Ethereum scaling and gas-free transactions arrive before ETH 2.0

  • Synthetic partnered with Optimism to launch a demo of the Synthetix exchange on OVM.
  • Optimism’s scaling solution minimizes delays in transactions and oracle update latency.
  • Biconomy launched a beta mainnet for its relayer infrastructure to facilitate gas-free transactions.

The highly-anticipated revamp of the Ethereum network is set to go live in the next few months. However, the network has already introduced new scaling solutions and gas-free transactions. A report unveiled this news on May 6, as the Ethereum continues gaining more popularity. Per the publication, the number of active ETH wallets has more than doubled since January this year to reach half a million.

Reportedly, the developers of Synthetix, the second-largest DeFi protocol joined hands with Optimism, the research team behind Ethereum 2.0 to launch a demo of the Synthetix Exchange on the Optimistic Virtual Machine (OVM). Optimism’s OVM is a layer-2 scaling solution created to let DeFi platforms run at speeds comparable to centralized systems.

Commenting on the launch of the Synthetix Exchange demo, Synthetix noted,

“During this demo, Synthetix and Optimism will be running a trading competition on l2.synthetix.exchange, with 50,000 SNX in prizes. This competition will encourage traders to experience the OVM, which enables decentralised financial platforms to operate at speeds usually associated with centralised systems. L2 scaling is critical to Synthetix.Exchange as it continues to launch an unsurpassed trading experience on Ethereum.”

Existing Ethereum network still has a lot of potential

The use of scaling solutions has allegedly introduced significant benefits in performance. For instance, there has been a reduction of 37.5 times in oracle update latency, a drop of 75 times in transaction delay, and contractions in gas prices for oracle and exchange-related transactions.

Kain Warwick, the founder of Optimism predicted that Ethereum would successfully scale its network earlier this year. While the crypto community is anticipating the launch of ETH 2.o, Warwick noted that the current version still has a lot of potential.

In an interview, Warwick said,

“Even if ETH 2.0 was to not happen, there’s still a lot of upside in ETH 1.”

According to him, adding Optimism’s scaling solution to ETH 1 makes a couple of thousand transactions per second achievable. As such, he believes that there is a lot of potential for ETH to scale up significantly without moving to Proof of Stake (Pos).

Biconomy rolls out beta mainnet

This news comes after Biconomy rolled out the beta mainnet for its relayer infrastructure. The platform is designed to enable gas-free transactions with dApp protocols. As such, it removes technical barriers to mass adoption, simplifying the process of onboarding and managing users for dApp developers. While this launch is opportune for Ethereum developers now, it is blockchain agnostic.

dApps that incorporate Biconomy will be able to access applications through a familiar username and password interface. In so doing, they will circumvent the need for technical interaction with smart contracts or gas fees.

While announcing this launch, Biconomy also unveiled that it had already partnered with 10 leading crypto developers. These include Matic Network, Torus, Daostack, Sapien Network, Dapp Pocket, Zefi, Alathea, Frontier Wallet, Fortmatic, and Idle Finance.

Do you think gas-free transactions will affect how Ethereum smart contracts work? Share your thoughts in the comments section below.