Tuesday, July 16, 2024

Optimism Bedrock Upgrade: Transaction Fee Savings Hit $150,000 And Counting

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The Optimism Bedrock marks a significant milestone in the network’s evolution. This groundbreaking upgrade, successfully launched on June 7, ushers in a plethora of major advancements, most notably an impressive reduction in network costs.

By implementing a so-called optimized batch compression and leveraging Ethereum as a data availability layer, the Bedrock upgrade has achieved a remarkable 56.1% decrease in transaction fees.

These findings, meticulously compiled by OP Labs, Optimism’s core developer, highlight the tangible benefits that users have already begun to experience.

In just a matter of days, the Bedrock upgrade has resulted in nearly $150,000 in savings for users, showcasing the immediate impact and financial advantages brought forth by this transformative enhancement.

Optimism’s expected total user savings since migration, or during the first month in US dollars, is around $210,929.

 Bedrock upgrade has drop in transaction fees. Source: Dune.com

This development has brought about a significant cost advantage for Optimism, facilitating the swift confirmation of transaction batches on the Ethereum network. As a result, the average transaction fees on Optimism have experienced a substantial decrease, plummeting from $0.57 to a mere $0.16.

Bedrock Upgrade: Paving The Way For Superchain Revolution

While the reduction in transaction fees is undoubtedly a remarkable improvement, the Bedrock upgrade holds greater significance as a crucial component of the developer’s ambitious vision—the creation of a groundbreaking “Superchain.” This visionary concept revolves around establishing an interconnected network of chains, leveraging Optimism’s OP Stack software.

To commemorate the Bedrock upgrade, we’re releasing an open-edition NFT with our friends at @manifoldxyz.

Minting will close on Friday, June 16th at 11:59 PM UTC, so you have just over a week to collect this piece of Optimistic history! https://t.co/Wszqu3PA5h pic.twitter.com/jsOgGLl88L

— Optimism (✨🔴_🔴✨) (@optimismFND) June 8, 2023

The Superchain aims to integrate these individual chains into a cohesive ecosystem, enabling seamless communication and fostering collaboration within a unified environment. By harnessing the power of the Bedrock upgrade, Optimism takes a significant stride towards realizing this revolutionary vision, setting the stage for a new era of interconnected blockchain innovation.

Optimism Makes Strides In Market Share And TVL

Optimism’s impressive performance in the market has recently come to light, with L2 Beats unveiling its significant standing. At present, Optimism holds the second-largest market share, commanding approximately 18% of the market, showcasing its growing influence and acceptance.

Moreover, Optimism has achieved a substantial Total Value Locked (TVL) figure, surpassing $1.6 billion. This noteworthy metric signifies the platform’s robust engagement and high level of activity, underlining the trust and confidence users have placed in Optimism.

Source: L2Beat

Meanwhile, on-chain data on Optimism has revealed a decline in the 30-day active addresses metric. As of the current reporting period, the number of active addresses within this timeframe hovers around 147,000, indicating a noticeable decrease.

These figures offer valuable insights into the level of interaction and user participation on the platform at the time of reporting. It will be interesting to see how the introduction of the Bedrock upgrade might influence these metrics, potentially shaping the future trajectory of user engagement on Optimism.

Featured image from TokenInsight

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