Deploy SYNC Network on ETH Optimism

Optimism is a Optimistic rollups scaling solution for ethereum that will become available on chain at the end of March.

L2 solutions such as Optimism will help increase Ethereum’s throughput (tx per second), decrease latency (how long a tx takes to be confirmed) and greatly reduce gas fees. All without losing the security of the Ethereum mainnet.

This is the main difference between “side-chain only” solutions (such as Polygon or xDai) and actual Layer 2 solutions. Side-chain solutions have their own consensus mechanism and security, and do not benefit from ETH's Layer 1 security, while L2 solutions do.

So with Optimism what happens is that when a tx is received on the Ethereum mainnet (or L1) the transaction data is stored in L1, but the smart contract computation is processed on a child chain (or L2) and the results of this computation are then sent back to L1

While there are different existing L2 solutions, Optimism is a “generalised” solution, meaning that any L1 Solidity smart contract like SYNC Network's can work on Optimism’s L2 without the need for any additional functionality to be built.

So what’s the status of Optimism adoption today? For starters, synthetix is now running it on private mainnet, and once implementation is completed, Synthetix plans to fully transfer its staking and minting activities to L2, while keeping exchanges live in both L1 &L2

I believe SYNC Network developers could apply for help with optimism.io to try out a few of their contracts there (and possibly get a grant!).

If successful, not only this would be great marketing to the project, but it would also lower dramatically the fees to generate the NFT bonds.

I feel this project has a lot of potential, and having plans for scalability is critical. Optimism will be the way to go, until Ethereum 2.0 is implemented.

For more information, you can go to https://optimism.io/ and https://community.optimism.io/docs/protocol/tldr.html

S/O to 0xRafi twitter post where I took some of the descriptions to here.

Thank you everyone