Traders’ optimism has been high in the market of late. Major cryptocurrencies registered their monthly highs recently. BTC touched $24,000 and ETH crossed the $1,750 mark. Amidst this mix was the Optimism protocol which also experienced rapid growth in July.
Optimism has begun showing serious signs of recovery in recent days. The OP token followed suit with a near 90% surge this week. However, there was a decline in its price action which brought OP’s trading value back to $1.63, at press time.
What’s the hype
Optimism is set to launch the latest upgrade called Bedrock on its platform. Kelvin Fichter, a developer at Optimism, unveiled key points about the latest upgrade in a recent presentation in Paris.
He compiled important points in a tweet recently for the social media community. The latest upgrade will focus on providing various new opportunities for all dApps based on Ethereum’s L2s.
Fichter claimed that Bedrock is “the most advanced roll-up design ever built.”
Bedrock aims to “squeeze out every last drop” of gas savings when publishing transaction data to Ethereum. It will be the only roll-up design to use Ethereum’s Engine API for consensus/execution client separation.
This set of advantages will look to make Bedrock the most decentralized, fast, and seamless in terms of the L1/ L2 interaction ecosystem.
Fichter further highlighted that the OP Labs are also waiting for the imminent launch of the EIP-4844. This upgrade claims to reduce rollup fees and enable Ethereum to scale without “sacrificing” decentralization.
EIP-4844 will drastically decrease rollup fees, enabling Ethereum to scale without sacrificing decentralization.
Researchers and devs from @OPLabsPBC, @Coinbase, @ConsenSys, @prylabs, and the EF recently joined the second community call coordinating these efforts.
— OP Labs (@OPLabsPBC) July 29, 2022
However, not everyone was pleased with these upgrades. Vitalik Buterin posted a tweet claiming that such rollup upgrades are “far from optimal.” He agreeed on the point that rollups available in current times are not fully optimized. And, needs improvement in both fixed costs and per-transaction costs.
“Still a lot of room to improve both fixed costs and per-transaction costs. Very much early days in terms of how many optimizations that are easy to find theoretically haven’t yet actually been deployed.”
That being said, there is a renewed belief in the community. But macro conditions continue to tighten growth in the crypto markets.
Even so, these upgrades should help Optimism make long strides in the recovery path going forward.
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