Frequently Asked Questions
What is Olive?
Olive is a fully EVM-compatible, modular chain for gasless transactions with native staking and re-staking yield.
How Olive claims to have ~0.26 sec Avg. block time?
At the time of writing, Arbitrum's average block time is ~0.26 secs for last 90 days. Since Olive is built using Arbitrums's tech stack, Olive will also have same throughput as that of Arbitrum One.
Is it an L2 or an L3?
Olive is an L3 chain borrowing Ethereum's security as Olive settles to Arbitrum One which further settles to Ethereum mainnet.
Why L3?
Vitalik in his blog titled “Different Types of L2s” says,
If we're entering a world with many L2s, L3s … Ln, and application-specific chains, many of them will do much less than 5 TPS. It will become difficult for L2s to sustain themselves without huge numbers of DAUs paying gas fees to cover L1 fees.
To make Olive future-proof, we decided to launch it as L3. L3 chain with custom DA layer is 90% cheaper than L2 and 99.9% cheaper than L1. This allows newer kinds of apps to be build on Olive which can support high frequency use cases like trading, payments, GameFi, SocialFi etc without costing a bomb.
How Secure is L3?
L3 with zk proofs has the same level of security as an L2 with zk proofs. As the ZK Rollup ecosystem matures and existing frameworks become compatible with zk proofs, Olive will implement zk proofs and settle on zk rollup L2, which further settles on L1 using zk, which will remove all concerns around security.
If I restake via Olive Network will I earn EigenLayer points?
Yes. By restaking you're contributing to the EigenLayer ecosystem and therefore eligibile for rewards.
What is native staking and re-staking yield?
Ethereum stakers stake 32 ETH and delegate them to validators to run validation nodes on the consensus layer. In return, validators earn block rewards which are given to ETH stakers in the form of staking yield. At present, the staking yield is around 4%.
Re-staking is a growing area of interest where staked ETH are re-staked in EigenLayer contracts to be delegated to restaking operators (ReOp) who actively validate decentralized services such as L1s, L2s, Oracles, Bridges, Keepers, DA layers, etc and in return, earn rewards which are given back to LST stakers in form of re-staking yield.
The restaking yield depends on the number of applications using EigenLayer's actively validating services (AVS)
What are the risks I am taking by depositing in Olive?
While depositing in Olive, your assets are not tampered with, and no additional risk is incurred. You continue to farm your existing rewards, boosted LRT points, and Olive Points.
Olive mainnet contracts are audited by top Code4 Arena auditors.
Is there any lock-in period?
No, you can withdraw your assets at any point.
If a user decides that they need the assets they deposited or no longer wish to earn boosted LRT and Olive points, they can instantly do so with no lock-in period.
Once you withdraw your assets, you will no longer be actively earning boosted LRT and Olive Points.
What is the Olive Points Program?
Olive is running airdrops program where ETH, LST, LRT & WBTC holders can deposit their assets in Olive to earn Olive airdrops.
Olive deposit contracts are live on Ethereum and by 4th April 2024, will be live on Arbitrum L2. We are working on increasing the universe of assets and chains we will support under staking and bridging program.
How many points I will earn for staking my LRTs?
Points for native LRT rewards are distributed by their native LRT platform to the staking pool, and we will distribute them on a pro-rata basis to TVL staked. We have partnership with some of the LRT protocols where we are giving boosted rewards (1.5x to 3x) to LRT holders in Olive ecosystem.
To read more about how different protocols distribute their points and their base reward rate, please refer to their official documentation.
To calculate how many points you will be earning by depositing LRTs in Olive, you can multiply the base reward rate with a boost multiplier.
For example, if rsETH holder is earning 10,000 Kelp Miles per rsETH and Olive is giving a 1.5x boost, the same rsETH holder will be earning 15,000 Kelp Miles for depositing their rsETH on Olive without any additional DeFi risk.
Does Olive have a gas token?
Yes, Olive Chain will have $OLIVE as its gas token.
While we encourage devs to include paymaster SDK in their smart contracts and offer gasless transactions to their users, EOA wallets holders & smart contracts devs are free to transact on Olive chain without paymaster SDK. In later case, they will have to pay gas fees in $OLIVE.
What's the utility of $OLIVE if Olive is a gasless chain?
Olive offers devs gasless transactions by providing free account abstraction SDK and handling token logistics behind the scene.
Olive has partnered with Biconomy – the leading ERC-4337 solution provider to offer its smart contracts, paymasters, and bundler services for use by developers on the Olive chain.
$OLIVE token accrues utility by functioning as gas token, dual staking token for validators, staking token to earn chain revenue, and governance tokens.
How do I join the Olive community as a member or a builder?
You can find us on Twitter or on Discord.
We are deprecating our telegram channels in favor of discord & twitter for official announcements.
Which wallets are supported?
Olive supports all EVM-compatible wallets.
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