Ethereum News Today – Headlines for September 28

  • Optimism For Ethereum as Layer 2 Testnet Gets Launched
  • Transaction speed on Ethereum has dropped drastically
  • Ethereum’s gas fees have dropped a little

Ethereum News Today – demand on the Ethereum network has surged recently which has resulted in slow transaction speeds and high gas fees. Scaling solutions are needed badly on the network. No wonder a few are being tried this week. the Plasma Group’s Layer 2 scaling developers have announced the launch of the Optimistic Ethereum testnet. This testnet will be deployed to test scaling solutions.

Layer 2 scaling will take work from the root chain to process transactions and data faster. The team built OVM. OVM is a fully-featured EVM (Ethereum Virtual Machine) for L2 systems. OVM was initially tested on Unipig L2 decentralized exchange (of Uniswap) in late 2019.

Synthetix Will Come in the First Phase of Testing

The optimistic ETH testnet will be launched in multiple phases. It will bring early adopters on gradually. This way the team will be able to individually support each project. DeFi protocol Synthetix will reportedly be the first to try the scaling solutions. It will offer 200,000 SNX in rewards to users for taking participate. The team also said that the testnet is now open for public use. However, it is not yet available for deployment as a public contract because there will be bugs that will require ironing out going forward.

The initial phase of the testing will include airdropped tokens that will give participants the ability to mint and burn sUSD (Synthetix’s native stablecoin) for staking rewards. This will be carried out with the Görli Ethereum testnet. The second phase will allow deposits and include another airdrop of tokens (Layer 1 Görli SNX) to all participants who increase their stakes after depositing. The third phase will allow withdrawals. Participants are only required to complete a successful withdrawal to claim their reward on the mainnet.

Ethereum’s Fees Have Fallen a Bit

Optimistic Ethereum remains the only generalized Layer 2 solution for Ether. Meaning, it doesn’t require a specific functionality feature to be created to support existing Layer 1 protocols. One week after the dust has settled from Unisawp’s airdrop and the UNI token launch, Ethereum’s gas fees have dropped back a bit. According to data given by Bitinfocharts, they have fallen from a high of $12 on September 17 (the average transaction fee has dropped) to around $2.75 at press time. This sum is still on the high side, and it is expected that the network will deploy more Layer 2 solutions to DeFi protocols in the coming months.

This way they can remain on the Ethereum network. In any case, ETH 2.0 scaling upgrade is at least one year away, no wonder efforts like Optimistic Ethereum could be its savior until the main thing rolls out.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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