Optimism was supposed to be the savior of Ethereum, but it kills ETH even more
Even though Ethereum has become one of the most powerful cryptocurrencies in the world, largely due to its unique feature of smart contracts, it does not have its disadvantages. Ethereum suffers from extensive scaling problems, along with its extremely high transaction fees. ETH developers have tried several methods to ensure that investors gain the best trading experiences. But even after its popularity, crypto has consistently remained a critical topic when it comes to expensive gas taxes. While the Ethereum community is waiting for ETH accumulations to solve these problems and make Ethereum transactions faster and cheaper, Optimism has emerged as such a scaling solution for ETH that should not fail!
What is Optimism?
Optimism was developed to speed up ETH transactions and reduce costs by settling them on another blockchain, using advanced data compression techniques. The technique involves optimistic cumulation, in which multiple transactions are cumulated in a single transaction, set on another blockchain, while reducing gas charges. Ethereum users will be able to assist and process transactions right on the main network.
Optimism recently launched its own government token and has dropped 40 percent since its inception. According to Cointelegraph reports, the Ethereum layer-2 scaling solution was far outstripped by growing demand for the first OP government token airdrop, as 5% of the token supply was already distributed among the 250,000 eligible users. Following this sharp decline in the value of the OP token, a member of the Optimism community named 0xJohn has suggested several controversial remarks that make things even worse than they were. He identified several wallets that sold his tossed OP tokens at high prices, which severely affected the launch of the token. So now it’s hard to see if Ethereum’s scaling solution will be just as effective or not, given the circumstances, it’s more likely to crash more!
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