The community is expectant of the new Optimism Dai Bridge to strengthen withdrawal speed on Ethereum and Maker. Transactions on MakerDAO are becoming faster, and the fees are also becoming interesting as it plans to upgrade on layer2.
According to the company’s announcements on its forum recently, Optimism will bring the technology for MakerDAO Upgrade. Optimism provides Ethereum scaling solutions, and MakerDAO will launch its official DAI on the Optimism layer2.
This was what the CTO and Co-Founder of Bellwood Studio firm Sam MacPherson disclosed. He also mentioned that Optimism Dai Bridge would provide more improvements to other implementations.
Also, Sam MacPherson mentioned that Optimism needs a 7-day lockup period when returning tokens to the main Ethereum. This is because, for rollups to occur, the data must be published on the blockchain with allowable time to prove potential fraud. Although he added that Maker protocol could help to reduce the lockup period and enable users to withdraw funds instantly.
How Will Optimism Dai Bridge Will Boost Withdrawal Speed On Ethereum Network?
The bridge will make withdrawals faster by locking L1 Dai to mint L2 Dai. It will also allow users to burn stablecoin for near-instant access to L1 Dai. According to MacPherson, this new improvement will also affect Ethereum positively. Now, the team can offer a “fast and trustless decentralized off-ramp for optimistic rollups“.
According to the forum post, the Bridge gives Maker the opportunity to be the main off-ramp for Optimism. As per Maker Optimism is a cool & elegant technical solution.
Most importantly, the company disclosed that the launch of the initial bridge would be soon. However, users will not make fast withdrawals yet until around the 3rd or 4th quarter of the year.
Currently, a DeFi protocol Synthetix is already trying the Optimistic rollups. It announces the staged L2 transition in the middle of January. This was after testing it for many months and giving incentives to all the participants.
Another protocol showing interest in Optimistic rollups includes Uniswap. According to the report, they’re considering it for their upcoming upgrade to Version 3, set to happen later in 2021. In another news, Optimism announced its $25 million Series A funding round, which Andreessen Horowitz led on 24th February.