Optimism: Bedrock weaves its magic, better days ahead?
- The cost of transferring ETH from the base layer to the L2 reduced by 66%.
- Optimism was the second-largest L2 network, holding assets worth $1.52 billion at press time.
Realistic or not, here’s OP’s market cap in BTC’s terms
Blockchain analytics firm Dune stated that the overall costs have come down by 56% on average ever since the much-awaited upgrade went live on 8 June, with the cost of transferring Ethereum [ETH] from the base layer to the L2 reducing by a significant 66%.
As a result, Optimism users have saved more than $210,929 since the migration.
Rock ‘n’ Roll
The Bedrock Upgrade has also resulted in a significant fall in average transaction fees per transaction, according to a Dune dashboard, which tracked Optimism’s stats post migration. From $0.29, the cost per transaction tumbled 58% to $0.12 on 9 June.
A Web3 enthusiast James Ross took to Twitter to highlight that these improvements brought Optimism’s fees at par with other rollups like Polygon zkEVM and zkSync, and lower than Arbitrum [ARB], the biggest L2 solution.
The Bedrock upgrade uses an optimized batch compression strategy and Ethereum as a data availability layer to lower the gas fees on the Optimism network.
The enhancements focused on three primary areas: decreasing deposit times, lowering L1 prices (the cost of posting L2 transactions on Etherum), and enhancing security measures.
Still early days for Optimism
As of this writing, the upgrade hasn’t resulted in a meteoric rise in trading activity. Data from DeFiLlama showed that after an uptick of 6% on 9 June, the number of transactions processed on the rollup declined. A similar trend was observed for the number of users on the platform.
However, it was still early days and the actual impact of this significant upgrade could be felt in the days to come.
How much are 1,10,100 OPs worth today?
More room for DeFi improvement
Optimism was the second-largest L2 network in the crypto space, holding assets worth $1.52 billion at press time, as per L2 Beat. Due to the broader market lull, decentralized finance (DeFi) activity has declined on the network from a peak of $2.18 billion.
Nonetheless, the Bedrock upgrade keeps the L2 in good health, as DeFi protocols and other dApps seek lower transaction fees before selecting which network to launch their product on. This could cause greater adoption in the near term.