Optimism (OP) is a layer 2 scaling solution for Ethereum that launched in 2020. On June 6, Optimism released its Bedrock upgrade, which promised faster transaction speeds and reduced gas fees. The upgrade has delivered on its promises, with daily transactions increasing by 67% to around 500,000 and gas fees reduced by 50% to around $50,000. This has made the network more efficient and cost-effective, attracting more users.
The Bedrock upgrade has brought significant improvements to the protocol, including enhanced transaction throughput and lower gas fees. This has increased daily transactions and made transactions quicker and more cost-effective for users. The upgrade has also improved the developer experience, with better documentation and tooling. Additionally, it has increased the network’s decentralization and security, boosting user confidence.
Overall, the Bedrock upgrade has solidified Optimism’s position as a leading layer 2 solution for Ethereum and is expected to drive the adoption of DeFi applications.
As of now, the price of OP has been on a minor downtrend, trading at $1,286. It encountered resistance at the $1,508 level and lost it in March 2023. The ADX chart shows a decline in bullish momentum and the entry of a new downtrend. However, investors are relying on the support floor at $1.087 and hoping to surpass the yearly high of $3,323 reached on February 24th.
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