Through the recent Crypto Bull Run, many new crypto users are surprised to find slow and expensive transactions for the first time interacting with the Ethereum network. The Ethereum blockchain was central to the idea of the web3 crypto internet, but the blockchain itself struggled to keep up with user demand. This is while others in the developer community are concentrating resources on bundling faster, cheaper transactions while keeping a record of movements in building a modular blockchain solution that sits on top of Ethereum. Central chains pushing some founders to build blockchains that compete with a completely unique infrastructure.
For most blockchain developers, these “Layer 2” (L2) solutions are the future of how Ethereum will meet the needs of rapidly growing networks, and venture capitalists say they could be a central interface. Believe that scaling solution products are flooded with stock billing for users who interact with decentralized applications, mint NFTs and mobile money around. Some of these startups are procuring at Unicorn Valuation this year. One such scaling startup, Optimism, has found new support from Silicon Valley’s most renowned crypto investors Paradigm and Andreessen Horowitz.
Ethereum’s scaling startup has told TechCrunch that it has completed a $ 150 million Series B funding round jointly led by Andreessen Horowitz and Paradigm with a valuation of $ 1.65 billion.
According to tracker L2Beat, the L2 platform’Total Value Lock'(TVL) has exploded over the past year and currently holds approximately $ 5.75 billion on these blockchains. Optimism is approaching $ 500 million on TVL, while Offchain Labs’ Arbitrum is approaching $ 3 billion as market leader. However, unlike some competitors, Optimism is actually a Public Benefit Corporation with an open source code base, which has already led to many popular forks.
“We promised the public that we wouldn’t benefit from the operation of the centralized part of the system because we wanted to remove the bounty to keep ourselves focused,” optimistic CEO Jinglan. Wang tells TechCrunch in an interview. “While we are making income, we are giving Ethereum all of its income back towards funding public goods … we just want to diversify. I don’t want to say, we also want to be compatible with our own incentives to set up to show the community. “
There are many types of L2 solutions, which we talked about are called near zero-knowledge (ZK) rollups and optimistic rollups. Perhaps, of course, optimism is more short-term realistic to some of the cryptographic complexity of ZK’s rollups commonly used in other networks made by start-ups like StarkWare and Materials Laboratories. It is based on the optimistic rollup technology seen as a solution.
“We haven’t closed the door to the possibility of integrating ZK, so we want to be a proof of the future. [Ethereum Virtual Machine] In the future, “Wang says. “We are also realist and we don’t want our work to struggle forever in academic hell-we want people to use it.”
Optimism is widely used in the public “mainnet” for over a year.With its risk and economic value operating in public, the company recently paid a $ 2 million bug bounty after security researchers. Saurik We have discovered a vulnerability that allows malicious actors to print money on the network. The bounty was one of the best paid by launching blockchain.
“We are very enthusiastic about building open. Every line of code we write is open source when we write. Similarly, we are vulnerable found and disclosed on the network. It’s transparent about sex and bugs, “says Wang. “We want to build an optimistic community, a good security culture around [ethical security hackers] They know that if they discover a vulnerability, they will be fairly compensated. “
Recently, the company has focused on reducing the complexity of the code base and promoting tight compatibility with code written for Ethereum, so developers have modified their existing applications with Optimism. No need to be compatible. The next release, called “Bedrock,” doubles the so-called “equivalent to EVM,” and should cut network costs in half, the company said.
