Today we are officially announcing our support for Optimistic Ethereum in partnership with Optimism PBC. Optimism aims to bring mass scalability to Ethereum, on-chain, increasing Ethereum's transactions per second and decreasing transaction fees and latency.
Optimism uses the OVM (Optimistic Virtual Machine), an open-source engine that powers a fully EVM (Ethereum Virtual Machine) compatible Optimistic Rollup.
Optimistic Rollups (ORs) do not run on Ethereum's base layer, but rather on top of it, and enable running & executing smart-contracts at scale while still being secured by Ethereum.
Optimism has chosen to partner with QuickNode to provide reliable web3 infrastructure to developers building with Optimistic Ethereum, so they can focus on creating applications which take advantage of low gas fees, low latency, and greater scalability.
“We’ve been working closely with QuickNode for several months. We’ve been very impressed with their track record of quick responsiveness and ability to deliver. Super excited to partner with QuickNode on Optimistic Ethereum !!” – Jing Wang, CEO, Optimism.io
“Both Optimism and QuickNode missions are aligned: to help blockchain ecosystems scale and achieve mass-adoption, and so this partnership is a perfect match. Our teams have been working closely for several months and have already deployed support on QuickNode API. We are excited to help bring next-level scalability and performance to Ethereum -- and beyond!” – Dmitry Shklovsky, Co-Founder, QuickNode.com
Why is this monumental and important?
Demand for Ethereum block space is at an all-time high.
In the last 12 months the world saw Ethereum MainNet transaction #s go through the roof. dApps using Ethereum have seen active users skyrocket. DeFi, for example, has seen TVL (total value locked [in smart-contracts]) grow to around $66 Billion USD, up from around $2.5 Billion just 1 year ago (according to DappRadar.com).
High demand = competition for block space = high gas prices… which make certain actions unfavorable. Transferring an NFT to someone or executing a DeFi trade, for instance, may have cost as much as $100 in ETH (for a single transaction!). This has led many applications to go off-chain (ie. off ETH MainNet), onto Layer-2 EVM solutions.
Optimistic Ethereum aims to solve this by introducing a native way to use Rollups in smart contract(s), where all data is available on-chain; there is no other blockchain involved, and so no need to trust off-chain data providers, validators -- just the main Ethereum network.
On October 2nd 2020, Vitalik Buterin, creator of Ethereum, shared a roadmap which highlights that Ethereum can scale to 100,000 tps (transactions per second) with Optimistic Rollups and ETH2.
For more reading on Optimism and Optimistic Rollups, check out these links:
QuickNode will enable anyone, from developers to businesses to curious end-users, access data on Optimistic Ethereum using native, well-documented methods (json-rpc api via Geth), as well as Optimism-specific calls (like rollup_gasPrices) documented here.
Providing developers choice and access to simple, reliable, high-performance infrastructure is a mission QuickNode has been on since 2017 -- currently supporting access to Ethereum, Bitcoin, Binance Smart Chain, Matic / Polygon, and xDai networks, and processing 45+ Billion API requests per month (that’s over 17,000 per second!) -- used by companies & projects like PayPal, Chainlink, PancakeSwap (#1 DeFi app), DappRadar and Nansen.
Optimism will provide public endpoints for developers to use, recommended for initial stages of development, however they will have rate restrictions to allow for fair usage: Community Optimism Networks
If you are interested in a personal, scalable, no limits endpoint for your project leveraging Optimism, check out QuickNode --> sign up for a free account and get started with a 7-day free trial: https://www.quicknode.com/chains/optimism
How to Get Started with Optimism on QuickNode:
- Sign up for an account on QuickNode.com
- Click "Create Node" and select an API plan:
3. Select "OPTIMISM" at the top of the next page, and any add-ons you require:
4. Complete checkout on the next page, and …
5. Congratulations, you're ready to interact with Optimism!
Ready to set up a node? Try QuickNode free for 7 days --> Sign Up!
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QuickNode.com is building infrastructure to support the future of Web3. Since 2017, we’ve worked with hundreds of developers and companies, helping scale dApps and providing high-performance Ethereum, Bitcoin, Polygon, BSC, Optimism and xDai node access. Subscribe to our newsletter for more content like this and stay in the loop with what’s happening in Web3!! 😃