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Bedrock upgrade

Transaction Fee Savings Hit $150,000

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2 weeks ago

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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.

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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Altcoin

How Optimism’s Game-Changer Could Impact OP Price

Published

3 weeks ago

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June 4, 2023

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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.

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.

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.

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.

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Bedrock upgrade

Optimism’s major ‘Bedrock’ upgrade set for June 6

Published

1 month ago

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May 16, 2023

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Layer 2 scaling solution Optimism is set to undergo its highly anticipated Bedrock upgrade on June 6. The move is expected to result in significantly reduced transaction fees, provide greater network security and enhanced compatibility with Ethereum.

The Optimism team stated via a May 15 Twitter thread that the network would be down for two to four hours on June 6 as the upgrade goes through.

“On upgrade day, transactions, deposits, and withdrawals will be unavailable for the duration of the downtime, and the OP Mainnet chain will not be progressing,” an accompanying blog post reads.

Bedrock was announced back in May 2022, and it marks the first major network upgrade that was voted through by the Optimism governance council’s Token House.

Optimism is slated to benefit from lower transaction fees, which OP Labs — the network’s protocol development unit — estimates wildrop by 47%.

“Bedrock improves on its predecessor by reducing transaction fees using optimized batch compression and Ethereum as a data availability layer; shortening delays of including L1 transactions in rollups by handling L1 re-orgs more gracefully,” the Optimism community’s Bedrock explainer reads.

Adding to that, the network will also see shorter deposit times, with Optimism going from roughly 10 minutes to confirm a deposit to just three minutes, the explainer states.

While node software performance will be “significantly improved by enabling execution of several transactions in a single rollup ‘block’ as opposed to the prior ‘one transaction per block’ model in the previous version.”

Another key improvement concerns the network’s compatibility with the Ethereum Virtual Machine (EVM), the core piece of software that executes Ethereum smart contracts.

With Bedrock, the network will remove “multiple deviations” from Ethereum and the EVM that are currently present with Optimism, such as differing code, design patterns and transaction per block models. “Bedrock also adds support for EIP-1559, chain re-orgs, and other Ethereum features present on L1,” the explainer reads.

ZK Sync era overakes Optimism?

The upcoming move to Bedrock comes at a time in which EVM compatible zero-knowledge rollups (ZkEVMs) have been taking the spotlight from optimistic rollup solutions such as Optimism.

Related: Ethereum’s Beacon Chain updated after finality issues

According to data from L2beat, Matter Labs’ recently launched ZkEVM ZKSync Era has overtaken Optimism in terms of network activity.

Over the past 30 days, ZKSync Era had seen 7.85 million transactions, compared to Optimism’s 7.66 million. Over the past 24 hours, ZKSync Era had also outpaced Optimism in average transactions per second (TPS), at 6.80 TPS compared to 2.98 TPS.

Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains, Polygon Miden founder