Underneath the hood, the main difference is how they handle fraud proofing. Both networks are optimistic rollups that improve Ethereum’s scalability. At face value, there’s not a huge difference between Optimism and Arbitrum. Two names reign supreme in the fierce and competitive race to become the ultimate Ethereum scaling solution. Optimism’s Superchain has proven a popular choice for large-scale businesses, including Worldcoin (WLD) and Coinbase’s Base Chain. Moreover, the Superchain introduces a new revenue model that rewards developers with fees from their respective chains and applications. It guarantees that all networks are built using the same security features and communication systems to maintain a cohesive ecosystem. The central engine of the Superchain is the OP Stack, an open-source development toolkit that unifies all Superchain networks and ensures they’re all beating to the same rhythm. Optimism’s EVM compatibility and low fees have made it the perfect playground for creative DeFi applications.Ĭlassic decentralized exchanges like Uniswap and Sushiswap have both moved in and set up camp on Optimism, but they’re outclassed in TVL (Total Value Locked) and trading volume by Velodrome, Optimism’s native DEX. DeFiĭecentralized Finance, or DeFi, is undoubtedly one of the most transformative applications of blockchain technology. Thanks to roll-up technology, Optimism is paving the way for a new era of Ethereum-based applications that are faster, cheaper, and more efficient than what’s available on the mainnet. Optimism EcosystemĪs you’d expect from a top Layer-2 network, the Optimism ecosystem is a vibrant and dynamic space with an excellent variety of dApps. The Citizen’s House manages retroactive public goods funding, which rewards builders and developers who create products and services that grow the Optimism ecosystem. On the other hand, the Citizens’ House is an experimental attempt at a non-plutocratic governance model, which aims to draw power and influence away from crypto whales. Through decentralized governance proposals, the Token House manages everything from protocol upgrades to inflation adjustments, treasury appropriations, rights protection, and governance fund grants. This governing body collective comprises two separate houses: The Token House and the Citizens’ House.Ĭomprised of OP token holders, The Token House handles protocol governance. OP’s first airdrop shared over 200M OP tokens and marked the birth of Optimism’s governance model, known as the Optimism Collective. Those lucky qualifying addresses were people who’d positively contributed to Optimism’s growth, whether they were DAO voters, multi-sig signers, or simple users who interacted with Optimism dApps. One of the largest crypto airdrops to date, the OP token was distributed to hundreds of thousands of Optimism wallets. It may come as a surprise, but OP is not used to pay Optimism gas fees. OP is an ERC-20 token that plays a crucial role in the governance and future development of the Optimism network, serving as the requirement for OP community members to join and contribute to decision-making processes. The Optimism TokenĪt the heart of Optimism is the OP token, the native cryptocurrency token of the network. This makes it easy for Ethereum developers to redeploy their favorite EVM-based dApps and smart contracts directly on Optimism and gives users a sense of familiarity with the network. It is removed and replaced if this state is challenged and found faulty.Īs is always the case among Layer-2s, Optimism runs an EVM (Ethereum Virtual Machine). Why are they called Optimistic rollups, you ask? When it comes to blockchain security, Optimism operates on the principle of ‘fault proofs.’ This means that node operators operate on the ‘optimistic’ approach that the state of the blockchain is correct, secure, and doesn’t require proof of validity.
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