Optimism among traders has been running high in the market lately. Major cryptocurrencies recently hit monthly highs. BTC hits $24,000 and ETH crosses the $1,750 mark. In this mix, the Optimism protocol also experienced rapid growth in July.
Optimism has begun to show serious signs of recovery in recent days. The OP token followed suit, surging nearly 90% this week. At press time, however, its price action was down, bringing OP’s trading value back to $1.63.
what is hype
Optimism will be rolling out the latest upgrade on its platform called Bedrock. Optimism developer Kelvin Fichter made key points about the latest upgrade during a recent presentation in Paris.
He compiled the important points into a tweet Most recently for the social media community. The latest upgrade will focus on enabling various new opportunities for all Ethereum L2 based dApps.
Fichter claims the Bedrock is “the most advanced reel design ever created.”
Bedrock’s goal is to “squeeze out the last drop” of gas savings when publishing transaction data to Ethereum. This will be the only rollup design that uses the Ethereum Engine API for consensus/enforcement client separation.
This set of advantages will make Bedrock the most decentralized, fast and seamless as far as the L1/L2 interaction ecosystem is concerned.
Fichter further emphasized that OP Labs is also awaiting the upcoming EIP-4844. The upgrade claims to reduce aggregation fees and allow Ethereum to scale without “sacrifice” decentralization.
EIP-4844 will drastically reduce aggregation fees, allowing Ethereum to scale without sacrificing decentralization.
— OP Labs (@OPLabsPBC) July 29, 2022
However, not everyone is happy with these upgrades. Vitalik Buterin posted a tweet Claiming that such rollup upgrades are “far from optimal”. He agrees that currently available rollups are not yet fully optimized. Also, fixed costs and cost per transaction need to be improved.
“There is still a lot of room to improve fixed costs and cost per transaction. Many optimizations that are easy to find in theory have not been deployed in practice.”
Having said that, there is a new belief in community. But macro conditions continue to tighten crypto market growth.
Even so, these upgrades should help optimism make strides on the road to recovery ahead.