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Reasons to Choose Optimism for Blockchain Development

Growing Ethereum adoption leads to slower transaction times. L2 protocols emerge to tackle scalability issues.

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Optimism rollups address Ethereum's scalability by shifting execution to a separate layer. Transaction data is recorded on the main chain but executed in batches off-chain, boosting transaction speed and reducing gas fees. Understanding Optimism's workings is crucial for developers due to its significance as a Layer 2 solution. This article delves into why developers should opt for Optimism and how to build on it.

What is Optimism?

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Optimism is a Layer-2 rollup blockchain aiming to scale Ethereum, launched in 2022. Unlike zk-rollup protocols, Optimism employs optimistic rollup technology, assuming transaction validity. This speeds up processing by not verifying each transaction individually. However, it allows a contestation period, typically a week, for potential fraud. Withdrawals may take about a week due to this system's design.

Why Developers Choose Optimism for Blockchain Development

EVM Equivalence

The Optimism rollup stack employs the Optimistic Virtual Machine (OVM) for smart contract execution, which is compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers familiar with EVM to seamlessly transition to OVM without learning new languages or frameworks. Optimism supports Solidity, Vyper, and Ethereum toolchains like Ethers and Hardhat. The OVM's full support for EVM opcodes enables smart contract execution on the Optimism rollup, ensuring interoperability between the two systems.

Scalability

Optimism addresses Ethereum's scalability issue by leveraging Layer 2 solutions. Through batching transactions, Optimism's rollup technology significantly boosts transaction throughput, potentially reaching 2,000 transactions per second (TPS) compared to Ethereum's 10-12 TPS. This scalability enhancement aims to reduce transaction delays and lower gas fees on the Ethereum network.

Lower Costs

Developing applications on Optimism offers end-users relief from Ethereum's high transaction costs. Optimism rollups split transaction fees into two parts - the L2 execution fee and the L1 security fee - effectively lowering the overall gas cost per transaction.

The L2 execution fee (or L2 Gas Fee) is the amount of gas utilized by a transaction when it is being processed on the Optimism network. This L2 execution cost can be calculated by multiplying the L2 gas price with the L2 gas used (i.e., Layer 2 Gas Fee = L2 Gas Price * L2 Gas Used).

Access to Liquidity Within the Optimism Ecosystem

Developers building apps on Optimism gain access to a vast pool of liquidity. Many major DeFi protocols, present on Ethereum's mainnet, also have versions on Optimism. This allows developers to seamlessly integrate these protocols into their apps, tapping into their liquidity to offer various financial services. With a TVL exceeding $3 billion on Optimism, developers can leverage DEXs, synthetics, lending platforms, derivatives, and other protocols with ample liquidity for their products.

Fraud Proof Mechanisms

The Optimism rollup employs Fraud Validity Proofs to verify data integrity. Transactions and activities are initially assumed true within a specified period, called the Challenge period, typically lasting seven days. This process mitigates the risk of invalid state transitions on the network, enhancing security. This innovative validation method is a key incentive for developers to consider building dapps on Optimism.

Better Smart Contract Security

Optimism simplifies smart contract auditing by leveraging existing Ethereum dapp testing systems. This ensures a high level of scrutiny, crucial for handling financial transactions. Additionally, the OVM's equivalence with the EVM guarantees comparable on-chain security measures, enhancing trust in the platform.

At Optimism, developers have a treasure trove of knowledge at their fingertips, along with a community so responsive it's practically their own personal cheer squad! Whether you're a seasoned pro or a newbie, there's always someone ready to lend a helping hand in this developer wonderland.

mediaquestFarcaster
mediaquest
Commented 1 year ago

I penned an article on the prime perks of building on Optimism 🔴 Tried to highlight the cream of the crop. Feedback's more than welcome! ❤️ @optimism @amandatyler @binji https://paragraph.xyz/@mq/optimism

Shmoobliher 🎩Farcaster
Shmoobliher 🎩
Commented 1 year ago

Serious work, thank you!

mediaquestFarcaster
mediaquest
Commented 1 year ago

This article is more for beginners, but if you are interested, I can share my development experience.

appolinaria🎩🐹🔵Farcaster
appolinaria🎩🐹🔵
Commented 1 year ago

Very interesting written about fraud protection mechanisms. verification period of 7 days is an excellent solution to increase security🙏

mediaquestFarcaster
mediaquest
Commented 1 year ago

Yes, safety comes first! 222 $DEGEN

Stanislav🎩 💎💙Farcaster
Stanislav🎩 💎💙
Commented 1 year ago

Wowow goods

TatiansaFarcaster
Tatiansa
Commented 1 year ago

L2 are the future for Ethereum, especially Optimism and Base ofc 🔴🔵 Thanks for education, publish more about this, please.

mediaquestFarcaster
mediaquest
Commented 1 year ago

As soon as I get an active badge (hi @v and @dwr.eth), definitely. Otherwise, few people see my articles, although users rate it highly. 555 $DEGEN

TatiansaFarcaster
Tatiansa
Commented 1 year ago

Unfortunately, hope one day everything will be back to normal for you (and for me too). Your content is best quality 👌

Anatoli 🎩🔵Farcaster
Anatoli 🎩🔵
Commented 1 year ago

Thx for the article🤝 589 $DEGEN

stikk.base.eth 🎩 🌐☝️Farcaster
stikk.base.eth 🎩 🌐☝️
Commented 1 year ago

Interesting article, thank you.Good job friend👍

Megget.⌐◨-◨🟡🟪🎩Farcaster
Megget.⌐◨-◨🟡🟪🎩
Commented 1 year ago

A convenient learning format. Solid text is not interesting to read, but here it is interactive

Aliami🎩🔵Farcaster
Aliami🎩🔵
Commented 1 year ago

thanks for the info ℹ️

mediaquestFarcaster
mediaquest
Commented 1 year ago

You are welcome!

dmastaFarcaster
dmasta
Commented 1 year ago

That’s great!!! 232 $degen

Nofad 🎩Farcaster
Nofad 🎩
Commented 1 year ago

100 $degen

Reasons to Choose Optimism for Blockchain Development