Optimism Announces Collaboration With Etherscan: Report

Optimism Announces collaboration with blockchain analytics platform Etherscan and now full blockchain data will be available for the layer-two platform as we can see more in our latest cryptocurrency news today.

The Ethereum layer-two scaling solutions provider Optimism announces collaboration with Etherscan and in the announcement, the technology provider declared it a huge usability milestone, stating that it makes it highly technical information that will be easily searchable and human-readable. The company provides L2 scaling technology called Optimistic rollups that builds on zero-knowledge proofs but changes the consensus mechanism so that the network assumes that all of them are correct. The intervention is necessary if there’s an incorrect transaction where there’s a case of “fraud-proof.”

We're honored to announce our collaboration with @Etherscan today! This is a major usability milestone for Optimistic Ethereum that makes highly technical information easily searchable and human-readable.https://t.co/DHwRTM3F2D

— Optimism (@optimismPBC) May 20, 2021

With the Etherscan integration, Optimistic Ethereum users will be able to monitor the deposits and to withdraw in addition to seeing when L2 transactions are pre-confirmed and when they are posted and finalized in batches. The withdrawal completion on L1 is coming soon as the announcement added. As per the Optimistic Ethereum roadmap, it expects to launch to a public mainnet in July 2021 and some protocols are already moving ahead of the date.

One of the first protocols to deploy Optimistic Ethereum is Defi synthetic assets exchange Synthetix as founder Kain Warwick started that the rollout took longer than expected but it now imminent:

 “While it has taken far longer than we hoped to get to this point, we are now only a few weeks away from having everything ready to enable exchanges on BTC, ETH and LINK.”

He added that the delay enabled oracle provider Chainlink to work on the latency upgrades on L2 aggregators which will enable lower fees to be achievable via additional optimizations that also allow for the removal of fee reclamation that results in Synthetix regaining composability with other protocols for the first time in two years:

“It really cannot be overstated how enormous a development this will be on O. Especially as more protocols migrate and liquidity transitions to this new L2 infrastructure.”

Major thanks to members of the Etherscan team: Caleb, Kaven, Wee, Harith, and Matthew for all of their hard work!

— Optimism (@optimismPBC) May 20, 2021

Warwick stated that the launch of other protocols on Optimistic Ethereum will undermine the value proposition of chains like Binance Smart Chain and Solana. The update didn’t specify a date for the launch but said there will be a scalable platform to finalize the scope of the v2 version for the next few months.