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Optimism saves users $1B in fees, raises $150M in Series B

Optimism saves users $1B in fees, raises $150M in Series B

Well-liked Ethereum scaling resolution Optimism has introduced a $150 million Sequence B funding spherical co-led by Andreessen Horowitz (a16z) and Paradigm at a complete valuation of $1.65 billion. 

Based on a weblog submit from Optimism, the layer 2 (L2) resolution has saved customers of the Ethereum community over $1 billion in gasoline charges. The funding can be used to broaden the Optimism workforce and go towards engaged on decreasing community charges even additional.

Charges on the Optimism community have been decreased by a cumulative 30% final 12 months. The workforce is now contributing work towards an Ethereum Enchancment Proposal (EIP-4844) for Shard Blob Transactions, which can doubtlessly cut back Ethereum community charges by as much as 100x within the close to future.

L2 options like Optimism have grown massively in recognition as a result of elevated demand for nonfungible tokens (NFTs), sensible contracts and decentralized finance (DeFi) functions on the Ethereum community, which in flip congests transaction processing and drives up gasoline charges.

Optimism works by employing “optimistic rollups,” which aggregates transactions outdoors of the Ethereum blockchain and supplies advantages of decreased slippage, decreased transaction prices and vastly improved transaction speeds.

Based on information tracker, L2Beat, the entire worth locked (TVL) on L2 platforms has grown to $5.76 billion, with Optimism at present ranked in fourth place amongst its L2 friends with round $440 million in TVL on its platform.

Kain Warwick, Australian crypto veteran and founding father of Synthetix, a decentralized derivatives alternate, advised his 107,000 twitters followers that he not solely participated within the Optimism funding spherical, he “doubled down onerous,” anticipating Optimism to “be up there with ETH in measurement quickly.”

Late final 12 months, Optimism expanded from its whitelist-only standing and made the community publicly accessible, that means that any developer might begin building a mission on the Optimism community.

​​Associated: Optimism proclaims upgrades enabling ‘one-click’ roll-up deployment

Making community growth publicly out there presents some main upsides by way of elevated output however, as iOS jailbreak developer Saurik found, it additionally permits the potential for “essential bugs” to happen.

Jay Freeman, also referred to as Saurik, found one such bug in early February, which might have allowed malicious hackers to create infinite ETH on the community, and notified the Optimism workforce. He was paid a $2 million bug bounty, one of many largest bounties so far

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