Where do OP holders stand as Optimism reschedules Bedrock upgrade?

• The Optimism team suspended the Bedrock upgrade and shifted it to a later date
• OP’s circulation remained low despite recent gains.

According to a tweet shared by Optimism’s [OP] official handle, the Bedrock upgrade has been postponed. The Ethereum [ETH] scaling solution had earlier announced plans to upgrade the network in February. But the recent shift pushed the event between 2 – 7 March.

Update for the Collective: We have rescheduled the Bedrock upgrade vote to Cycle 11 (March 2 – April 5) to resolve bugs uncovered by vigilant community members as part of the Bedrock bug bounty contest.

— Optimism (✨?_?✨) (@optimismFND) February 17, 2023

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In preparation for the main…

Optimism had proposed the Bedrock upgrade to improve node performance, lower transaction fees, and enhance its compatibility with the Ethereum Virtual Machine (EVM). 

However, the L2 protocol noted that the shift did not mean that it had lost confidence in going ahead with the upgrade. Instead, it intended to fix all the bugs in the codebase before the final upgrade. The communique read,

“Our confidence in the Bedrock upgrade remains strong – we anticipated the bounty contest would prove fruitful in our original proposal. Nevertheless, this is the Token House’s first ever upgrade vote. It’s critical to set the bar for rigor in all future protocol upgrades.”

Interestingly, the shift in data did not affect OP’s development activity. At press time, the metric trended higher at 16.86. The development activity is an on-chain metric that defines the level at which a project shows commitment to an upgrade. 

Source: Santiment

Since the metric was high at OP’s end, it implied that Optimism’s team was not downplaying the Bedrock upgrade. 

However, there have been some downsides to the OP ecosystem. According to Santiment, circulation in the last 30 days was far from impressive. 

In fact, the on-chain analytic platform revealed that it had flatlined since 2022. This implied that tokens exchanging wallets on the OP network could not match up with other L2 protocols.

Where do OP holders stand?

Despite the decrease in circulation, many OP traders were in gains. At the time of writing, the daily on-chain transaction volume in profit was 3.83 million. On the other hand, the transaction volume in loss was 3.61 million. 

Realistic or not, here’s OP’s market cap in ETH’s terms

While this might be considered close, it does not take away the fact that OP’s 16.59% uptick in the last seven days has been very influential in the cause.

Source: Santiment

Additionally, reactions from the Optimism community showed that they were okay with the shift. At press time, the OP price exchanged hands at $2.73 while the volume increased to $579 million in the last 24 hours.