Layer 2 Testnet For Ethereum Launched, Optimism On The Rise

Plasma Group, the developers of Layer 2 scaling solutions, have recently made an announcement. This announcement was in regard to it launching the testnet: Optimistic Ethereum, which is set to deploy on an array of projects in dire need of scaling solutions.

Latest Innovations To Help ETH

The Layer 2 scaling solution focuses primarily on taking the workload off the root chain in order to allow for faster transaction and data processing. The team at Plasma Group has managed to develop a system called OVM, which is a fully-featured Ethereum Virtual Machine (EVM) compliant execution environment designed for L2 systems.

The Unipig L2 decentralized exchange from Uniswap was the first to test the OVM, and launched as a demo back in late 2019.

Synthetix Becomes A Pioneer

Optimistic Ethereum will see itself be rolled out in a number of phases, gradually bringing in early adopters to the testnet. This will allow the team to support each project on an individual basis.

Synthetix stands as an on-chain synthetic assets DeFi Protocol, and will be one of the first protocols to trial the solution. Synthetix is offering rewards worth 200,000 SNX for the users that take part in this testnet. Alongside this, the team had made it clear that the testnet is open for public use, currently, but it won’t be open for public contract deployment yet. The reason for this, is due to a few bugs still needing ironing out on that front.

Multi-Phased Approach

The first phase, Phase A, of this testing, will involve tokens being airdropped to various participants. This, in turn, will allow participants to mint and burn sUSD, which is the native stablecoin of Synthetix, and subsequently, claim rewards. This process, in particular, will be carried out within Görli Ethereum, another testnet.

Phase B will see deposits be enabled, including an airdrop of Layer 1 Görli SNX tokens to various participants. They will then be able to increase their respective stakes, should they perform a deposit. Phase C, in turn, will allow for withdrawals. Participants are mandated to complete a withdrawal in order to receive their testnet rewards on the mainnet, as well.

Optimistic Ethereum stands as the only L2 solution for Ethereum that is generalized. What this means, is that there is no specific functionality required in order for it to support existing L1 solutions, as well.

Synthetix even tried to help users wanting to take part in the test, sending out a small guide in order to help them along their path.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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