assuming the validity of transactions first and conducting verifications only when necessary. This approach makes transactions on optimistic rollups typically more cost-effective for users.

That was a lot to digest, we know...

But that goes to show how in depth and valuable Optimism truly is and we are excited for the chain swapping to begin.

If you want to check out the other cross-chain networks that we have just added to our platform, you can check them out here ๐Ÿ‘ˆ

๐Ÿ“Š Take a look at the stats

Now for the fun part... the statistics. Starting off with the TVL (Total Locked Value), Optimism is sitting at $1B... Incredible. Next up, Optimism has so far saved $3B+ Gas fees for users, which is a crazy amount of money and illustrates the positive impact it has. On top of this, Optimism has had 141M+ Transactions on OP Mainnet and it's governance token $OP sits at around a $3.5B market cap. This is a project that is flying and is only looking to further the value they already provide to the crypto world.

Enhanced Trading with Layer 2 Support on Flooz: A New DeFi Milestone

๐Ÿš€ Top 10 Optimism projects to trade

With the Optimism network now available on our platform for cross chain swaps, here are the top 10 projects using their blockchain: Letโ€™s jump in ๐Ÿ‘‡

  1. Chainlink ($LINK) - Chainlink is a framework for building Decentralized Oracle Networks (DONs) that bring real-world data onto blockchain networks, enabling the creation of hybrid smart contracts.

  2. Optimism ($OP) - OP is the token for the Optimism Collective that governs the Optimism L2 blockchain.

  3. Lido DAO ($LDO) - LDO is the governance token of Lido, a liquid staking protocol. Lido supports liquid staking on multiple blockchain networks including Ethereum and Solana.

  4. Aave ($AAVE) - Aave is a decentralized money market protocol where users can lend and borrow cryptocurrency across 20 different assets as collateral.

  5. Synthetix Network ($SNX) - Synthetix is building a decentralized liquidity provisioning protocol that any protocol can tap into for various purposes.

  6. Alexar ($AXL) - The largest, most decentralized validator set in cross-chain. Multi-layer security, designed by the world's leading cryptography and consensus experts.

  7. Curve DAO ($CRV) - CRV is the governance token for Curve Finance. It implemented a complex time-based staking system to exchange CRV into veCRV.

  8. Kujira ($KUJI) - Kujira is a blockchain revolutionizing FinTech for web3 builders, dapps and protocols.

  9. Worldcoin ($WLD) - Worldcoin is designed to become the world's largest digital identity and financial network, giving ownership to everyone.

  10. Uniswap ($UNI) - Uniswap is a decentralized exchange (DEX) that makes it easy for users to swap an ERC-20 token for another ERC-20 token without the need of a centralized intermediary.

๐Ÿ‘€ What's been happening with Optimism?

Now we know all about Optimism, let's see what they've been working on... Firstly, being the second biggest Layer 2, competition is high, but luckily there is not messing by Optimism. In fact, they have an upgrade on its way. Optimism Delta upgrade activated on the mainnet on February 22, effectively reducing Layer 1 costs, furthering the value they are adding to investors and developers involved. Next up, Optimism launched its first Security Council, a collective that assumes control of keys and multisigs for the Foundation on February 9th. The Collective launched its first Security Council and established a 2/2 multisig. This multisig is authorized to sign protocol upgrades for OP mainnet. The two signers are the Optimism Foundation and the Security Council. And finally, the governance token for Optimism ($OP) which has a market cap in the region of $3.5B had a recent token unlock worth around $85M, releasing roughly 2.5% into the circulation of tokens.

That's it! You're caught on for Optimism.

Don't forget, if you want to find out more about our latest swap features and available networks, you can check it out here ๐Ÿ‘ˆ

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