This article explores the highly anticipated Bedrock upgrade for Optimism, which is expected to revolutionize the network by lowering transaction fees, increasing security, and bolstering compatibility with Ethereum, offering users an enhanced and seamless experience.
The eagerly awaited Bedrock upgrade for Optimism is set to take place on June 6th, promising a significant reduction in transaction fees, enhanced network security, and improved compatibility with Ethereum.
This long-awaited development is poised to bring about a new era of efficiency and functionality for the Optimism network.
About the Bedrock Upgrade
Introduced in May 2022, Bedrock marks a major milestone for Optimism as it represents the first network upgrade to receive approval from the Optimism governance council’s Token House. This groundbreaking achievement showcases the community-driven decision-making process and collective vision for the network’s evolution.
One of the key advantages of the Bedrock upgrade is the anticipated reduction in transaction fees. OP Labs, the protocol development unit for Optimism, estimates that transaction fees will decrease by an impressive 47%.
This significant drop in fees will undoubtedly make the network more accessible and attractive to users, encouraging wider adoption and increased transaction volumes.
Furthermore, the Bedrock upgrade aims to enhance the network’s efficiency. Deposit times, for example, will see a substantial improvement, with confirmation times decreasing from approximately ten minutes to just three minutes. This optimization will greatly enhance the overall user experience and enable faster transactions on the network.
The upgrade also brings notable improvements to the network’s compatibility with the Ethereum ecosystem. With Bedrock, Optimism is aligning itself more closely with the Ethereum Virtual Machine (EVM), the central software responsible for executing Ethereum smart contracts. By reducing deviations from Ethereum and the EVM, such as differences in code, design patterns, and transaction per block models, the network ensures better interoperability and a smoother user experience. Moreover, Bedrock introduces support for EIP-1559, chain re-orgs, and other Ethereum features present on L1, further bridging the gap between the two platforms.
Optimism is a Layer 2 scaling solution for the Ethereum blockchain, utilizing optimistic rollups to achieve scalability and security. Through the batching of transactions off-chain and subsequent submission to the Ethereum mainchain, Optimism significantly reduces transaction fees and enhances transaction speeds compared to Ethereum’s native chain.
The native token of the Optimism network, OP, plays a crucial role in the ecosystem. It serves as a means to pay for gas fees on the Optimism network and enables token holders to participate in governance, contributing to the decision-making process and shaping the future direction of the network. The OP token was initially distributed through an airdrop to Ethereum users in May 2022, fostering inclusivity and community involvement from the outset.
The Bedrock upgrade paves the way for a future where scalability, security, and interoperability become the bedrock of the decentralized ecosystem.
As the Optimism network gears up for June 6th, a wave of anticipation and excitement is sweeping through the community. This major update signifies a significant step forward in the evolution of Layer-2s in general, bringing enhanced efficiency, reduced fees, and improved compatibility with Ethereum.
Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.