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.
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.
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.
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.
- Since mid-November 2021, Optimism has been recording around ~35,000 transactions every day.
- 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