11th Chain Now Available On Krystal (Optimism)
While the markets are still down, we hope that you’re still ‘optimistic’ about the future of crypto! 😉
Krystal is pleased to announce that we have integrated the Optimism network with our platform.
With this addition, we now have 11 networks for you to store, track and swap your assets!
What is Optimism?
Optimism is a Layer 2 (L2) solution built on top of the Ethereum network and utilises optimistic roll-up technology.
Due to the constraints of the Ethereum network’s transactions per second (tps), this has led to significant congestion, especially when the number of transactions is really high.
Optimism helps to ease this congestion by allowing transactions to be run off the Ethereum network.
As a roll-up, Optimism will bundle multiple transactions into a single transaction, before posting it back to the Ethereum network, which is the Layer 1 (L1) network.
The bundling of transactions helps to reduce gas fees as it is now distributed across multiple transactions, instead of just one!
While Optimism has its own token (OP), the gas fees are paid in ETH.
How can I use Optimism on Krystal?
Here are the features that are currently supported by Krystal on the Optimism network:
- Sending (including Multi-Send) and receiving assets
- Viewing your entire portfolio (cryptocurrencies and NFTs)
- Swapping assets on the Optimism network
- Bridging assets between Optimism and other networks on Krystal
Optimism is supported on both desktop and mobile, so you can use this network anywhere, anytime!
Krystal supports SmartSwap on Optimism, where we source liquidity from multiple decentralised exchanges (DEXes), including:
- KyberSwap
- Uniswap
- Curve Finance
- Velodrome
This ensures that you’ll get the best rates for every swap you make on the Optimism network!
For a full list of all DEXes on SmartSwap, you can find out more on our dedicated support page here.
How do I send assets via the Optimism network?
Optimism is an Ethereum Virtual Machine (EVM)-compatible network, the deposit address will be the same as the address that you use for other networks (starting with ‘0x’).
Do ensure that you are selecting the Optimism network to withdraw your assets from your external wallet when transferring to Krystal!
You can find out more about depositing assets to your Krystal Wallet here.
How do I bridge assets to Optimism?
If you have assets on other EVM-compatible networks, you are able to bridge them over using our Bridge feature, which is powered by Multichain.
This will allow you to bridge your tokens from 7 of our supported networks, including:
- Ethereum
- BNB Smart Chain
- Polygon
- Avalanche
- Cronos
- Fantom
- Arbitrum
We currently do not support bridging from Aurora or Klaytn to Optimism.
How do I add the Optimism network to my wallet connected with Krystal?
If you are using the Krystal mobile app (iOS | Android), the Optimism network will already be added to your wallet.
However, if you are using our desktop platform and are connecting with an external wallet (e.g. Metamask), you will need to add this network manually, and you can check out this guide here for more details.
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