Optimism Reveals Date for Bedrock Upgrade: Here’s What It Changes

Bedrock will improve the security and resilience of the Optimism bridge, among other things.

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Optimism Bedrock Upgrade: Transaction Fee Savings Hit $150,000 And Counting

The Optimism Bedrock marks a significant milestone in the network’s evolution. This groundbreaking upgrade, successfully launched on June 7, ushers in a plethora of major advancements, most notably an impressive reduction in network costs. By implementing a so-called optimized batch compression and leveraging Ethereum as a data availability layer, the Bedrock upgrade has achieved a remarkable 56.1% decrease in transaction fees. These findings, meticulously compiled by OP Labs, Optimism’s core developer, highlight the tangible benefits that users have already begun to experience. In just a matter of days, the Bedrock upgrade has resulted in nearly $150,000 in savings for users, showcasing the immediate impact and financial advantages brought forth by this transformative enhancement. Optimism’s expected total user savings since migration, or during the first month in US dollars, is around $210,929. Bedrock upgrade has drop in transaction fees. Source: Dune.com This development has brought about a significant cost advantage for Optimism, facilitating the swift confirmation of transaction batches on the Ethereum network. As a result, the average transaction fees on Optimism have experienced a substantial decrease, plummeting from $0.57 to a mere $0.16. Bedrock Upgrade: Paving The Way For Superchain Revolution While the reduction in transaction fees is undoubtedly a remarkable improvement, the Bedrock upgrade holds greater significance as a crucial component of the developer’s ambitious vision—the creation of a groundbreaking “Superchain.” This visionary concept revolves around establishing an interconnected network of chains, leveraging Optimism’s OP Stack software. To commemorate the Bedrock upgrade, we’re releasing an open-edition NFT with our friends at @manifoldxyz. Minting will close on Friday, June 16th at 11:59 PM UTC, so you have just over a week to collect this piece of Optimistic history! https://t.co/Wszqu3PA5h pic.twitter.com/jsOgGLl88L — Optimism (???_???) (@optimismFND) June 8, 2023 The Superchain aims to integrate these individual chains into a cohesive ecosystem, enabling seamless communication and fostering collaboration within a unified environment. By harnessing the power of the Bedrock upgrade, Optimism takes a significant stride towards realizing this revolutionary vision, setting the stage for a new era of interconnected blockchain innovation. Optimism Makes Strides In Market Share And TVL Optimism’s impressive performance in the market has recently come to light, with L2 Beats unveiling its significant standing. At present, Optimism holds the second-largest market share, commanding approximately 18% of the market, showcasing its growing influence and acceptance. Moreover, Optimism has achieved a substantial Total Value Locked (TVL) figure, surpassing $1.6 billion. This noteworthy metric signifies the platform’s robust engagement and high level of activity, underlining the trust and confidence users have placed in Optimism.   Source: L2Beat Meanwhile, on-chain data on Optimism has revealed a decline in the 30-day active addresses metric. As of the current reporting period, the number of active addresses within this timeframe hovers around 147,000, indicating a noticeable decrease. These figures offer valuable insights into the level of interaction and user participation on the platform at the time of reporting. It will be interesting to see how the introduction of the Bedrock upgrade might influence these metrics, potentially shaping the future trajectory of user engagement on Optimism. Featured image from TokenInsight

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Bedrock Upgrade: How Optimism Game-Changer Could Impact OP Price

Optimism is gearing up for its eventual mainnet upgrade next week. This upgrade will offer lower protocol and security fees for users on the platform. This led to the ecosystem’s governance token, OP, enjoying an increase in price, albeit a modest 3.7% in the past 24 hours. This price movement only came after last month’s dismal performance where OP dropped by over 30% in the monthly timeframe. With the promise of lower fees along with Ethereum-like security for the coming upgrade, we might see OP continue its present bullishness. Related Reading: XRP Climbs 12% As Crypto Celebrates 11-Year Milestone Optimism: Laying The Bedrock For Future Growth Touted as the Bedrock mainnet upgrade, it aims to improve efficiency to drive down costs for investors on the platform. According to Optimism’s recent blog post, it should be able to drive protocol and security costs by a whopping 47%. The upgrade will use channels that will be split again to further optimize data compression. ???? Layer2 network Optimism is gearing up for the Bedrock Upgrade soon! ???? Discover how this game-changing update boosts scalability, security, and efficiency for Optimism, and what it means for the future of #Ethereum.#Optimism $OP #Layer2 #EIP1559 — KuCoin (@kucoincom) June 2, 2023 This upgrade also corresponds to Ethereum’s Dencun upgrade, which will drive down on-chain costs as a result of danksharding. Danksharding is a process that makes data blobs available for use by Layer 2 protocols like Optimism. This improvement would make Optimism more attractive to developers. OP total market cap currently at $970 million on the weekend chart: TradingView.com Along with the Bedrock upgrade is the upcoming OP Stack Mods which are improvements on the OP Stack layer by community members. These modifications can be voted on by the community to be an official part of the OP Stack layer. The upgrade also opens a path for Optimism to include improvements on its fault proofs with incentives for the community to propose improvements in the system. At $1.50, How Can This Impact OP Price?  The token’s current trajectory puts it on a perfect path towards higher highs in the coming days. At the moment, OP bulls are targeting $1.70 in the medium to long term with a potential to break through toward the $2 range. If the momentum permits it, investors and traders should continue its current price movement for higher gains. Source: CoinMarketCap With Bitcoin gaining ground at the time of writing, the gains made by OP bulls should be boosted in the medium term. However, investors should be careful of any bearish advances that might come in the next couple of days. Related Reading: Floki Inu Gains Momentum As Chinese E-Commerce Giant Recognizes Its Utility The token’s current support at $1.3 has no backing which could pull OP to the sub-$1 range. If this happens, OP bulls should be able to endure a possible drop to $0.5 support. But the current momentum held by the token is enough for investors to confidently target higher highs in the coming days. -Featured image from Shutterstock

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