Uniswap comes to Optimism!!!!!!

Uniswap comes to Optimism!!!!!!

By bengy | Idle Musings | 14 Jul 2021


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So, not long ago (in the last day), Uniswap launched an alpha version on Optimistic Ethereum (OE)... now, why is this so exciting for me? Well, a number of things... Synthetix has been on the Layer 2 for quite a few months now, and it has been an amazing change from doing DeFi on the Ethereum mainnet. Faster transaction times, subsidised (zero cost) gas fees on the fully incentivised L2 staking of Synthetix has been phenomenal... so, it has been well worth the effort to bridge SNX over to Optimistic Ethereum and start staking and claiming rewards weekly from there (with Synthetix, you need to claim the rewards from staking each week, or they roll back into the pool for the next week).

The downside... well, there wasn't much else going on Optimistic Ethereum. No big problem, seeing as I'm not much for splashing around in the DeFi pool... I just like to let things just sit around and check in much later. However, recently, the Optimistic Ethereum team announced that the subsidised testing era was drawing to a close... and that L2 ETH would be needed to pay the gas fees (well, they are still pretty damn low!... about 0.0002 ETH for a SMART CONTRACT interaction!.. and fast!).

Well, bridging ETH from the mainnet would be a bit of a nuisance mostly due to the fact that the ETH would be not very useful for anything else... and thus, stranded until it was bridged back.

However, with Uniswap launching an alpha V3 on Optimistic Ethereum, there is an easy solution! I can swap a tiny little bit of SNX to have ETH ALREADY ON the L2! No bridging costs, and no mixing and stranding of ETH!

 

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Well, 12 hours after launch, you can see that the amount of assets locked up in the pools on Uniswap OE is pretty small (tens of thousands of dollars...). But I'm only swapping a tiny amount of SNX to ETH to cover the OE gas costs, so that doesn't matter too much. I doubt that I'm going to cause much slippage!

 

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Seriously, I love the speed and low fees of the L2 Optimistic Ethereum. Now that Uniswap has a presence there, I have greater hopes for the network. It was nice to have Synthetix there as the first test case, but it was getting quite lonely... especially when you compared to other mainnets and sidechains that were getting a lot more attention from the general public.

I figured I may as well add a little bit of liquidity to the OE V3 Uniswap pools as well. It can't hurt (much) and it would be nice to see how much traction the Uniswap on Optimism solution gets!

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bengy
bengy

I am a Musician (Violinist/Violist) specialising in Early Music living in The Netherlands. I have a background in Mathematics and Physics due to an earlier tertiary level study... and so, I'm still quite interested in Science and Technology related stuff!


Idle Musings
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