Coinbase Wallet Announces Integration With Optimistic Rollup Testnet
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Coinbase Wallet Announces Integration With Optimistic Rollup Testnet

October 15, 2020      Vandana Malik

Coinbase Wallet by one of the leading crypto exchanges has recently announced its integration with the Optimistic Rollup Testnet by Optimism. It is revealed that this will be on the dApp browser and non-custodial wallet as well. Through this, the users will also be able to view balance as well as transactions on the Optimistic network.

Coinbase Wallet is Aiming to Reduce Congestion on Ethereum Network

Coinbase Wallet is aiming to help the Ethereum network as it will be reducing the congestion on the network. Back in September, L2 scaling developers have also announced the launch of their Optimistic Ethereum testnet along with this, it has also developed an OVM system. 

For quite some time, Ethereum users have been experiencing huge congestion due to demand and this also leads to a huge increase in the transaction fees. Another major reason behind this increase in transaction fees is a major surge in the DeFi sector. The average gas fees have increased to a very greater extent in September. Even though the transaction fees have now reduced to $2 but it is still very high.

OVM Was First Tested on Unipig

As per the sources, it was Uniswap’s decentralized Layer 2 exchange, Unipig on which Optimistic’s OVM was first tested upon. It was launched back in 2019 only. However, the first real trial of the system was the Defi platform, Synthetix. This was done when the Optimistic Rollup Testnet was launched by the firm for the public during late September 2020. At that time, the firm offered 200,000 SNX in rewards to the users who had participated in this testnet. Another phase of this testing process was held recently on October 14. In this second phase, the deposits with tested SNX tokens were enabled and along with this, the migration from L1 to L2 was also allowed.

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#Coinbase Wallet #L2 scaling developers #Optimism #Optimistic Rollup Testnet #OVM #Reduce Congestion on Ethereum Network #Synthetix #Unipig
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.