- New Ethereum scaling solution that will “melt faces” is close to launch
- Analysts have been impressed with the coming scaling solutions for Ethereum
- The first phase of Ethereum 2.0 will roll out by November
Ethereum News Today – while the Ethereum network has become less congested than it reportedly was only a few weeks ago, the issue of rising transaction fees remains in play. It may cost close to $10 – $20 to complete traditional interactions with DeFi (decentralized finance) protocols like Compound, MakerDAO, or Synthetix.
Of course, this isn’t enough to break the bank, but it restricts the bulk of users from using these protocols alongside the rest of Ethereum’s ecosystem. Well, there’s good news. The situation is set to change rapidly. There are several scaling solutions designed for the Ethereum network that are coming into the fray. And it is no secret that analysts have already been impressed by these options.
Optimistic Ethereum will Melt your Face – Kain Warwick
One impressive solution is Optimistic Ethereum. Optimistic Ethereum is built on Optimistic Rollups. It is expected to melt faces because of its potential to scale Ethereum’s network. This upcoming solution according to the founder of the DeFi protocol Synthetix, will melt faces.” Kain Warwick, recently made the below comments on the solution:
“Optimistic Ethereum will be in the DeFi chain during the next 12-24 months. Mainnet is coming and it will melt your faces. @clembalestrat should sneak peek for you soon.”
In September, the team (Optimism) developing the Optimistic Ethereum scaling solution, launched a testnet for the protocol. Synthetix also joined Optimism for this testnet. It also launched a barebones version of Synthetix on the testnet for its retail users. Many test users of this version of Synthetix have since celebrated the efficiency of the second-layer solution.
The First Phase of Ethereum 2.0 Will Rollout by November
Warwick previously declared that DeFi is analogous to Bitcoin back in 2016. Claiming it was the calm before the storm in 2017. Other scaling solutions are also on the way. While Optimistic Ethereum may be approaching, there has also been movement on many fronts with several other scaling solutions. Ethereum 2.0 (Serenity or ETH2) will be launched in November.
The first phase of the upgrade will roll out first on that date (the activation of PoS/Proof of Stake). Next in line is the introduction of a revamped EVM for smart contracts. Starkware, a Blockchain-based firm focused on the STARK class of technologies, recently announced that it has completed a compiler that will make the Solidity code easy to translate into the code for Cairo. Recall that Cairo is Starkware’s layer-two scaling solution. Cairo is built to allow Ether developers to drag and drop smart contracts on the main chain into the above-mentioned secondary network.