jeanszuloo.blogg.se - Optimism crypto

Optimism currently has over $250 million in TVL, a 10% decline in recent days given the market declines, and its main protocol is Synthetix, which employs around 33% of the network’s market. However, as briefly mentioned above, Optimism uses a scaling technology called Optimistic rollups, which some layer-2 protocols actually employ as well. Optimism is just one of the solutions competing in the saturated layer-2 market. For example, Polygon, Arbitrum, Loopring (LRC), and Optimism. To address the scaling issue, multiple Ethereum layer-2 solutions and sidechains have been created. Solving this issue has been the main job of Vitalik Buterin over the past two years. Scaling via at times skyrocketing transaction and gas fees has particularly hampered the network. As a result of this, it’s particularly susceptible to the blockchain trilemma of achieving scaling, security, and decentralization. The Ethereum ecosystem is very large, encompassing hundreds of smart contract capable DApps and DeFi platforms. FAQ: Optimism’s Place In The Ethereum Ecosystem Therefore, it’s always a good strategy to exercise caution when deep in the woods, and especially when transacting between wallets for beginners. Throughout the years crypto has seen a fair share of hacks, but in recent years many of those instances play out in the DeFi and NFTspaces, while also appearing infrequently from cross-chain bridging, and in more complex blockchain operations such as layer-2s, as experienced by the Optimism hack. You can do so by going to our “ Markets” tab on our homepage, typing in “OP” in the search bar, and going to our trading engine to start investing. Phemex is the right place for those interested in investing in Optimism (OP). “ Monday Madness” – where crypto investors can earn solid APYs on our Earn Crypto product.

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Since the market has been very turbulent in the past few days, we at Phemexhave two campaigns that Optimism investors can take part in: Moreover, for the OP token holders, they had to endure a greater than 20% drop – but luckily, as the situation is now solved, investors can begin moving forward. Main Takeaway: This was a very serious incident, as at the time the amount of tokens equalled to around 10-15% of the entire Optimism market cap, which is a huge disruption to happen to the network. It also began airdropping newly created OP tokens, which were released on May 31st, to Optimism users and others to support the DAO.Īnd in order to assist with this operation Optimism partnered with Wintermute to distribute the airdrop, but when transferring the 20 million OP tokensto Wintermute’s address, it was discovered that the address was an Ethereum layer-1 multisig address that had not yet deployed to Optimism layer-2 – thus allowing a hacker to subsequently come in and capture the tokens.

In April 2022, the company released a plan to launch a DAOcalled the Optimism Collective, which has the goal of funding public goods and governingthe protocol. Starting on June 9th, Optimism hit headlines not because of its technology and fundamentals, but rather because of a ‘hack’ and error that took place in transferring funds to its liquidity provider. What Happened? Analyzing The Recent Optimism Hack Optimism, the solution we’re talking about here employs optimistic rollups to process transactions in batches, which subsequently reduces gas fees. Interestingly, there are multiple ways to achieve this such as through optimistic rollups and zero-knowledge proofs. Doing this allows for better blockchain scaling. Layer-2 solutions seek to allow faster transactions by routing these activities off of the mainchain and through a second layer. Optimism (OP) is a layer-2 scaling solution built on top of the Ethereumnetwork. After multiple days of questioning and uncertainty, Optimism made a Twitter post announcing that a majority of the OP tokens were returned by the address (17 out of 20 million). Long Story Short: Last week on June 9th a situation occurred where Optimism, a well known layer-2 scaling solution, in preparation for its token launch and in collaboration with a liquidity provision partner called Wintermute, incidentally made a 20 million OP token transfer to a non-Optimism (L2) compatible address, thus leaving the funds vulnerable to a hacker. Get The Latest News And Updates From Phemex! Subscribe