Announcing Uniswap V3 on Optimism
Almost two years ago at DEVCON V in 2019, we collaborated with Uniswap to build Unipig Exchange, the first-ever demo of Optimistic Rollup.
Though just a proof of concept, it was a hit and started our journey towards building a general purpose solution that could scale any smart contract. Now, several mainnet deployments, several hundred thousand transactions and what feels like several lifetimes later, we’ve come full circle!
Today, the biggest dApp on Ethereum goes optimistic.
This is a chance for us to test the protocol in a controlled environment where we can prioritize user safety on novel software. Starting today, anybody can deposit, trade and provide liquidity using Uniswap V3 on OΞ. This does not mean that it’s time to ape in — in fact, we have explicit safeguards in place to prevent usage from skyrocketing — but it’s a next step we couldn’t be more excited to share!
First, let’s take a look at all the work done in the last 6 months that has made this possible:
Since we last launched…
We’ve made incredible progress in the last 6 months and want to share some of the new highlights:
Redesigned token bridge:
A redesigned token bridging system resulting from months of collaboration with the community (shoutouts below!) which allows us to flexibly and easily bridge new L1 assets into L2. At launch, the bridge supports DAI, WBTC, USDT, EURT, ETH, and SNX, with an interface for adding new assets soon to follow.
Infrastructural integrations:
We couldn’t have done this without the incredible suite of new infrastructure integrations to help make OΞ as powerful and versatile as L1 Ethereum, including:
Etherscan
Infura
Alchemy
Quicknode
The Graph
Truffle
Hardhat
Metamask
Coinbase Wallet
Imtoken wallet
Now before getting into how you can use Uniswap, be sure to understand the following information:
Important to know:
Fees
With this release, we are officially enforcing fees on Optimistic Ethereum. We have chosen a conservative target of 50,000 transactions per day at launch, to be targeted with an EIP1559-like congestion pricing mechanism, to be ramped up over time. You can read more here in this standalone post.
Potential for Unplanned Downtime
As with our previous Synthetix launch, one of our main goals with this release is to uncover new bugs and beef up our stability. We will be all hands on deck if the system goes down, but it could happen — this is an alpha system you should use at your own risk. You can check on network health at optimism.io/status.
Future Planned Downtime
As with our previous launch, we will retain a system upgrade multisig, and have at least one more upgrade to OΞ planned in a few months. We will communicate this well in advance, but during upgrades, transaction submission may go down for several hours, and history (not state) may be reset.
How to use it
Using Uniswap on OΞ is a simple matter of depositing your L1 assets into L2, and switching your wallet to interact with OΞ. Uniswap has put together a great detailed tutorial on the process — check it out!
If you encounter any bugs, or have any questions please feel free to hit up #support in the Optimism discord.
What’s Next
This release is a huge milestone for us, and Ethereum at large, but it’s not over yet! After the Uniswap launch, our priorities are:
- Validating system stability & accompanying bug fixes.
- Ramping up the TPS constraint as we gain confidence in stability.
- Preparing Optimistic Ethereum for open deployment.
We originally planned to enable arbitrary contract deployment later this month. Although we’re itching to flip the switch, we’ve decided against dropping all controls right out the gate. Instead, we’ll be keeping a liberal whitelist where any project that demonstrates responsible test coverage and a functioning Kovan deployment will be able to deploy. Information on requirements for whitelisting & updated integration documentation will be published in the coming weeks after the Uniswap deployment stabilizes. We are thankful and humbled by the community’s eagerness, but we must balance this with system security and stability with each new wave of usage.
With this release, we’ll also be making a firm push to share more frequent updates. It’s easy to get so focused on building and neglect sharing the incredible wins and progress we’re making beyond those who follow our github. Monday will mark the first release of the Highly Optimistic Dev Blog, a bi-weekly series sharing our latest updates, milestones, and accomplishments.
Sneak Peek: Next Project Launch — Chainlink and Kwenta
Synthetix’s upcoming Kwenta release includes Chainlink oracles and proper exchange functionality (link). Excitingly, we expect them to move off of testnet very soon, at which point Synths and LINK will also be tradable on L2 mainnet!
Gratitude & Shoutouts
Thanks to the incredible Synthetix community for your support as early adopters. Your communication, feedback, and patience has been instrumental helping OΞ become everything it needs to be. THANK YOU!!! ❤
Thanks to everyone in the community who helped along the way to our redesigned token bridging system, including the ETH magicians, Chris Kaczor, Kristijan Rebernišak, transmissions11, Alejandro Santander, David Mihal, Pete Kim.
On security, much gratitude to Protolambda, Sam Sun and Yoav Weiss for their sharp eyes and sharper brains. Thanks also to Scopelift and Georgios Konstantopoulos for their work in bringing this integration over the line!
And last but not least, we are so grateful to the Uniswap team for embarking on crazy experiments & pushing forward the cutting edge with us.
