Connect with us
Active Currencies 10232
Market Cap $1,135,365,683,165.50
Bitcoin Share 47.83%
24h Market Cap Change $1.09

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

Share this article

  • 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

Is your portfolio green? Check out the Optimism Profit Calculator

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.


Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.