The developers of the Optimism layer 2 network proposed to upgrade the protocol. The native OP token reacted with a sharp rise.
We’re extremely excited to put this historical proposal in front of the Token House. We see Bedrock as the culmination of years of R&D—and the next crucial step towards a modular, simplified, and performant multi-chain future.https://t.co/urk6U9aABj pic.twitter.com/ebxsvtBM8N
— Optimism (✨🔴_🔴✨) (@optimismFND) February 1, 2023
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The Optimism Foundation is proud to offer the first update to the Bedrock protocol.
According to the team, the update will improve performance and functionality. Bedrock implements a modular architecture by splitting the OP’s stack into three components:
- consensus;
- performance;
- calculations.
The Bedrock release implements a modular architecture, separating the OP Stack into 3 components: consensus, execution, & settlement.
This is a huge win—paving the way for a multi-client future, & allowing for maximal use of Ethereum’s battle-tested code.
Fancy diagrams around! pic.twitter.com/33uRbjOQjF
— Optimism (✨🔴_🔴✨) (@optimismFND) February 1, 2023
If the community supports the initiative, Bedrock will be activated on March 15th. Full node owners will need to prepare for the upgrade.
At the same time, BUSD developers announced the deployment of a stablecoin on the Optimism network.
#Binance completes the integration of Binance-Peg #BUSD on the @optimismFND $OP Network, with Deposits and Withdrawals now open.
— Binance (@binance) February 2, 2023
Against this background, the OP token has risen in price by 22.6% over the past day. For the month, the growth was 192.7%, according to CoinGecko. At the moment, the asset peaked at levels above $2.9, the current price is $2.7.
In January, daily transaction volume on the Optimism Tier 2 network fell to 238,000 from the recent 800,000. The drop coincided with the end of the Optimism Quest rewards program for NFT users.
Previously, the network surpassed its competitor Arbitrum in terms of daily activity. However, the latter retained its leadership in terms of the volume of blocked funds.
Recall that in an analytical report, CryptoNewsHerald spoke about the heyday of L2 solutions in 2022.
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