Alchemy Supports Another Ethereum Scaling Solution. This Time It’s Optimism

By June 23, 2021Ethereum
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The Blockchain Developer Platform is set to provide developers with access to multiple Layer 2 solutions.

Arbitrum first, now optimism.

A pair of Ethereum scaling solutions will be supported by developer platform Alchemy, announced on Tuesday. of optimism Mainnet launch is scheduled for July.

Gas fees and transaction speed have been a recurring hurdle for Ethereum users and have stalled the ease of use of the network. Sometimes transactions on Ethereum cost more to execute than the value. This has prompted a search for alternative Layer 2 solutions, resulting in projects such as Polygon and Matter Labs’ zkSync pulling in major funding rounds.

Optimism itself has been a beneficiary of the discovery, which raised $25 million in February in a round led by VC giant Andreessen Horowitz.

“Layer 2 is becoming a practical and imminent way to ease some of the biggest pains for Ethereum users,” said Michael Garland, Product Manager at Alchemy. “Alchemy’s partnership is playing a huge role in getting the technology adopted by the largest applications.”

Using the optimistic rollup, the gas costs of optimism are 35 times cheaper compared to Ethereum.

Optimism uses Rollup technology to help grow Ethereum apps. A rollup is a sidechain aggregation of transactions in a smart contract that will settle on the mainchain at some future point. The “rollup” aspect refers to the way the sidechain bundles the many transactions that are made to the mainchain.

Optimism, formerly known as Plasma Group, was a pioneer in the “optimistic rollup”, meaning that state changes are published first with minimal oversight and fraud checks, allowing for additional speed. Any user can flag an invalid update, however, the violator is being punished by the protocol.

When asked whether optimism differs from other Layer 2 solutions, Alchemy’s Garland said the biggest difference is how optimism solves fraud.

“Optimism uses a mechanism that makes proof of fraud very fast,” he said.

More Layer 2s to come

Garland said it would not support Ultimate Layer 2 Alchemy. Consider continuing to meet with developers where they talk about making technology adoption less difficult, he said.

“Optimism has many high-profile projects such as Uniswap and Synthetix committed to or already using their networks, as well as a lot of enthusiasm for optimism from the rest of the developer community,” he said.

The Optimistic Virtual Machine (OVM) is compatible with the Ethereum Virtual Machine (EVM), which means that Ethereum developers can migrate existing smart contracts without breaking them.

“Alchemy is a world-class engineering team that provides critical infrastructure support to the Ethereum ecosystem,” Xinglan Wang, CEO and founder of Optimism, told Businesshala via email. “We’re so excited to have their support on this crazy journey into technology’s wild west.”

Alchemy is said to power 70% of the top Ethereum applications and over $30 billion in on-chain transactions.

“Optimistic Ethereum is poised to make a huge impact on the blockchain world with transformative technology,” said Alchemy CEO Nikil Viswanathan. “We’re excited to help grow the ecosystem.”

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