XYO Now Available on Optimism — Faster and Cheaper Transactions for True Crypto Enthusiasts

A question we commonly receive is whether or not XYO would ever consider a Layer 2 solution for high Ethereum gas prices and slow transaction times.

Today, we’re proud to announce XYO’s arrival on OP Mainnet! With Optimism, you can expect faster and cheaper XYO token transactions than you’ve ever experienced before. Let’s take a look at what Optimism is, how it can benefit XYO holders like you, and what implications this announcement will have for XYO.

What is Optimism?

Optimism is a blockchain scaling solution that offers a high-speed, layer-two scaling option for Ethereum. It boosts Ethereum’s capacity to support thousands of transactions per second while reducing gas fees. With the arrival of XYO on the OP Mainnet, crypto enthusiasts can look forward to lightning fast transaction speeds and significantly lower (read: dirt cheap) gas fees.

Optimism uses rollups to bundle transactions into entire blocks, allowing for quicker processing. This approach is much more efficient than Ethereum’s traditional method of processing transactions individually and offers much-needed relief for traders exhausted with high gas prices, peak hours, sluggish transactions, and costly speed boosts.

How to Bridge XYO to Optimism and Trade with Uniswap v3

We asked resident crypto genius, Ryan, who’s one of the megaminds behind developing COIN, to help make sure you know exactly how to power up your XYO with Optimism!

New to Optimism?

If you’ve never used Optimism before, you’ll need to bridge some ETH as a deposit onto Optimism, as Optimism uses it for gas, just like Ethereum.

Helpfully, Optimism has a handy web app.

• Click the Connect Wallet button and select your wallet type. We’re using MetaMask, as always.
• When your wallet opens, allow it to connect with the Optimism app.
• Make sure the interface is set to Ethereum Mainnet and ETH.

• Select the amount of ETH you want to transfer from Ethereum to Optimism.

Pro Tip: Transferring ETH to Optimism from Ethereum is quick, but withdrawing it may not be. At the time of publication, depositing ETH to OP Mainnet takes only a few minutes, but withdrawing it takes about a week. Only transfer the ETH and XYO you don’t mind not having on Ethereum for a few days!

• Click Review Deposit, then Deposit
• Your wallet will open again for you to confirm the transaction; click confirm. The process will likely take a few minutes, hang tight!

NOTE: Your cryptocurrency is still in your wallet! It’s moved chains, but has not moved from your wallet. You can toggle between chains within your wallet at any time.

Using XYO with Optimism

Once you have some ETH in your wallet on Optimism, you’ll need to bridge some XYO tokens from the Ethereum to Optimism with a deposit.

• Select the token drop-down on the right of the Deposit interface.
• Select the Custom tab from the pop-up modal.
• Input the XYO token contract address on OP Mainnet:
  0x9db118d43069b73b8a252bf0be49d50edbd81fc8.
• Click Add Custom Token. (If it’s not already connected, make sure you connect your wallet now using the Connect Wallet button.)

• Once you’ve added XYO as a custom token option, Optimism will automatically switch to this currency type.
• Enter the amount of XYO you want to make your spending cap and click Approve.
• Your wallet will once again open up. Approve the transaction from your wallet.

Pro Tip: This approval only changes your spending cap. It does not deposit your XYO tokens to OP Mainnet.

• Now, move some XYO tokens from Ethereum to Optimism by entering the amount of XYO you want to deposit and clicking Review Deposit.
• Review the deposit and click Deposit.
• Your wallet will open again — confirm the deposit.

Once this transaction is complete, you have XYO tokens in your wallet on the OP Mainnet!

Now, switch your wallet from Ethereum to Optimism. If you don’t see your XYO in your wallet when it’s switched to Optimism, be sure to add XYO as a custom token in your wallet. (You’ll need to do this for Optimism even if you’ve already done it for Ethereum!)

• Open your wallet and switch to Optimism by switching networks.

• Find Add Custom Token or Import Token. (In MetaMask, this can be found under Tokens > Import Tokens.)
• Enter the XYO Optimism token contract address, 0x9db118d43069b73b8a252bf0be49d50edbd81fc8. The symbol will be XYO, the decimals will be 18.
• Click Import Token.

You’ll find your XYO in your wallet, but now on Optimism instead of Ethereum!

Trading on Uniswap Using Optimism

You’re now free to trade XYO on Uniswap in the usual way. Well, not quite the usual way… you’re using Optimism!

Here’s a convenient link to the XYO/ETH trading pair in Uniswap v3 on Optimism.

If you’ve never traded on Uniswap before, not to worry, our good friends at CoinMarketCap have a step-by-step guide.

XYO’s New Era of Improved Trading

With XYO arriving on Optimism, crypto enthusiasts can expect not only faster, cheaper transactions, but also an improved trading experience. And the bridge between XYO and Optimism offers a unique opportunity for those seeking liquidity for their crypto assets. Importantly, this leap forward also provides a glimpse into the potential for blockchain technology to transform industries that rely on the quality data provided by XYO.

It’s an exciting time for XYO, and with advancements like this, we can expect even greater innovation in the years to come. Get ready for a new era of improved XYO trading!