2 years ago
Date: 11 Aug 2022 - 02:35
Total value locked TVL on Optimism a layer2 scaling solution for the Ethereum blockchain has increased 284 in the last month according to data from DefiLlama. Users lending and borrowing assets on Aave through Optimisms layer2 chain make up the vast majority of TVL.Ethereum Optimism TVL SurgesIn anticipation of The Merge update which will see the blockchain switch from a proofofwork network to one based on proofofstake investors have been bidding up digital assets tied to the Ethereum ecosystem.The merge will be tested by Ethereum developers on the Goerli testnet on Thursday August 11. If everything goes according to plan the mainnet merging will be approved on September 19. The mainnet merge would probably be delayed if there are issues with the Goerli merge.The Merges anticipated launch date has been set for September 19 according to a recent Ethereum developer call. With Rollups or offchain computations Optimism an Ethereum layer2 blockchain aims to extend the ecosystem and expedite transactions. On Optimism transactions are entered and on Ethereum they are completed.ETHUSD trades at 1853. Source TradingViewThe project is home to 35 protocols including automated market maker Velodrome decentralized exchange Uniswap and derivatives exchange Synthetix. The Ethereum blockchains current capacity of 30 transactions per second is inadequate to manage the enormous amount of user trade orders on exchanges including cancellations. Nevertheless according to some analysts the network might scale to 100000 transactions per second with The Merge upgrade with layer2 solutions improving this capacity even further.Optimism blocks are constructed and executed on layer2 while user transactions are batched up and submitted to the Ethereum layer1. On layer2 transactions are immediately accepted or rejected with no mempool enabling a fast user experience. Correspondingly to the TVL development the projects namesake tokens have also rallied by 300 during the same period.Dai on Optimism From 30 million to 140 million in 5 days. pic.twitter.comAQlNWvX6c9 Maker MakerDAO August 9 2022Goerli Testnet A BriefThe Ethereum network will be one step closer to its biggest update yet in less than 24 hours. The secondlargest cryptocurrency by market capitalization has been preparing to switch from ProofofWork PoW to the significantly less energyintensive and in some peoples opinions more decentralized ProofofStake for years PoS.Senior Ethereum developers stated last month that the socalled 8220Merge8221 to 8220Ethereum 2.08221 will occur on September 19. However there is still a challenge for developers to overcome before the 8220Merge8221 can be implemented on Ethereums mainnet.Developers want to implement the merging on one last testnet after completing the switch from PoW to PoS on two of Ethereums main testnets Ropsten and Sepolia in June and July.From its midJuly lows under 1000 Ethereum has increased by more than 80 and at last check it was trading in the mid1800s. While most of this has coincided with a larger cryptocurrency market rebound amid an uptick in macro mood Bitcoin is up over 25 from its midJuly lows analysts have indicated that anticipation ahead of the merger has been a key tailwind driving ETH higher.Featured image from iStock Photo chart from TradingView.com
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