Optimism, one of the most popular Ethereum Layer-2 platforms, will release the Bedrock upgrade on June 6, 2023, according to recent news. This release is much anticipated by the community and is said to introduce some exciting changes that will make the protocol even more scalable and will reduce transaction fees.
Optimism is a powerful off-chain platform that allows users to submit smart contracts and start decentralized applications (DApps) in a cost-effective, highly scalable, and secure environment. Optimism uses roll-ups and bundles transactions before confirming them on the Ethereum Mainnet to reduce the demand on the Mainnet and redirect it to an off-chain solution that can reduce fees.
Bedrock is a hard fork that according to Optimism’s documentation, “retains the same chain ID, transaction history, and state.” As a result, users can still use smart contracts as before, since Optimism remains compatible with the base layer that is Ethereum.
The Bedrock hard fork will introduce changes that will improve scalability, security, and user-friendliness. For example, the developer of the Layer-2 protocol announced that there will be a better Ethereum Equivalent of a Virtual Machine (EVM), and the new upgrade will be compatible with the base layer, Ethereum. Furthermore, the upgrade introduces a new fee structure that makes fees more predictable and efficient, while the new withdrawal process will improve security and make exploits much more challenging.
Despite all these changes, it remains to be seen whether the original Optimism token, OP, will start rising again. As of writing, the token is down almost 50% from the February 2023 peak. However, traders are optimistic about the future of OP, as the token has seen significant gains earlier this year.
Overall, the Bedrock upgrade is expected to bring significant improvements to Optimism, making it even more robust and user-friendly. As the release date approaches, traders will eagerly await signals for a possible bull market for OP.
