The scalability of Ethereum (ETH) and the resulting high transaction costs has long been seen as a major problem for the layer-1 blockchain. This is exactly why layer-2 solutions have been introduced: by sparing the main network, transaction costs are greatly reduced, making Ethereum more accessible to everyone. Polygon (MATIC) is perhaps the most well-known scaling solution on Ethereum, but Optimism (OP) and Arbitrum (ARB) have also become established names within the ecosystem.
Optimism has now launched a new update that takes its user benefits to a new level. However, what exactly changes with the new one hard fork?
Optimism ‘Bedrock’ update
According to a tweet from the Optimism Foundation, the network completed its “Bedrock” update on June 7, allowing the network to enjoy shorter deposit times, lower transaction fees, as well as additional security features.
✅OP Mainnet’s migration to Bedrock has concluded and the Bedrock sequencer has started up.
Key external OP Mainnet infrastructure is starting to come back online. You can track infrastructure status here:https://t.co/XTtaArdI03
— Optimism (✨🔴_🔴✨) (@optimismFND) June 6, 2023
The upgrade is part of a series of reforms that take the network one step closer to its goal of becoming a ‘Superchain’ of scalable, interoperable Web3 networks based on the OP Stack software.
Deposit times will drop from ten minutes to just one minute and the gas fees will also decrease by 40 percent as a result of the hard fork. Bedrock also implements a two-step recording process to prevent exploits from bridges to help prevent.
The new update also brings improvements to the OP Stack, a open source platform for developers where they can use Optimism customizable can build blockchains, along with it. As a result of the update you can now do both validity proof if fault proof can be used.
Finally, Bedrock from Optimism has a ‘multi client’ ecosystem, which means there are at least two options for the client software used to run the network. This reduces the possibilities for network outages. According to OP Labs CEO and co-founder Karl Floersch, Optimism would be the first layer-2 solution to run on a multi-client ecosystem.
At the end of February it appeared in the crypto news that Coinbase is building its own scaling solution on Ethereum using the OP Stack.
ON course soaring
On the native Optimism’s token has increased in value significantly since the update. According to data from CoinMarketCap it is in the green with 9 percent over the past 24 hours. At the time of writing, the price stands at $1.48.
While the entire crypto market is currently turning green again, OP can crown itself as number three in terms of the fastest risers of the day.