Make Velodrome the STG Hub on Optimism: A Step Towards Increased Stargate Mobility

On April 19th, it was reported that the Stargate DAO community has initiated the Make Velodrome the STG Hub on Optimism vote to increase Stargate’s mobility on Optimism. The vote was effective with 2.2 million people and the deadline was 02:59 on April 22nd. Currently, 1.7 million people have participated in the voting, with a approval rate of 97.94%. Foresight News previously reported that on February 27th, the AMM protocol Velodome on Optimism launched the Make Velodome the STG Hub on Optimism proposal on Commonwealth.

Stargate DAO Community Initiates Make Velodome the STG Hub on Optimism Voting

Stargate DAO community recently initiated the Make Velodrome the STG Hub on Optimism vote to increase Stargate’s mobility on Optimism. With an approval rate of 97.94%, the voting process saw participation from 1.7 million individuals out of the 2.2 million eligible members. The deadline for voting was April 22nd, and the community’s decision comes as a promising development for Optimism’s AMM protocol Velodrome.

The Importance of Stargate in Optimism

Optimism is a layer-two scaling solution for the Ethereum network, primarily designed to address its network’s transaction speed and cost constraints. It aims to increase Ethereum’s capacity per block by aggregating a large number of transactions into smaller ones, which can collectively be verified and settled at once. The network’s architecture features several end-to-end open-source components that enable seamless interaction between dApps and Optimism. Stargate is one such critical component that provides an interface between the applications built on top of Optimism and the layer-two network.
Stargate’s primary role is to act as a gateway between the Ethereum main network and Optimism. Applications rely on Stargate to communicate with the Optimism protocol, which, in turn, is primarily responsible for processing, validating, and settling transactions on Ethereum. By acting as an intermediary, Stargate enables Optimism to support complex smart contracts, multiple virtual machines, and general-purpose computation beyond simple transfers and exchanges.

The Velodrome Proposal

On February 27th, Velodrome on Optimism launched the Make Velodrome the STG Hub on Optimism proposal on Commonwealth, aiming to make Velodrome the primary on-ramp for Stargate on Optimism. The proposal was an attempt to streamline the communication between Stargate and the Optimism protocol, reducing the congestion and delays associated with large transaction volumes. The proposal also aimed to increase the adoption of Velodrome’s AMM protocol by encouraging developers to integrate their applications with Velodrome to utilize its liquidity pools and trading features.
Velodrome’s AMM protocol is designed to be gas-efficient and lightning-fast, enabling traders and liquidity providers to interact with the protocol seamlessly. The protocol’s design enables it to efficiently handle large orders, reducing slippage and providing traders with a fast and effective trading experience. By making Velodrome the primary on-ramp for Stargate, the proposal aimed to mitigate the current scalability and gas issues associated with executing transactions on Optimism.

The Community’s Decision

The Stargate DAO community’s decision to make Velodrome the STG Hub on Optimism signifies the community’s faith in the proposal and its potential impact on the network’s scalability. The outcome of the vote indicates that the Stargate DAO community recognizes the need to address the current transaction speed and cost constraints, primarily associated with congested networks.
By choosing Velodrome as the primary on-ramp, the community aims to leverage its AMM protocol’s speed and efficiency and enhance the user experience of interacting with Stargate and Optimism. The community believes that the proposal will improve the network’s overall efficiency, encouraging more adoption and engagement from developers and users alike.

Conclusion

The Make Velodrome the STG Hub on Optimism proposal marks an important step for the Stargate DAO community towards advancing the scalability and efficiency of Optimism. The community’s decision to approve the proposal indicates their willingness to adapt and evolve the network to better serve the needs of its users. With Velodrome’s AMM protocol now being integrated into Stargate, Optimism’s capacity for complex smart contracts and general-purpose computation is set to increase.

FAQs

Q1. What is Stargate DAO?
Ans. Stargate DAO is a decentralized community operating on the Ethereum network that aims to build critical infrastructure and tools for scaling Ethereum.
Q2. How does Optimism’s layer-two scaling solution work?
Ans. Optimism is a scaling solution designed to address Ethereum’s scaling constraints by aggregating a large number of transactions into smaller ones that can be verified and settled collectively.
Q3. What is the significance of the Make Velodrome the STG Hub on Optimism proposal?
Ans. The proposal aims to enhance the scalability and efficiency of the Optimism network by streamlining communication between Stargate and the Optimism protocol, promoting the adoption of Velodrome’s AMM protocol, and reducing transaction gas costs.