Hello All,
Have been using defi (Oasis, Defi Saver, Avve, Uniswap, etc) on the ethereum mainnet for as long as I can remember.
Getting tired of the high gas prices. Thinking of using metamask to bridge to optimism which is integrated which is integrated with most of the Dapps I am using.
This is my first time using Layer2s. Was always concerned with centralization and safety but transaction costs on the mainnet are brutal and will probably only get worse if we see a new bull run.
How secure/safe is optimism? What is the best/safest ways to bridge assets back and forth. Is there a better way to accomplish what I am trying to do?
Thanks in advance for the help!
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Just wanted to point out that you can get a lot of your bridging fee covered with OP tokens if you bridge via Across.to Promotion started a few days ago.
Honest question. Why is polygon not listed in the comments here. Is it because it’s a side chain?
Yes, and their ZK rollup doesn’t have nearly the DeFi ecosystem that more mature chains like Arb/Opt do.
i believe arbitrum is the most secure since they are stage 1
optimism is, uhhh, not that trustless
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L2beat.com has an overview of rollups and involved risks.
Arbitrum ranks pretty high on safety and also has the most TVL, so it’s a good place for DeFi.
Optimism is considered the other one of the big 2 optimistic rollups, and even though it’s not as technically secure, they’ve been running fine for a couple years now.
The safest way to bridge back and forth to Arbitrum or Optimism is to use their official bridges. Note there is a 7 day waiting period on bridging back to Ethereum mainnet. The Optimism bridge back may also require 2 steps.
If you use thirdparty bridges, the fees are likely to be higher and they’re less secure. So I would never use a thirdparty bridge from Ethereum to Arb/Op, but I occasionally use a thirdparty bridge back to Ethereum in order to avoid the week-long wait.
Hey, mate, you mentioned DeFi Saver, so I just wanted to mention that we’re live on Arbitrum, Optimism and Base in terms of L2s, though guessing you’ve already seen all of that.
Specifically, the supported protocols we have on L2s are:
- Arbitrum: Aave v3, Compound v3-USDC, Compound v3-USDCe
- Optimism: Aave v3
- Base: Aave v3, Compound v3-USDbC, Compound v3-WETH
I personally use Arbitrum and that is definitely where we see the most usage on L2s currently. I think that’s to be expected given how much more liquidity there is compared to others (check out DeFi Llama for a list of chains by TVL). For the time being, that would be my suggestion, but definitely try checking available liquidity for assets most important to you (e.g. by comparing rates for different swap sizes on different L2s).
If I can help with or clarify anything further, please feel free to @ me. Also adding a disclaimer that I’m a defi saver team member, just in case it wasn’t absolutely obvious from the rest of my reply.
You can check L2beat for risk analysis of each l2. I mainly use orbitor and hop to get between each one. You can use something like across to go from mainnet to an l2 and it might be cheaper than an official bridge but you would have to price check. You can also go from mainnet->Cex->an L2. I like arbitrum the most but I would play around with the new ones as well in case of an airdrop. Each one could mean thousands of dollars like when arbitrum airdropped. I also don’t keep much money on L2s in case one explodes which almost happened to optimism. Have an amount where you wouldn’t be too sad if it was all gone.
I’m saving this cause you basically are another version of myself.
I’m currently at like 3500 in gas fees for my L1 position. It is disgusting, but like said, you have to close the position. That kind of defeats the purpose of having it for me. Taxes would rape me harder than gas.