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Article Title: Visual Guide | Uniswap Launches Optimistic Rollup, Fees 10 Times Cheaper Than Ethereum Mainnet

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Article Title: Visual Guide | Uniswap Launches Optimistic Rollup, Fees 10 Times Cheaper Than Ethereum Mainnet

On the morning of the 14th, Uniswap announced the much-anticipated news: the launch of the Layer 2 solution Optimistic Rollup! The official statement mentioned that the base transaction fees will be more than ten times cheaper than Ethereum. How can it be used?

It is important to note that currently, it takes a week for assets to be withdrawn from Optimistic, which users should be aware of.

How to Deposit Assets to Optimistic?

Step 1: Go to Optimism Gateway. Read the disclaimer carefully:

  • The protocol is in early development stages, risks are assumed
  • Withdrawals require a week-long waiting period

Step 2: Click "Connect" and choose your wallet. Ensure it is connected to the Ethereum mainnet. If your wallet is not listed, it is not yet supported. Three options for testing are: MetaMask, WalletConnect, Coinbase Wallet.

Additional information: Tutorial on "Getting Started with Your First DeFi Tool: MetaMask Wallet"

After confirming interaction with the protocol, you will be redirected to the Optimistic interface.

Step 3: Select the assets you want to deposit to Optimistic. Currently, only a few tokens are supported, with more to be added later. During testing, only ETH, SNX, DAI, USDT, WBTC are available.

Step 4: Enter the quantity you want to deposit from Layer 1 to Layer 2 and click "Deposit".

Step 5: Confirm the amount and read the disclaimer: Deposits on the Optimistic Kovan network may take up to five minutes for final confirmation.

Step 6: Confirm within your wallet, the network fee is based on current Ethereum status. After assets are transferred to Optimistic, you can enjoy low transaction fees.

According to charts provided by Uniswap, in non-congested conditions, token exchanges on Uniswap will cost approximately 144,278 gas, while on Optimistic, it is only 14,136. Based on network status at the time of writing, the difference is about $7 and $0.7.

Step 7: Wait for confirmation, approximately five minutes

Step 8: Success! The next step is to head to Optimistic's Uniswap!

How to Connect to Optimistic Uniswap?

Prior to this step, ensure assets are deposited to Optimistic, with at least some ETH.

Step 1: Go to the Uniswap website app.uniswap.org, and click "Connect Wallet" at the top right corner to connect your wallet.

Step 2: Open MetaMask, choose the network at the top of the window, scroll to the bottom of the menu, and select Custom RPC.

Step 3: Add Optimistic network to your wallet, you can click here for automatic addition, or manually enter the following values:

  • Network Name: Optimism
  • New RPC URL: https://mainnet.optimism.io
  • Chain Id: 10
  • Currency Symbol: ETH
  • Block Explorer URL: https://optimistic.etherscan.io
Click Save to complete!

Step 4: Optimistic version of Uniswap is now in front of you!

If you wish to switch back to the Ethereum mainnet, you can choose in the top right corner:

Notes on Coin Exchange and Liquidity Addition on Optimistic Uniswap

Aside from lower fees and faster transaction speeds, there are no major differences in functionality compared to Uniswap.

Key points to note are as follows:

  • Before exchanging coins, ensure that the quote and slippage are as expected. Optimistic Uniswap only uses Uniswap v3 liquidity on Optimistic. Liquidity information can be viewed here, with a locked asset value of $2.17 million at the time of writing.
  • Transaction details and status can be viewed at https://optimistic.etherscan.io/
  • It is reiterated that even if the price on Layer 1 Ethereum mainnet is more favorable, Optimistic Uniswap will not trade through Layer 1 liquidity.