Question everything!
Never become complacent...if you have stuck your nose around this channel for any amount
of time, you know that is how we do it.
So…
This is how we DO it, it’s Wednesday Night, and I feel it time, not for Montell Jordan,
but for Chico Crypto!
Well, we have to talk about this, as the news won’t be known till tomorrow, but Ethereum’s
golden star of a scaling solution.
Is having a Delay!?
Who are we talking about?
Optimism PBC.
WIth their optimistic rollup!
It was told to be a general smart contract rollup, that could provide dapp scaling when
Ethereum needed it the most!
Much hype, much wow with this one…But even 3 months ago, I knew something wasn’t right,
and this DELAY could be coming!
I posted this video...a little shock value, with the Ethereum to Zero, but it showed some
of the weird connections with this scaling solution, and even back then they weren’t
following their initial roadmap.
Well things seem to be getting weirder with how this project is deploying their rollup
scaling solution.
Head of the project Jinglan Wang, spoke in Discord and gave some details.
Let’s see what she had to say about the future plans for the rollup.
She began with “We've drafted an update post and it's going through revisions amongst
team members.
It will be published on our blog on Thursday.
I'll post it here before releasing to the public
Good News right!?
Thursday an update is coming for Optimism.
Well she continued…
“I definitely think it's good news!
In the short term, it may be annoying for those who get frustrated by changing plans
(and understandably so).
However, we feel that listening to & implementing feedback from the ecosystem is the right move.
The very high level update is that our integration partners have been campaigning for a testnet
phase prior to mainnet.
The initial announcement took people by surprise and many don't feel ready.
We made that first announcement only thinking about what features we needed to build, and
not enough about the work required to make it a successful launch for the whole community.
Since L2 will need to serve the needs of many people, we decided to take a step back to
make sure that when we launch, we are doing it together with the ecosystem.
If you couldn’t catch that, Jinglan just dropped that there will be no optimistic mainnet
coming this month.
Maybe a testnet??
Why is this a kick in the Ether balls?
Well the Optimistic team put out a blog post 1 month ago, Titled “Dope Hires & Moar Mainnet
in March”...they spoke of new investments, allowing to hire great new talent, which meant
the arbitrary mainnet would be coming in March instead of a public testnet.
So it literally took the optimistic team, 1 month, to figure this out and let the public
know?
That hey, mainnet isn’t ready...which Jinglan confirms in Discord of why they aren’t going
on mainnet.
She continued on the reason for this testnet….
“We especially want things like token bridges, infrastructure providers, block explorers,
multisigs, wallets, etc. to be ready for launch so that people can use L2 as safely as possible.
She gives an example problem with dai and then says “Many projects use things like
Gnosis Multisig on L1 to manage upgrade keys, community funds, etc.
In order for a project to upgrade safely, we need to integrate a multisig prior to launch.
Other things in this category include oracles, indexers, etc.
Sooo, basically nothing was ready?
Not even a block explorer??
All Chico Crypto has to say isss...YIKES!
Buuuut all this means, is good news for the Other Ethereum scaling solutions that are
live on the mainnet, and have those things, token bridges, oracles, multisig, wallets
and more.
And for the rest of the episode, let’s see just who is furthest along with scaling!!
So, having a block explorer is a good thing, you can see the number of transactions, and
the transactions going through the scaling solution or chain.
Going to a team, whose explorer is being used throughout the ecosystem, xdai, we can see
they are having transactions on their layer 2, which have peaked near 300k in the past
month, to a low of about 120k.
Xdai’s layer 2 is being utilized on the mainnet, obviously….and why is this?
Well what Jinglan said, the infrastructure that they are missing.
For example...Orlacles.
xDai already has those things.
Chainlink price feeds are live on the xdai mainnet!
With developer documentation for deployment within xdai documentation, and Chainlink documentation!
Chainlink’s oracles are ready to go on xdai?
Why is this weird in relation to optimism?
Well in September, Optimism put out their light at the end of the tunnel blog post,
which got the hype started for their rollup!
In it, they put out a roadmap, for launch, which can have a big X through it, as it hasn’t
been followed one bit.
But at the bottom they said this “In parallel, we will be preparing some of our other early
adopters for testnet integrations so that they are ready to deploy once the full testnet
is running”
And those partners, Synthetix, Uniswap & Chainlink.
And then one day after they dropped this blog, my birthday September 25th, Chainlink said
this “Congratulations to Synthetix on being the first Ethereum dApp to integrate on the
recently launched Optimisim PBC’s L2 chain.
As a blockchain agnostic oracle network, we look forward to continuing our support by
providing secure & reliable price feeds”
So, you’re telling me, for 6 months, since the end of September...Chainlink hasn’t
deployed anything???
What the freak is freaking going on??
They were posted as an integration partner, you would think their price feeds would be
ready...well according to Jinglan in Discord, oracles aren’t ready…
That isn’t only good news for xdai though.
Remember there are many scaling solutions hitting their strides.
Another one is Polygon, formerly Matic.
Going to their block explorer, transactions are surging this month!
Recently over 300k...but doesn’t that block explorer look familiar?
Well because it’s a fork of xdais..
Remember how I said xdai’s block explorer is being used throughout the ecosystem!?
But also like xdai, they have chainlink oracles live on their mainnet with in house Developer
documentation!!
Does Chainlink reciprocate the deployment like xdai?
Well going back to that chainlink documentation we can see to the left there is Polygon Price
Feeds, clicking into it, a similar amount to xdai.
But to the left...there is also Binance Smart Chain and Even Huobi Eco Chain...but no Optimism
PBC!
My friends, what I’m trying to say, is xdai and polygon, they are the two live scaling
solutions many projects are choosing, as it’s the only way to go live!
And it’s not about fighting between these two, it’s about connections!!!
Remember that project Connext?
Well it was the channeling project connecting layer 2s!
One of their first connections besides Ethereum Layer 1? xDai & Polygon.
It was one of the first bridge connectins deployed, and Arjun founder of connect tweeted
this end of last week.
“In the last week, Matic<>xDai bridge alone routed $80k + $48k Dai//xDai in each direction
==> Total $128k This was done using $40k in liquidity going back and forth across the
router.
bUt cHaNnELs ArENt cApITaL EffICiEnT
Yeah Baby, for these two, it’s probably the best news they can get.
Polygon and xdai will be interoperable with each other, and Layer 1 Ethereum...before
any other scaling solutions can.
Like Optimism or even the other rollup out therer.
Not a single one is in Chainlink documentation.
Which means, xdai and polygon will be able to do things like this very soon!
Connext tweeted it just 2 days ago.
“Not enough people know this yet: You can use Connext today to call contracts on chain
B using funds from chain A and paying gas *only on chain A*.
Crosschain meta transactions.
Tell your friends, it's gonna be a thing”
A thing on xdai on Polygon, before Optimisim.
Cheers I’ll see you next time!