Coinbase Wallet Adds Ethereum Layer-2 Optimistic Rollup Support

The non-custodial cryptocurrency wallet Coinbase Wallet has integrated the Optimistic Rollup testnet. With Ethereum’s Layer-2 solution, users will be able to send faster, cheaper and more scalable dApp transactions.

We’ve integrated native support for the @optimismPBC testnet, to help early adopters test Optimistic Rollups on Coinbase Wallet. Rollups offer fast, low fee, scalable dapp transactions.

We’re excited to do our bit to help Ethereum scale! 🧑‍🏭 https://t.co/g3itFQbXqg

— Coinbase Wallet (@CoinbaseWallet) October 13, 2020

Optimistic Rollup developers from Plasma Group announced the testnet launch in late September. The team created the OVM (Optimistic Virtual Machine) — a solution designed to support all Ethereum-based Layer-2 protocols.

Coinbase — the second-largest centralized exchange after Bitfinex, announced plans to move some of its transactions off the main Ethereum blockchain.

Bitfinex is in the process of integrating OMG Network, based on More Viable Plasma (MoreVP) specifications. Plasma is another concept for increasing Ethereum throughput by creating an additional Layer-2 network.

Earlier, Ethereum co-founder Vitalik Buterin stated that only moving to Layer-2 solutions will create the prerequisites for lowering transaction costs.

On September 2, the average transaction fee in the Ethereum network surpassed the previous all-time high at the $10 mark, rising to $15.21. On October 15, the metric fell to $1.57

On October 14, the decentralized derivatives platform Synthetix announced the transition to the second phase of Optimistic Rollup integration.

The good folks over at @CoinbaseWallet have added support for Synthetix on @optimismPBC‘s L2 Optimistic Ethereum for Android and iOS! https://t.co/tCJJJAMVzW

— Synthetix ⚔️ (@synthetix_io) October 14, 2020

The Serum decentralized exchange on the Solana blockchain has also integrated Optimistic Rollup. As a result, the platform is expected to be compatible with the Ethereum blockchain.

In October, the Aztec startup unveiled the second version of its zero-knowledge proof-based solution for scaling and privacy on Ethereum.

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