1inch Network

In the fourth post of our series on networks supported by 1inch, we explore Optimism – a fast, cost-efficient Layer 2 scaling solution for Ethereum that has evolved into a robust ecosystem of interconnected blockchains.<h2 id="header-0">What is Optimism?</h2>Optimism is an ecosystem designed to scale Ethereum while preserving its core values of security and decentralization. The main network within the Optimism ecosystem, previously called Optimism, has been referred to as OP Mainnet for over a year, underscoring its central role in this dynamic and interconnected ecosystem. However, in most Web3 platforms, including 1inch, it continues to be referred to as Optimism, and we will follow that convention in this article.The chain functions as a Layer 2 network, reducing Ethereum’s load and making interactions with decentralized applications faster and more cost-efficient.Initially launched as a single Layer 2 chain, Optimism has evolved its ecosystem to include the Superchain – a network of interconnected blockchains built using the open-source OP Stack. This modular framework enables developers to create scalable OP Chains that seamlessly work together.The Superchain is a major step toward solving Ethereum’s scalability challenges by creating a unified ecosystem where multiple blockchains can interoperate under shared standards and governance. The Superchain includes prominent chains built using the OP Stack, such as Base, which is also supported by 1inch. Each OP Chain contributes a portion of its fees to the Optimism Collective, which funds the ecosystem’s development and encourages innovation.To simplify: imagine the Superchain as a group of cities connected by high-speed railways. Each city (blockchain) is unique, but they work together seamlessly, sharing resources and growth opportunities.<h2 id="header-1">How does Optimism work?</h2>Optimism uses Optimistic Rollups as its foundational technology to achieve scalability. These rollups bundle multiple transactions off-chain and submit them to Ethereum in batches, reducing congestion and lowering gas fees while maintaining Ethereum’s security. Transactions are considered valid unless proven otherwise during a fraud-proof challenge period.The OP Stack powers this process by providing the modular, open-source infrastructure necessary for implementing Optimistic Rollups. It acts as the backbone for scalable Layer 2 solutions, enabling developers to standardize and build efficient rollup-based blockchains.<h2 id="header-2">Key benefits of Optimism</h2><ul><li>Faster transactions: transactions on Optimism are confirmed significantly faster than on Ethereum, improving efficiency for users.</li><li>Lower fees: gas fees on Optimism are much lower, making it more affordable to interact with decentralized applications.</li><li>Enhanced scalability: Optimism increases Ethereum’s capacity to handle more users and transactions.</li><li>Built on Ethereum’s security: Optimism inherits Ethereum’s robust security while improving performance.</li></ul><h2 id="header-3">Key features of the Optimism ecosystem</h2>The OP StackA modular and open-source technology that enables developers to build scalable blockchains using Optimistic Rollups, driving growth and collaboration across the ecosystem.The SuperchainA network of OP Chains that share governance, security and interoperability to create a positive-sum ecosystem where the success of one chain benefits all others.Optimistic RollupsCore technology that batches transactions off-chain, saving on fees while maintaining Ethereum’s security.Retroactive funding and grantsDevelopers can receive funding and grants through the Optimism Governance Fund, which supports innovative projects that align with Ethereum’s values.OP TokenThe governance and funding token of the Optimism ecosystem. Since the first OP token airdrop in May 2022, multiple airdrops have rewarded contributors and promoted community engagement.<h2 id="header-4">Why use 1inch on Optimism?</h2>Optimism has been supported by 1inch since 2021, back when the network was known as Optimistic Ethereum. Using 1inch on Optimism allows users to:<ul><li>Access cost-efficient swaps with reduced gas fees.</li><li>Benefit from faster transactions compared to Ethereum.</li><li>Explore the growing Optimism ecosystem, including its DeFi protocols and dApps.</li></ul>Stay tuned for more posts exploring the networks supported by 1inch!

Optimism: faster swaps, a thriving ecosystem

Table of Contents

1inch Network

Other articles published on Dec 13, 2024

Bitcoin ETFs Record $597M Inflows: BlackRock and Grayscale Lead the Market Trends

Cardano (ADA) Set to Rocket to $5 Before XRP as Turbo-Charged Altcoin at $0.125 Aims To Beat Both

Florida Plans Strategic Bitcoin Reserve Using $1.85B from Pension Fund

Grayscale Opens Another Surprise Altcoin to Exclusive Investors

Hong Kong’s crypto broker OSL adds support for TON into OTC services

XRP Surges to All-Time High, Becomes the Third Largest Cryptocurrency by Market Cap

Join our free newsletter for daily crypto updates!