Optimism(OP) is a Layer 2 scaling solution designed to address the scalability and transaction speed issues of the Ethereum network. It uses a technology called Optimistic Rollup, which allows it to process transactions off-chain while still maintaining the security and decentralization of the Ethereum network.
Optimism works by executing transactions in a centralized environment first, and then posting the results to the Ethereum mainnet. This process significantly reduces the computational load on the Ethereum network, allowing for faster transaction times and lower fees. The Optimism network also includes a fraud-proof system, which allows anyone to challenge the validity of transactions. If a transaction is found to be fraudulent, the challenger is rewarded, and the transaction is rolled back.
One of the key features of Optimism is its compatibility with Ethereum. This means that developers can deploy their Ethereum applications on Optimism without any modifications. This compatibility extends to Ethereum's tooling, wallets, and smart contracts, making it easy for developers and users to transition to the Optimism network.
In June 2023, Optimism completed the Bedrock upgrade. This landmark upgrade saves gas fee and time for interacting with Layer 1, improves the security of the OP network and makes attacks more difficult. At the same time, it has a flexible architecture that gives developers the possibility to connect with ZK.
In 2024, Optimism made significant advancements, including a $3 billion OP token allocation for developer funding through four rounds to incentivize impactful contributions in areas like OP Stack and governance. The network expanded its Superchain ecosystem, integrating 5-10 new OP chains and establishing Velodrome as its liquidity hub. Additionally, Optimism conducted a private sale of 19.5 million OP tokens with a two-year lock-up period to secure long-term funding and governance participation
Above are only for introduction, not intended as investment advice.
