Unchained Will Optimism's OP Token Draw People Back to Layer 2s on Ethereum? - Ep.350
May 10, 2022
Kain Warwick, founder of Synthetix, and Ben Jones, co-founder and chief scientist at Optimism Foundation, dive into the latest developments in Ethereum's Layer 2 ecosystem. They unpack the differences between optimistic and zero-knowledge rollups and explore why Synthetix chose to build on Optimism. The duo discusses Optimism's innovative governance structure, the implications of retroactive public goods funding, and the exciting concept of a 'superchain.' They also touch on the challenges of community governance and the potential future of bridging between Layer 2s and Ethereum.
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Layer 2 Advantages
- Ethereum Layer 2s offer a compelling alternative to other Layer 1s due to their enhanced security and scalability within the Ethereum ecosystem.
- Optimistic rollups maintain L1 security properties while addressing gas fee challenges, making them a preferable choice for projects like Synthetix.
Synthetix's Gas Fee Issues
- Synthetix initially struggled with high gas fees on Ethereum L1, prompting the search for a scaling solution.
- Their complex smart contracts and interconnectedness made gas costs prohibitive, highlighting the need for L2.
Optimism's Governance Model
- Optimism Collective aims to balance plutocratic and human-centric governance with two houses.
- The Token House uses a one-token, one-vote system, while the Citizen's House employs a one-person, one-vote approach.
