Uniswap v3 launches Optimistic Ethereum layer two scaling in alpha
The long-awaited layer two scaling solutions upgrade for the leading DEX Uniswap has finally been spotted in the wild with the launch of version 3 on Optimistic Ethereum.
The alpha launch is a limited version of the full system which helps developers in deploying the system gradually and address any issues that may arise.
“Please treat this as an early alpha product. Optimistic Ethereum is a complex Layer 2 scaling solution still in need of rigorous battle testing.”
The DEX warned of potential downtime and stated that withdrawals from Optimistic Ethereum to layer one will take seven days. It also stated that there are limited assets at launch, namely ETH, USDT, WBTC, DAI, and SNX, but more will be added in the near future.
During the alpha period, the platform will support an initial throughput of 0.6 transactions per second. It added that this should equate to a transaction capacity roughly in line with layer one, but transactions on OΞ confirm instantly meaning there are no more pending or stuck swaps.
Further, Uniswap explained that assuming v3 has equal usage to layer one, OΞ should offer transaction cost savings of up to ten times, however, increased demand will drive gas costs higher. The transaction speeds will be increased over the coming weeks and months as the infrastructure is tested and optimized at scale.
OΞ uses an optimistic rollup which changes the zero-knowledge consensus principle by assuming that all transaction verifications are correct. Users only intervene only if they see an incorrect transaction whereby they can submit a fraud-proof to signal that the data is incorrect.