Ethereum Gets Optimistic Boost
Ethereum had a huge year last year, with transaction fees overtaking those of Bitcoin and daily fee revenue still the highest in the market. Demand for Ethereum applications has been high, and apps like Uniswap dominated the market despite rising network fees.
Optimism’s scaling solution hopes to unbound this growth by reducing the cost of using the number two network.
The Optimism team stated in yesterday’s blog post that “it is finally time to take our first material steps towards alleviating the gas crisis by deploying to mainnet.”
Our knees are weak and our palms are sweaty, but Optimistic Ethereum is finally ready. https://t.co/S4EAzzpKSg
— Optimism (@optimismPBC) January 15, 2021
Many analysts in the market view the Optimism launch as a potential catalyst for further upward price momentum — but the result could go either way.
The Optimism team has been careful to state that bugs may occur in the launch’s early phases. The testnet was rolled out in phases to test specific features in batches, rather than in one fell swoop, perhaps a lesson learned from failed attempts such as the Spadina testnet.
“We want to be sure our features are right and our system is rock solid, which can only be confirmed in the harsh and unforgiving environment of mainnet,” said the Optimism team.
The team listed defense features such as permissioned contract deployment, authenticated withdrawals, and upgrade keys, while urging the community not to view the soft launch as the finished product.
The true launch is due in late February or early March. This will be a crucial moment for Ethereum, and many seasoned traders will be waiting with bated breath to monitor its success.