Will Optimism's OP Token Draw People Back to Layer 2s on Ethereum? - Ep.350

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 10 May 2022

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kain Warwick, founder of Synthetix, and Ben Jones, cofounder and chief scientist at Optimism Foundation, discuss the current state of Ethereum Layer 2s, Optimism’s new governance structure, why Synthetix chose to build on Optimism, and more. Show topics: what Optimism and Synthetix are how zero-knowledge rollups differ from optimistic rollups why Synthetix decided to build on Optimism what makes L2s more enticing to build on than other L1s how Optimism’s governance is going to change with the launch of the Optimism Collective and OP token what issues Synthetix has had with Discord governance and early token voting, and how they have now solved this by forcing users to consolidate wallet addresses what retroactive public goods funding is and how it could create a “flywheel” of development on Optimism why whales might be excluded from Optimism’s token grant to Synthetix why Ben thinks the future is about the “superchain” rather than multi-chain what Kain and Ben think about bridging between L2s and Mainnet why Optimism is a staunch backer of EIP 4844 how the merge could affect Optimism and Synthetix Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Coinchange: https://coinchange.io OnJuno: https://onjuno.com/ Episode Links Guests Ben Jones: https://twitter.com/ben_chain Kain Warwick: https://twitter.com/kaiynne Synthetix https://twitter.com/synthetix_io Optimism https://twitter.com/optimismPBC Optimism Collective https://optimism.mirror.xyz/gQWKlrDqHzdKPsB1iUnI-cVN3v0NvsWnazK7ajlt1fI Synthetix Launching on Optimism https://blog.synthetix.io/optimism-launch-announcement/ Synthetix Governance https://docs.synthetix.io/governance/ Kain’s Blog https://blog.synthetix.io/author/kain/ Rollups What are the biggest risks to optimistic rollup chains? https://vitalik.ca/general/2021/01/05/rollup.html#:~:text=Anatomy%20of%20a%20fraud%20proof What is the difference between optimistic and ZK rollups? And why did Synthetix choose Optimism? https://blog.matter-labs.io/optimistic-vs-zk-rollup-deep-dive-ea141e71e075 EIP 4844 https://eips.ethereum.org/EIPS/eip-4844 https://www.eip4844.com/ The Merge https://unchainedpodcast.com/why-ethereums-merge-was-delayed-and-why-it-wont-reduce-gas-fees-much/ Kain’s previous Unchained appearances Ethereum killers episode https://unchainedpodcast.com/how-solana-and-binance-smart-chain-could-take-ethereums-lead/ How Synthetix became the second-largest DeFi platform https://unchainedpodcast.com/how-synthetix-became-the-second-largest-defi-platform/ DeFi summer https://unchainedpodcast.com/why-comp-5xed-on-day-1-and-what-this-means-for-a-defi-bull-market/ Optimism’s Bridging Solution https://twitter.com/optimismPBC/status/1517548430297604096 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Crypto moves at lightning speed. For the latest crypto updates, be sure to subscribe to our daily newsletter at unchainedcrypto.substac.com.
0:09.0	Again, that's unchainedcrypto.substac.com.
0:16.0	Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host, Laura Shin, author of The Crypto Pients.
0:24.0	I started covering crypto seven years ago, and as the senior editor of Forbes was the first mainstream media reporter to cover cryptocurrency full-time.
0:32.0	This is the May 10, 2022 episode of Unchained.
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1:23.0	Today's topic is what is up with layer two. Here to discuss our Kane Warwick founder of synthetics and Ben Jones co-founder and chief scientist at Optimism Foundation. Welcome Kane and Ben.
1:37.0	Thanks, Laura. Good to be back.
1:39.0	Thanks for having me.
1:41.0	Let's start with a brief description of what you and the projects you're working on do and then also how your teams came to work together.
1:48.0	Kane, you've been on the show before, so we will start with Ben. Ben, why don't you describe what optimism is, what your role is, and yes, how you have been working with synthetics.
1:58.0	Sure. So very excitingly, now I can say that optimism is something more than just a company. It is the optimism collective, which is a very recent exciting announcement.
2:08.0	I'm sure we'll get into. But in short, optimism is a layer to scaling solution for Ethereum. So basically what this means is it gives you a version of Ethereum that is not constrained by the same sort of gas fees that you're constrained with on Ethereum itself, but gives you all the same properties, makes it faster and it's much cheaper.
2:28.0	As far as sort of the origin story, you know, there's like a whole diatribe I could do about public goods and all this stuff that I'll get into later.
2:35.0	But basically we started as a nonprofit trying to solve the problem of scaling Ethereum and eventually that evolved through a series of technical changes we improved and improved and improved.
2:45.0	And we finally found the thing that we were going to build called an optimistic roll up and we knew that optimism was a great name for that. And here we are today.
2:54.0	Great. And Kane, why don't you describe what synthetics is, what you do there, and then why synthetics has been working with optimism for layer two.
	...

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