Official DAI Bridge on Optimism

MakerDAO Launches Dai on Optimism Layer 2 Technology

MakerDAO’s Protocol Engineering Team and Optimism have launched the official DAI token bridge on Optimism.

Optimism is a Layer 2 solution that leverages the Optimistic Virtual Machine (OVM) to run smart contracts in a scalable Layer 2 environment. The OVM makes this possible by aggregating many transactions in a rollup block and publishes them on the L1 chain in bundles to achieve scale.

This development brings a fast, trustless, decentralized and official DAI token bridge to optimistic rollups. L2 DAI is a modernized version of L1 DAI that exists to facilitate cheaper transactions and is redeemable through the official bridge for L1 DAI. Deposits are almost instant but withdrawals are subject to a 1 week wait period.

L2 DAI has been officially integrated with the Optimism Gateway UI and is supported through Uniswap on Optimism. Users can now trustlessly verify that they are interacting with the official DAI token by referencing the official token address below.

Token Details

The Optimism DAI contract has been minimally simplified to remove push/pull/move functions. Furthermore, the permit function was made compatible with EIP 712.

Official Contract Addresses

DAI was deployed on vanity address: 0xda10009cbd5d07dd0cecc66161fc93d7c9000da1

All addresses available here: GitHub - makerdao/optimism-dai-bridge: Optimism Dai and upgradable token bridge

Bridge Withdrawals

In this release, Layer 2 DAI withdrawals are subject to a 1 week wait period. Although the Optimistic Virtual Machine (OVM) state is present on L1 and can be independently verified by anyone from the Canonical Transaction Chain (CTC), there is a requirement to wait one week to ensure that the computation of the corresponding state is correct. This is a limitation of all optimistic rollups.

Decentralization

Governance decision making and decentralization is built into the design of the token bridge. This means that Protocol Engineering does not hold any upgrade keys and changes to DAI can only be made via Governance votes on L1. It is worth noting that Optimism related contracts can however be upgraded by the Optimism team.

This release of the Optimism Dai Bridge is the first step in a rollout that will support fast withdrawals and the minting of DAI directly on Optimism as described in our March forum post. The Protocol Engineering Team is excited to continue working on this functionality as part of the next milestones in Maker’s Multichain strategy.

Shoutout

Big thanks go to @krzkaczor , @hexonaut, Protocol Engineering and the Optimism team for designing, integrating and testing this amazing new initiative, thank you!

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Outstanding work! Great job !

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Awesome work @Derek and team. Love the shoutout approach. Inspiring leadership, Derek!

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Can’t wait to try out immediate withdrawals from L2.

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They are the best, incredible that this is finally a reality. :raised_hands:

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This is really awesome! Thank you for the amazing work.

I think this is a great opportunity for any of our prospective marketing CUs to weigh in on how to publicize this or to see if the community is able to spread the word via Reddit/Twitter etc. effectively. I’m gonna start with a small Reddit post.

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Hello @AstronautThis, i’m HBJ, from the proposed Strategic Marcomms CU.

In terms of tailoring our approach for this Optimism news, there are several important elements and channels we will hit (as with any new or important developments and announcements).

  1. PR outreach is extremely important to publicize and shout louder. We’ll leverage our PR experts and relationships to pitch to global tier 1 media (both crypto and non-crypto wider market) to garner organic news coverage and media interviews.

  2. Leveraging MakerDAO owned channels and other social media channels (Twitter, LinkedIn, Reddit and our website), to put out details of this announcements

  3. Develop a blog content with infographics / video to explain in detail about DAI on Optimism, what it means, the impact, etc. The goal is to educate and raise more awareness and fill in any gaps in terms of questions and queries.

  4. Leverage Optimism’s social media channels to amplify the news. E.g. there is a cross-tweet opportunity between both parties to further emphasize this announcement.

  5. Co-marketing activity with Optimism to drum up excitement and drive usage of the bridge.

  6. Help publicize initiatives in the DeFi space that are already making use of the bridge, or plan to. Including connecting with the marketing/communities/devs from other protocols to promote and market using the bridge

Technically, if the Strategic Marketing Core Unit already has the mandate, conversation and discussion with the Protocol Engineering CU would have taken place on how we could market this announcement. For example, a campaign would be put together so that any co-marketing activity can start once this launches with the intention to have a bigger splash and noise rather than a reactionary response.

The above is just a snippet of how potentially we can leverage this development. There are a lot of other ideas which we can do to leverage this development but what we have highlighted are the important ones which we need to tackle.

It’s also important to note that as mentioned during our presentation, we will maintain an open dialogue with the community and welcome/incorporate ideas from them community.

For your reference, we have detailed our marketing strategy approach in our presentation.

Thanks.

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