The team of decentralized exchange Uniswap, today announced that two years after its Unipig PoC, it is finally ready to launch the Alpha version of Uniswap v3 on the Optimistic Ethereum (OE) mainnet.
Optimism’s roadmap promises further powerful improvements including additional scaling, smart wallet EOAs (no ”approves” pay gas in any token), and decentralization of the transaction sequencing operation.
During this Alpha period, OE will support an initial throughput of 0.6 transactions per second. Because Uniswap v3 is currently one of the few protocols deployed to OE, this should translate to transaction capacity roughly in line with L1. Unlike L1, transactions on OE confirm instantly.
Assuming Uniswap v3 sees equal usage to L1, OE should offer up to 10x transaction cost savings.
Additional demand will drive gas costs higher; however, transaction speeds will increase over the coming weeks and months as the OE infrastructure is tested and optimized at scale. The end goal is to effectively scale to fully meet the demand for low-cost, high-speed DEX trading.
Analytics of OE can be tracked here.
Users can start migrating assets over to the Optimism Ethereum network through the Optimism Gateway. Optimism is already compatible with Metamask, WalletConnect, Etherscan, and The Graph.
Alpha launch features to note:
- Downtime: There will be downtime (both planned and likely unplanned) during the early days of OE, during which LPs will not earn trading fees to compensate for price exposure.
- Withdrawal Times: Deposits from Ethereum L1 to Optimistic Ethereum are instant. However, until fast withdrawal services are made available, withdrawals from OE to L1 will take 7 days.
- Select Assets: Uniswap v3 can support any ERC-20 token on OE, but will offer a limited number of assets at launch (ETH, USDT, WBTC, DAI, SNX). More tokens will be bridged to Optimistic Ethereum over the coming days and weeks.
- TWAP Oracles: The Optimism sequencer introduces an additional trust assumption for developers using v3 price feeds.
- Composability: OE supports full composability. However, at launch, the network does not permit arbitrary smart contract deployment.
“Please treat this as an early alpha product. Optimistic Ethereum is a complex layer 2 scaling solution still in need of rigorous battle testing. At launch, the Optimism team will have upgrade rights over the bridge contract, allowing them to address any bugs that should arise. Scaling Ethereum will be an iterative process, but this is a major step forward. Optimistic Rollups and ETH 2.0 are complementary scaling solutions and together will propel DeFi to mainstream adoption.”
– The Uniswap Team