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Gauging OP’s reaction as Bedrock goes live on mainnet

2min Read

Optimism’s groundbreaking Bedrock upgrade brings efficiency, security, and a vision for a Superchain. Despite a pre-upgrade surge, the OP token faces a bearish trend post-upgrade.

Gauging OP's reaction as Bedrock goes live on mainnet

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  • The Optimism Bedrock is live on the Optimism mainnet.
  • Optimism retained the second-largest market share among L2 solutions as OP declined.

On 8 June, Optimism [OP] declared the official launch of “Bedrock” on its Optimism Mainnet. This momentous upgrade, which concluded on 7 June, brought a host of remarkable advancements to the network, as shared by OP Labs.


How much are 1,10,100 OPs worth today?


The upgrade focused on three key areas: reducing deposit times, decreasing layer-1 fees, and enhancing security measures.

Bedrock aimed to lower gas fees by an impressive 40% by implementing an optimized data compression strategy. This reduction in transaction costs would undoubtedly enhance the overall user experience within the network.

Introducing reorg support signified a significant step towards fortifying the network’s resilience and robustness.

Beyond these specific improvements, the Bedrock upgrade was an integral part of the developer’s broader vision to create a revolutionary “Superchain.” This vision entailed constructing a network of interconnected chains, all leveraging Optimism’s OP Stack software.

The Superchain would integrate these individual chains, enabling seamless communication and collaboration within a unified environment.

How Optimism compared to other L2s

L2 Beats recently revealed that Optimism had secured an impressive position in the market. As of this writing, it held the second-largest market share, accounting for approximately 19% of the market.

Furthermore, Optimism had a substantial Total Value Locked (TVL) figure, exceeding $1.6 billion, signifying the platform’s level of engagement and activity.

According to data from Santiment, there had been a decline in the 30-day active addresses metric on Optimism. As of this writing, the number of active addresses within that timeframe hovered around 147,000, displaying a discernible decrease.

Optimism active addresses

Source: Santiment

These figures provided insights into the press time level of interaction and user participation on the platform. Observing how the Bedrock upgrade could shape these metrics will be interesting.

The surge and decline of OP

When analyzing the daily timeframe chart of OP, it became evident that the token experienced a notable surge leading up to the upgrade. On 6 June, it witnessed an impressive jump of 7.72%, reaching a trading price of approximately $1.49.

OP/USD price move

Source: TradingView


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However, since then, the token has been facing a declining trend, ultimately losing more value than it gained during the surge.

As of this writing, the token was trading at around $1.3, reflecting an addition of less than 1% in its value. The prevailing trend also appeared bearish, as the Relative Strength Index (RSI) indicated.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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