Optimism launches testnet of its Ethereum scaling solution

According to the developers, the process of launching the solution will be phased - an optimistic rollup will be integrated with a small group of decentralized applications "to isolate potential errors."

The first application to be integrated with the Optimism testnet will be the Synthetix decentralized exchange. The exchange will encourage its users to test the Optimism network by paying rewards totaling 200,000 SNX tokens (about $ 930,000).

“There are no words to express our gratitude to Synthetix for the opportunity to test our code in conditions that are as close as possible to the main network,” said the Optimism team. Also, the Optimism network is planning to test the Uniswap decentralized exchange and the Chainlink decentralized oracle network.

Glassnode analysts question the decentralization of the Uniswap project

The decentralized exchange Uniswap unveiled its UNI governance token last week. The exchange said the tokens will be distributed within four years, however UNIs are currently on regular Ethereum addresses and can be used by anyone with control of the keys. This is stated in a new report by the analytical company Glassnode.

Information we collect

While it can be assumed that the Uniswap team will work in good faith prior to the transition to decentralized governance, Glassnode analysts wonder who exactly controls the keys and why are tokens not locked in a smart contract? Of the 1 billion UNI, the main part (600 million) is reserved for the Uniswap community, just over 215 million for current and future employees, and 178 million for investors, just under 6.9 million for project consultants. The distribution over four years suggests that the parties will not be able to immediately access all tokens. But, as Glassnode notes, they made this distribution very vague. And there are two main reasons why time is an important detail.

UNI tokens

First, the price. UNI tokens are currently trading at over $ 5. If someone decides to sell millions of tokens on the open market, then the price of UNI could plummet. In this regard, analysts say, it is important to provide the community with more information about the distribution process.

Secondly, UNI is a governance token. Those who own it control the network by analogy with the votes of the company's shareholders. At the moment, in order to simply submit a management proposal, the user must have - or must be delegated - at least 10 million tokens. Thus, big owners like the Uniswap team can only make decisions to their advantage.

• The Glassnode report says: "The Uniswap team and investors will have disproportionate power in the early stages of management."

Decrypt

Ryan Watkins, an analyst at Messari, says it was intentional. “This allows the team to continue to play a significant management role in the early stages of the project,” he said in a comment for Decrypt.

Log Files

Uniswap said in a September 16 statement: "Team members will not be directly involved in governance for the foreseeable future, although they may delegate votes without the intention of influencing decision-making." Analysts at Glassnode suggest that "this model was implemented to protect the protocol from radical changes in the early stages of the transition to decentralized governance."