Did DeFi summer part 2 start already? Uniswap v3 is on Optimism but…
Optimism

Did DeFi summer part 2 start already? Uniswap v3 is on Optimism but…


Bienvenidos mis ositos, tu siempre eres mis queridos! (Welcome back little bears you are always my dears!)

Wen Mainnet?

Wen Optimism?

After the Optimism delay back in March, that was the question on a lot of ETH degen’s minds.

https://www.financialnewsherald.com/2021/03/26/optimism-delays-mainnet-launch-to-ensure-maximum-integration/

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:

https://twitter.com/Uniswap/status/1415032688440926210

 

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.

https://optimismpbc.medium.com/announcing-uniswap-v3-on-optimism-6fb033398a11

https://help.uniswap.org/en/articles/5404230-how-to-connect-to-optimism

https://help.uniswap.org/en/articles/5392809-how-to-deposit-tokens-to-optimism

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.

Optimism Disclaimer

Some transactions can’t be seen on the explorer Gwah , gwah, gwah:

Optimism 404

 

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.

Optimism Bridge

Optimism Finalized Deposit

Let’s take a look at what Uniswap v3 looks like on Optimism:

Optimism Uniswap v3 LP

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!  

Optimism Uniswap v3 NFT

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…

Greedy Paws

Be sharp, stay hungry let’s get that money!

 

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