Bienvenidos mis ositos, tu siempre eres mis queridos! (Welcome back little bears you are always my dears!)
After the Optimism delay back in March, that was the question on a lot of ETH degen’s minds.
Now Optimism is finally here 4 months later!
Well, sort of…
There are a lot of asterisks and disclaimers.
If you want to read the good stuff straight from the source:
Here are some helpful links on bridging a select number ETH ERC20 tokens over from L1 to Optimism L2. From there you can do some basic Uniswap liquidity pool transactions.
Let me start with the bad stuff.
So far for the unwashed masses like myself, only Uniswap is up and running. Synthetix should be “coming soon”. There’s only 5 tokens available for deposit ETH, SNX, DAI, USDT, WBTC. More will be added “soon”.
It would be a good idea to only use funds you don’t need as withdrawals will take a week!!!
Ugh, the initial set of bridging transactions from L1 to L2 is kind of slow and ugly. Maybe this will improve around Aug 4 when EIP-1559 is done. I paid about $46 to send over a little under $1,400 in assets. Grrr.
Right now Optimism feels like a shiny but fragile new toy. Most folks with modest account sizes or newbs should let the brave hardcore weirdos like myself stress test the system.
This is a bit disappointing for a 4 month delay. There is still a risk of downtime, loss of funds, etc.
Some transactions can’t be seen on the explorer Gwah , gwah, gwah:
The good news is that it is cheaper and faster once you’re on Optimism. For example it cost $1.88 just to approve USDT for use on Ethereum Mainnet. It cost $.72 on Optimistic Ethereum.
The bridge also looks nice.
Let’s take a look at what Uniswap v3 looks like on Optimism:
I did an ETH/ USDT liquidity pair. On Uniswap v3 you get an NFT (non-fungible token) to represent your position. I’m hoping that early users will get some UNI airdrops for risking our money in the name of science!
There’s a lot of unknowns but I think Optimism could provide good competition for Arbitrum and Polygon.
In theory there should be less low quality copy pasta projects because Optimism seems more stringent.
It’s kind of scary being a guinea pig but that’s what I’m here for. Let me take the arrows in the back for you guys and gals!
Anyway I did my part to help out. There’s probably some more pain to come but after that we should be able to salvage a DeFi summer. I’m rubbing my greedy paws together in anticipation of some juicy liquidity mining programs…
Be sharp, stay hungry let’s get that money!