Optimism is a Layer 2 scaling solution designed to enhance Ethereum’s efficiency. It aims to address Ethereum’s scalability challenges by offering near-instant transaction settlements at a fraction of the cost associated with the Ethereum mainnet.
Creating the Optimism (L2) superchain is a major step forward in the project’s plans. The superchain was released in early 2023 and gives different blockchain frameworks a way to connect with Optimism. This creates a complete ecosystem that can work with other ecosystems.
How Does Optimism Operate?
Optimism makes Ethereum more scalable by moving transaction handling from Layer 1 (L1) to Layer 2 (L2). This is possible by combining several deals into a single settlement. Because every transaction in the bundle is considered legal, this method is called “optimistic.”
After being bundled, the trades are sent back to L1 and settled as a single transaction. Spreading the fee across all the deals in this process reduces the average transaction cost. Since every transaction is considered valid, no extra calculations are needed to ensure it is, which cuts handling costs even more.
Optimistic Rollups vs. ZK-Rollups
Optimistic Rollups and ZK-Rollups are Layer 2 methods, but they validate in different ways. Once handled on L2, ZK-Rollups make a validity proof for each bundle, while Optimistic Rollups assume that all transactions in a bundle are valid.
ZK-Rollups are great for handling easy transactions, while Optimistic Rollups are great for carrying out smart contracts. Another important difference is the time it takes to receive money. Optimistic Rollups have longer times because they have built-in challenge periods.
How To Use Optimism
Using Optimism is easy and works a lot like using the mainnet of Ethereum. To start trading, users must add the Optimism network to their Web3 wallet and have ETH on hand. One way to fund an Optimism account is through the Optimism Bridge. Custom bridges can be used for ERC-20 tokens that the OP Mainnet Standard bridge does not allow.
Optimism’s Governance Token: OP
The Optimism token (OP) serves as the governance token for the Optimism ecosystem. It is designed to incentivize and reward contributions to the ecosystem’s health and productivity.
There are 4,294,967,296 OP tokens in circulation, and 19% will be given away as airdrops. In the first airdrop, 5% was given out, and in the second, about 0.27% was given out.
Sending and Receiving Cryptocurrency on the Optimism Network
If you want to use cryptocurrency, add the Optimism Network to send and receive it to your Web3 wallet. Next, bridge some ETH to cover gas fees when transacting with other cryptocurrencies on the network.
Once you’ve bridged ETH, you can move on to your other ERC coins. Once this is set up, you can give and receive digital assets across the Optimism Network.
Additionally, users can utilize the native Optimism Explorer to review their transactions.
Optimism: Pros and Cons
| Pros | Cons |
| Super fast deals | Withdrawals take longer than with ZK-Rollups. |
| Low prices | Tokenomics considerations |
| Scaling method that works | Airdrops can significantly impact the price |
| Collaboration With Coinbase | NIL |
Final Thoughts
Optimism is an effective strategy for strengthening the Ethereum Network. Its plan and the creation of the Optimism Superchain are pushing the limits of fast transactions and improving roll-up technology.
But people who own Optimism tokens should know when the tokens will be distributed and when they will vest because airdrops have significantly affected the price of these tokens in the past.
