Optimism for Ethereum: Bedrock update is coming

Major Ethereum network updates must go on! Following the epic The Merge, the developers of the second-level network Optimism have offered to upgrade the ETH protocol. Read more in the article.

According to the previous data, the release of the significant Bedrock update is scheduled for March 15.

What is Optimism?

Optimism is a Layer 2 scaling roll-up solution that aggregates transactions in another blockchain and feeds them into Ethereum as a single transaction. Rollups benefit from the underlying Ethereum network’s security while lowering transaction prices. Nowadays, simple transfers on Optimism are around $0.28. According to Optimism, the latest upgrade speeds up node synchronization by up to 50 times!

Optimism is also one of the top three initiatives regarding the number of assets unlocked in 2023. Users will have access to OPs valued at $3.7 billion!

Bedrock update: details revealed

The Bedrock upgrade, according to the developers, will increase performance and functionality. It will use a modular design and separate the Optimism stack into three components such as consensus, execution, and settlements. Particular emphasis will be placed on strengthening the protocol’s security.

In addition to the efficiency enhancements, the upgrade will establish the framework for future improvements such as decentralized sequencers. In other words, this component will combine transactions and enhance network security.

Furthermore, the use of sequencing allows the network to obtain security improvements from the Ethereum environment. According to the Optimism team, the upgrade would not affect the majority of users. Users and projects that employ complete nodes, on the other hand, will need to prepare for the upgrade.

Ethereum news

First, the 6th of September was a remarkable date for the Ethereum network. The Merge is an Ethereum blockchain shift from Proof-of-Work to a Proof-of-Stake algorithm. This change marked the beginning of a new era for Ethereum.

Learn more about features that Merge brought into the Ethereum network by clicking on our article.

The Zhejiang test net was launched on February 1 at 15:00 UTC to imitate the withdrawal of ETH from the Beacon Chain staking contract. EIP-4895, the next hard fork of the Shanghai Ethereum network, envisions the functionality.

Also, as you may know, the Ethereum developers have completed a shadow fork for the Shanghai update to test the impact of the scheduled upgrade on the core network.

Consequently, Optimism’s Bedrock upgrade will improve efficiency and functionality while also increasing security. The update is scheduled to be released on March 15. In this context, the OP native token increased by 22.6%. According to the graphs, the growth rate for the month was 192.7%. The asset has currently peaked at over $2.9.