Tornado Cash Has Been Deployed on Optimism
Tornado Cash continues spinning all around the (crypto) world. Its current stop: Optimism🌪 🌎
In the continuity of its recent expansions, Tornado Cash is progressively pursuing its conquest of the crypto space.
The community has recently deployed Tornado Cash smart contracts on a new blockchain. Through a successful deployment ceremony, the protocol has newly settled on another Ethereum Layer-2. As of now, Tornado Cash is actively spinning on Optimism.
With this latest addition, Tornado Cash currently functions on Ethereum, Binance Smart Chain, Polygon, xDAI Chain, Avalanche, Arbitrum and, last but not least, Optimism.
Have you met Optimism?
Optimistic Ethereum (a.k.a Optimism) was launched in 2021 as a scaling solution for Ethereum applications. This blockchain acts as a Layer-2 allowing cheaper transaction fees. Its users have saved more than $275M in gas fees since its inception.
As Optimism doesn’t have any native token, everything is paid for in ETH within the network. Therefore, the network also offers a bridge solution on gateway.optimism.io to make the usage of Layer-1 (Ethereum) tokens possible.
As its name strongly suggests, Optimism uses the principle of Optimistic Rollups. If you wish to dig into this concept, it was presented in one of our previous posts.
This Layer-2 network is mainly used since November 12th, the day after the release of its EVM equivalence: the Optimistic Virtual Machine (OVM). Daily transactions went from ~700 on the 11th to ~30,000 the next day.
⚙️ An Ethereum Virtual Machine (EVM) is a decentralized computer that runs the execution & deployment of smart contracts.
By introducing OVM, Optimism has brought a new level of compatibility within the Layer-2 ecosystem. The Optimistic Virtual Machine is equivalent to the EVM rather than just being compatible to it. It allows the implementation of a blockchain using Optimistic Rollups that acts just like the Ethereum main chain & offers a better interaction between the two layers.
Tornado Cash 🤝 Optimism
The deployment of Tornado Cash smart contracts on Optimism enables users to benefit from all advantages made possible by the use of a Layer-2, among which access to cheaper transactions.
Settling on Optimism means joining an extended & diversified network of applications that also use this Layer-2, going from DeFi protocols to blockchain tools.
Optimism in Few Figures 📊
- Optimism currently has a Total Value Locked of ~$320m. This value doubled at the end of October, going from ~$150m to ~$320m. Optimism is ranked 21st blockchain in terms of TVL according to DefiLlama.
© https://defillama.com/chain/Optimism
- Since mid-November 2021, Optimism has been recording around ~35,000 transactions every day.
© https://optimistic.etherscan.io/chart/tx
- There are over 60,000 unique addresses on Optimism.
- With no native token, transactions fees on Optimism are in ETH. As a Layer-2, Optimism allows extremely low gas fees, especially compared to transactions on the Ethereum mainnet
This article was written by ayefda & bt11ba — WUTornado team (@WUTornado).
