The Optimism ‘Bedrock’ Update: A Game-Changer for Ethereum Scalability and User Benefits
Ethereum’s scalability issues have long plagued its adoption and practical usage in the real world. The high transaction costs and slow processing times have resulted in developers looking for solutions outside of Ethereum’s layer-1 blockchain. This is where layer-2 scaling solutions come in, offering faster and cheaper transactions through off-chain networks that communicate with the main network. Polygon (MATIC), Arbitrum (ARB), and Optimism (OP) are the most well-known and established solutions within the ecosystem.
Optimism ‘Bedrock’ Update
Optimism, one of the most promising layer-2 scaling solutions, launched its latest update, called the ‘Bedrock’ update on June 7th, 2023. The new update brings a raft of benefits to its users, including faster deposit times, lower transaction fees, and an added layer of security features.
Deposit Times and Transaction Fees
The Bedrock update addresses the bottleneck faced during deposit times, which have previously taken up to ten minutes, by reducing it to just one minute. This reduction in time translates to more efficient transactions that save users valuable time and money. Furthermore, the hard fork also reduces gas fees by 40%, making it more attractive for users to interact with the Ethereum network. With these implementations, Optimism solves two of the most prominent issues that have hampered Ethereum’s growth and adoption.
Exploit Prevention and Security
Bedrock incorporates a two-step recording process that prevents exploits from bridges. This added safeguard means that users can transact with more confidence, knowing their funds are secure and protected from hacks or vulnerabilities. Additionally, the update also brings improvements to the OP Stack, an open-source platform for developers to build and deploy custom blockchains on Optimism. Developers can now use both validity proofs and fault proofs to make their dApps more robust and secure.
One of the most significant features of Optimism’s Bedrock update is the introduction of a multi-client ecosystem, making Optimism the first layer-2 solution to employ such an architecture. By having at least two options for the client software used to run the network, there is less risk of network outages or service disruptions. This makes Optimism a more reliable and stable network, attracting more users and dApp developers to build on its platform.
ON Token Prices Soaring
The native Optimism token (ON) price has seen some significant gains since the Bedrock update. It saw a 9% increase in value in the past 24 hours, according to CoinMarketCap data. Currently valued at $1.48, ON has gained recognition as one of the fastest risers in the crypto market. This increase in value demonstrates that the market has recognized and appreciated the benefits that Optimism brings to Ethereum.
Optimism’s Bedrock update addresses some of the most pressing issues stifling Ethereum’s adoption and growth, namely, scalability and high transaction costs. Its implementation of a multi-client ecosystem and additional security features makes it a more attractive platform for users and developers worldwide, especially for those looking for faster and more cost-effective options than the main Ethereum network. With Optimism, Ethereum is becoming a superchain of scalable, interoperable Web3 networks, bringing the entire ecosystem one step closer to its ultimate vision.