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Optics recently announced the launch of Optics v2 with the migration of Optics v1 to v2 because of doubts on v1 protocol. Note that Optics v1 will be available until the complete migration of the community.
Optics is a protocol for interoperability that is trust-minimized and gas-efficient. Optics is an acronym for OPTimistic Inter-chain Communication Standard. The exciting thing about Optics is that it enables cheaper communication between chains. It is because Optics leverages the optimistic bridging mechanism instead of custodial or validator-based bridging mechanisms.
Optics potentially makes bridging easier because it connects the chains in a 1 to N model. Compared to header relays, Optics is cheaper and gas efficient by 10 times on Ethereum.
Created by cLabs, Optics protocol supports the trustless transfer of tokens across the networks.
The optics v2 is an improved version of optics v1 which is built to restore the trust in the protocol that was earlier doubted because of the numerous events. It was decided to launch optics v2 with a community-owned multisig, 30-minute dispute window, Avalanche support and 14-day timelock.
This newer version of the bridge interface has many upgrades. The most significant upgrade is that the timelock is changed from 1 second to 14 days, and the governance contracts will now be under the control of the community. To process the transfers quickly, the dispute period is reduced to 30 minutes in the upgraded version.
It is recommended by the Optics team to use the on-chain decentralized exchanges to exchange assets from optics v1 to v2 whenever the prices are reasonable.
Also, if a user isn’t willing to migrate the funds from optics v2 to v2, then there is an option to swap the funds. The Celo foundation has launched a swap-based migration program in partnership with Mobius. In this program, users can swap WETH, cUSDC and WBTC to cETH, cUSD and cBTC. Thus, there isn’t a need to migrate funds across optics v1 to v2.
Celo foundation and cLabs will deploy the capital to Mobius's Optics V1 pools to help users swap out of v1 assets. In collaboration with the Celo foundation, Mobius will launch a constant-sum market maker to ensure the capital-efficient migration to the optics v2 protocol.
Mobius team will remove the MOBI rewards for all the Optic V1 pools starting from December 6th. Instead, the Optics v2 pools will be incentivized with more CELO rewards.