# A Pooler’s Guide to Optimism By [PoolTogether](https://paragraph.com/@pooltogether-2) · 2022-07-06 --- Summer Time = Pool Season ------------------------- The long-anticipated Layer 2 summer is finally here and with it, PoolTogether is coming to Optimism! This guide covers everything you need to start your career as a true Optimism nerd. Get ready to become optimistic about your savings. ![Meme by thumbsup.lens](https://storage.googleapis.com/papyrus_images/c0c37122f00218c20b2e77e6e1866830426cf9b9f09b4e463e680fede6a9ef19.png) Meme by thumbsup.lens What’s Optimism --------------- Optimism is a Layer-2 scaling solution that derives its’s name from its underlying technology, the Optimistic Rollup. The Ethereum mainnet (_Layer 1_) has natural capacity limitations. As the number of people using Ethereum is steadily growing, the costs of using the network are increasing. Since NFTs started to hit mainstream, you can regularly experience the network slowing down when there was hype around a public mint. All of this created an obvious need for scaling solutions - and this is where Optimism comes in. Optimism allows for cheap, quick transactions while maintaining the primary security of the Ethereum network. Here is a TL;DR of its core features: * **High Speed:** Optimism is both fast to use and, at the same time, speeds up transactions on the Ethereum blockchain. * **Low Fees:** Optimism is rolling up many single transactions into batches to reduce the fees paid by users. * **Secure:** Optimism profits from the high level of security provided by Ethereum to keep its roll-ups safe. * **Simple:** Optimism is designed to be easy to use and simplify Ethereum. The numbers speak for themselves: ![Source: https://dune.com/optimismpbc/Optimism](https://storage.googleapis.com/papyrus_images/7912a4478a725dbba60f994231c92704cfb10fec007d9acc5e9e6b61bc0f1db3.png) Source: https://dune.com/optimismpbc/Optimism So what sounds awfully technical at first turns out to be **one of the most beginner-friendly ways to use DeFi today**. ### Ethereum Scaling There are many approaches to [scaling Ethereum](https://ethereum.org/en/developers/docs/scaling/): Sidechains (such as Polygon or Gnosis), Plasma, Validium, Layer-2s... All of them are important and have their rationale for existence. To describe it in the words of the Ethereum Foundation: “The whole is greater than the sum of its parts”. ![Source: https://ethereum.org/en/developers/docs/scaling/](https://storage.googleapis.com/papyrus_images/26c97e372ff065235d067cb3d1cbe8a545f9d158048c137f58c2e7addb737d6a.png) Source: https://ethereum.org/en/developers/docs/scaling/ Overall the goal of all Ethereum scaling solutions is to increase transaction speed & throughput without decreasing decentralization or security. ### What’s a Rollup? A Rollup is a Layer 2 Scaling Solution with the _Optimistic Rollup_ being the most popular. Despite the similarity in the name, Optimism isn’t the only Optimistic Rollup - Arbitrum and Booba are other notable L2s using this technology. In simple words, an “Optimistic Rollup is basically just a fancy way of describing a blockchain that piggy-backs off of the security of another "parent" blockchain.” Specifically, Optimistic Rollups take advantage of their parent chain's consensus mechanism (like PoW or PoS) instead of providing their own. In Optimism's case, this is Ethereum.” ![Meme forked from https://medium.com/ethereum-optimism/all-gas-no-brakes-8b0f32afd466](https://storage.googleapis.com/papyrus_images/f2c07b0bf991ef99dde512a97c4aaf774fc39ef6a1dc7189a9abf6d5492b7e36.png) Meme forked from https://medium.com/ethereum-optimism/all-gas-no-brakes-8b0f32afd466 It does this by batching (_rolling up_) multiple Ethereum transactions into one, moving them off-chain, and once those have settled, returning a receipt to the Ethereum mainnet. This process reduces the cost per individual by the number of transactions batched into one. Optimism is ultimately designed as an extension to Ethereum. It exists so that Ethereum can succeed - so it’s built to resemble it as closely as possible. ### Quick History Lesson Let’s have a quick look into some of Optimism’s milestones until today: The team around Optimism started out as Plasma Group and was [first introduced](https://medium.com/plasma-group/deployplasma-dd1cf0b2ab55) to the public in January 2019. Plasma Group was a nonprofit organization with a focus on researching Ethereum scalability. In June 2019, they announced the [Optimistic Virtual Machine (OVM)](https://medium.com/plasma-group/introducing-the-ovm-db253287af50), a tool designed to support _all_ Layer 2 protocols. In January 2020, the Plasma Group took the next step and announced Optimism PBC — a Public Benefit Corporation dedicated to scaling Ethereum with a focus on fair access to public goods. The emphasis on _public benefit_ was proven once again one month later when Optimism [open-sourced the OVM](https://medium.com/@optimismpbc). Optimism mainnet was [soft-launched](https://medium.com/ethereum-optimism/mainnet-soft-launch-7cacc0143cd5) in January 2021, and since December 2021, all [dApps can permissionlessly deploy](https://medium.com/ethereum-optimism/all-gas-no-brakes-8b0f32afd466) on the network. The OP token and the [Optimism Collective](https://optimism.mirror.xyz/gQWKlrDqHzdKPsB1iUnI-cVN3v0NvsWnazK7ajlt1fI) were finally introduced in April 2022, moving Optimism further towards community ownership. ![](https://storage.googleapis.com/papyrus_images/07ad4683a644b1bd27641c085d3db75470f112d763e5450faf730e5c5c31afb9.png) ### Governance: **_Optimism Collective_** > _Optimism and Ethereum are public goods. The open internet is for all of us, and it will take all of us to help maintain it._ The Optimism Collective describes itself as a large-scale experiment in decentralized governance. With the OP token in mind, you’d probably expect to see traditional token governance, but their approach consists of two parts they call _houses_: 1. The Token House: OP token holders 2. The Citizens' House: Holders of [soulbound](https://vitalik.ca/general/2022/01/26/soulbound.html) (non-transferrable) NFTs Together, both houses have the mission to balance the collective’s long-term vision with short-term incentives. ![Source: https://community.optimism.io/docs/governance/](https://storage.googleapis.com/papyrus_images/4de2b83220c0ab9cb52c78d82c2a94ddd69cd74282372050730d6024e238914a.png) Source: https://community.optimism.io/docs/governance/ The collective aims to be a new type of community designed to reward public goods and is dedicated to building a sustainable future for Ethereum. What’s especially cool is that if you have previously participated in PoolTogether governance, you qualify for their $OP token airdrop. You can check [here](https://app.optimism.io/airdrop/check) if you’re eligible. 👉 [An overview of Optimism Governance](https://community.optimism.io/docs/governance/) Using Optimism -------------- Now that you’re all optimistic, you’re probably wondering, “where do I get started?”. With more than 160 dApps deployed, finding something to do shouldn’t be hard. ### Adding Optimism to your wallet Optimism is [EVM](https://ethereum.org/en/developers/docs/evm/)\-equivalent. That makes it easy to use with many existing Ethereum wallets. If you’re unsure about the wallet you’re using, follow [this link](https://www.optimism.io/apps/wallets) for a complete list of wallets supporting the Optimism ecosystem. ![https://www.optimism.io/apps/wallets](https://storage.googleapis.com/papyrus_images/701bb17662a5276845f7c730161fd3ce0de333c3ec306bacffa92736b829ad83.png) https://www.optimism.io/apps/wallets In case you are using Metamask: The easiest way to add Optimism to your wallet is by using [Chainlist](https://chainlist.org/chain/10). Simply connect your wallet and tap on “Add to Metamask”. ![https://chainlist.org/chain/10](https://storage.googleapis.com/papyrus_images/89d3af5edc27d97b0e17a2d3ecce9f479335b169ea35b5f1406139f059b8732a.png) https://chainlist.org/chain/10 Transaction Fees ---------------- Like most networks, Optimism charges gas fees to carry out transactions. The native currency of Optimism is ETH. Therefore, all gas fees are paid in Optimistic ETH. To do transactions on Optimism, you need a sufficient Optimistic ETH balance, so make sure ETH is the first thing you get into your wallet. Learn more about transaction fees on Optimism in the [Optimism Help Center](https://help.optimism.io/hc/en-us/articles/4411895794715-Transaction-fees). Getting funds on Optimism ------------------------- Optimism has hands down [one of the most powerful bridge-aggregators](https://app.optimism.io/bridge) that’s out there. [![User Avatar](https://storage.googleapis.com/papyrus_images/d53a11551959dea4819561894a3cce55dd35783d6121299808fee230ca732a58.jpg)](https://twitter.com/Optimism) [Optimism](https://twitter.com/Optimism) [@Optimism](https://twitter.com/Optimism) [![Twitter Logo](https://paragraph.com/editor/twitter/logo.png)](https://twitter.com/Optimism/status/1517548430297604096) Bridging on/off Optimism just got a major power up! ![💪](https://abs-0.twimg.com/emoji/v2/72x72/1f4aa.png)![🏋️‍♀️](https://abs-0.twimg.com/emoji/v2/72x72/1f3cb-fe0f-200d-2640-fe0f.png)![🔴](https://abs-0.twimg.com/emoji/v2/72x72/1f534.png) We refactored the whole bridge codebase and designed a new UI. It’s now cheaper, faster, and easier to move assets between Optimism, L1 Ethereum, other L2s, and CEXs. [![Like Icon](https://paragraph.com/editor/twitter/heart.png) 586](https://twitter.com/Optimism/status/1517548430297604096)[ 11:58 AM • Apr 22, 2022 ](https://twitter.com/Optimism/status/1517548430297604096) You have one simple interface that offers the choice between bridging crypto you already own, using a fiat on-ramp, or withdrawing from various centralized exchanges. ![https://app.optimism.io/bridge](https://storage.googleapis.com/papyrus_images/170065aa1443fad92eec727fdf94f351f364c7d311afba5159254384d7bc67ae.png) https://app.optimism.io/bridge Currently, their bridge supports sending assets from Ethereum, Polygon, BSC, Arbitrum, and Gnosis Chain. Direct deposits are available from Binance, Coinbase, FTX, Huobi, and KuCoin. Who needs friction when you can have full composability? PoolTogether on Optimism ------------------------ ![Meme by Sabotage](https://storage.googleapis.com/papyrus_images/7b67c1101696cdc9a445ca68799533eb86591b881384a90c4ca60024d5fd4039.png) Meme by Sabotage Optimism makes using PoolTogether easier than ever before, thanks to its speed, low fees, and frictionless on-ramping. ### Absolute value match > _When I think about PoolTogether on Optimism, I think of a savings account that’s half full and not half empty._ Starting with one of the most important currencies in web3: vibes. Both communities have more in common than what drives them apart, so it feels like a natural fit straight away. Which project am I talking about here: * High emphasis on security * Open Source * Community-driven * Building for a decentralized future * Fun & rewarding Answer: both of them! Web3 has created an opportunity for a new reality to emerge. One where value is not extracted _from_ but _added to_ its users. Governed _for_ and _by_ the people that are directly impacted. PoolTogether is designed to be a public good - a savings account owned by the people. That makes Optimism the perfect infrastructure. ### Optimized Prizes for Optimistic Savings Just in time for the launch on Optimism, PoolTogether is introducing chain-specific prizes. That means Optimism has its very own prize tiering while maintaining the same chances to win across all networks. Prize Savings on Optimism means **49 Prizes** every. Single. Day. Next to the grand prize of 1,420 USDC, Optimism comes with a 69 USDC prize tier. We all love the funny numbers! ![Chain-Optimized Prizes!](https://storage.googleapis.com/papyrus_images/65af7a617e763098ec9bfe0e336d761fb43960c6bc6eb93db5c9f1bd040eda74.png) Chain-Optimized Prizes! ### Did someone say OP rewards? In addition to the thousands of prizes PoolTogether _already_ distributes, Optimistic Poolers will have the chance to earn additional incentives on top of that. PoolTogether is part of Optimism’s Phase One and will distribute 450,000 OP tokens over the coming seven months. _How_ these will be distributed will be announced soon. ### What do I need to get started? 1. ETH for gas (Try their [Bridge](https://app.optimism.io/bridge)) 2. USDC for a deposit (Need to swap a token? [Uniswap](https://app.uniswap.org/#/swap?chain=optimism), [Sushi](https://app.sushi.com/swap?chainId=10) or [Zapper](https://zapper.fi/exchange) are some examples) 3. A little bit of patience & luck 🤞🍀 Saving with PoolTogether on Optimism works just the same as on any other network. You can deposit the USDC stablecoin and need a little ETH - _over 69x less than on Ethereum_ _mainnet_ - to cover the transaction fees. PoolTogether’s user documentation holds a great guide for [Using PoolTogether](https://docs.pooltogether.com/pooltogether/pooltogether-on-optimism) on Optimism, if you haven’t done that before. And now? Come back any time to [check for prizes](https://app.pooltogether.com/prizes) or make another deposit to level up your odds. The more you pool, the more you save, the more you win. PoolTogether is your savings account powered by the blockchain. ![](https://storage.googleapis.com/papyrus_images/64e4d0d5fa4e932cf08f6e0a1149cf19c61e4fa258828c66476fa20e9e9e157e.png) ### How did we get here? Okok - we got all that covered now. But _why_ does PoolTogether deploy on Optimism _now?_ Because the community decided to do so. One very engaged Pooler used the momentum of a Discord chat to carry out a [temperature check](https://gov.pooltogether.com/t/roll-up-deployment-temperature-check/2256) on our governance forum. After a week of discussion and analysis, the community’s consensus hardened, and a proposal to [authorize an Optimism prize pool](https://gov.pooltogether.com/t/ptip-73-authorize-optimism-prize-pool/2261) was introduced to PoolTogether governance. While PoolTogether’s core devs are focussed on the upcoming [Prize Pool Network](https://gov.pooltogether.com/t/the-prize-pool-network/2312) the DAO went full circle on community. **Project: Optimism is a community-led initiative supported by PoolTogether Inc.** [Project Optimism](https://gov.pooltogether.com/t/project-optimism/2262) was introduced as another step for PoolTogether toward community ownership and decentralization. Shoutout to drcpu, [McOso](https://twitter.com/McOso_), [underthesea](https://twitter.com/underethsea), and [Max’](https://twitter.com/MaxenceA_) for making the Optimism deployment possible. Outro ----- Thanks for reading, fren. You can collect this article as NFT on Optimism for free if you liked it! Still unsure about something? We have an incredible community full of helpful people. Drop by on [Discord](https://pooltogether.com/discord) or [Telegram](https://t.me/PoolTogetherTelegram) and ask us, or [get involved](https://dao.pooltogether.com/how-to-contribute). And if all that still wasn’t enough, I’ve got you covered with a list of resources to help you dive into Optimism’s ecosystem even further. 🔴✨ Optimism Resource List ---------------------- **Official Links & Socials** * [Optimism Website](https://optimism.io/) * [Optimism Help Center](https://help.optimism.io/hc/en-us) * [Optimism Blog](https://optimism.mirror.xyz/) * [Optimism Discord](https://discord-gateway.optimism.io/) * [Optimism Twitter](https://twitter.com/optimismFND) **Governance** * [The Optimistic Vision](https://www.optimism.io/vision) * [Governance Overview](https://community.optimism.io/docs/governance/) * [Governance Forum](https://gov.optimism.io/) **Using Optimism** * [All-in-one Bridge](https://app.optimism.io/bridge) * [Optimism Ecosystem](https://www.optimism.io/apps/all) * [Optimism Block Explorer](https://optimistic.etherscan.io/) **Learn more about…** * [Optimistic Rollups](https://ethereum.org/en/developers/docs/scaling/optimistic-rollups/) * [Retroactive Public Good Funding](https://medium.com/ethereum-optimism/retroactive-public-goods-funding-33c9b7d00f0c) * [Optimism On-Chain Data](https://dune.com/optimismpbc/Optimism-Overview) (Dune Analytics) --- *Originally published on [PoolTogether](https://paragraph.com/@pooltogether-2/a-pooler-s-guide-to-optimism)*