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Ethereum Scaling And Gas-Free Transactions Are Here, ETH 2.0 Nears

05/06/2020
Ethereum Scaling

If there is one event in the crypto news which is being talked about more than the Bitcoin halving which will occur in more than a week from now, it is the Ethereum 2.0 revamp. This will give birth to new Ethereum scaling and gas-free transactions, and the highly anticipated development is expected to begin rolling out in a matter of months.

However, we can see that the ETH scaling and gas-free transactions already arrived on the market. The network is also growing more popular and the number of active wallets has more than doubled since January, to around half a million.

The developers who are behind the second largest DeFi protocol, Synthetix, have recently partnered with the Ethereum layer-2 research team Optimism in order to launch a demo deployment of Synthetix Exchange on the Optimistic Virtual Machine (OVM).

ethereum 2.0 scaling three years

The OVM from Optimism is a layer-2 scaling solution designed to allow DeFi financial platforms to operate with comparable speeds to centralized systems. The use of scaling technology has reportedly seen significant gains in performance. This includes a reduction in oracle update latency of 37.5 times, a drop in transaction delay of 75 times as well as significant contractions in gas prices for oracle and exchanges related transactions.

The founder of Optimism, Kain Warwick, spoke in the Ethereum news and said that the existing ETH network still had a lot of life left in it. He said:

“Even if ETH 2.0 was to not happen, there’s still a lot of upside in ETH 1. There’s the potential for ETH to scale up significantly without moving to Proof of Stake.”

Two days ago (May 4), Biconomy launched the beta mainnet for their relayer infrastructure. The platform is designed to facilitate gas-free interactions with DApp protocols and remove technical barriers to greater adoption. It will also make it easier for DApp developers to onboard and manage new users.

The Ethereum scaling and gas-free transactions are a new addition which is already seeing big potential. Even 10 top crypto developers partnered with Biconomy and as they said in a blog post, their research points to gas optimization, relayer development and clunky user experiences as the main pain points that are stifling innovation.

Meanwhile, the creation of unique ETH addresses also jumped lately, with the current number of daily new wallets being between 50,000 and 100,000 during the early months of 2020 and being over 100,000 throughout March.

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