{"id":533169,"date":"2023-05-16T11:40:28","date_gmt":"2023-05-16T11:40:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=533169"},"modified":"2024-06-11T14:36:35","modified_gmt":"2024-06-11T14:36:35","slug":"optimism-layer-2-is-upgrading-is-this-what-bulls-want","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/optimism-layer-2-is-upgrading-is-this-what-bulls-want\/","title":{"rendered":"Optimism Layer-2 Is Upgrading: Is This What Bulls Want?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Optimism, one of the most popular Ethereum layer-2 platforms, will\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/oplabs.notion.site\/Bedrock-Mission-Control-EXTERNAL-fca344b1f799447cb1bcf3aae62157c5\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">release<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0the Bedrock upgrade on June 6, 2023.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Optimism Upgrading Via Bedrock In Early June<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The layer-2 provider on Ethereum says the release is \u201chighly anticipated\u201d by the community and will introduce some changes that make the protocol even more scalable, reducing transaction fees.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/arbitrum-optimism-and-polygon-which-is-the-ultimate-ethereum-l2\/\" target=\"_blank\" rel=\"noopener \">Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As it is, Optimism offers an off-chain, general-purpose platform where users can deploy smart contracts and launch decentralized applications (DApps) in a low-cost, highly scalable, and secure environment. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Optimism uses roll-ups and bundles transactions before confirming them on the Ethereum mainnet. This move relieves the mainnet, helping reduce fees by re-routing demand to an off-chain solution.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to Optimism, Bedrock will be a hard fork. It means validators will have to update to the latest version. Optimism\u2019s documentation reads that \u201cthe network will retain the same chain ID, transaction history, and state. The first block of the new network will be the last block of the old network +1.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">These changes that come with the Bedrock hard fork will improve scalability, usability, and security.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For instance, the developer of the layer-2 protocol says there will be better Ethereum Virtual Machine (EVM) equivalence since, even after the upgrade, Optimism will remain compatible with the base layer, that is, Ethereum. Accordingly, users will continue deploying smart contracts as before the upgrade.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Bedrock upgrade will introduce a new two-step withdrawal process to the Optimism Mainnet bridge that will improve its security &amp; make exploits much more difficult\ud83e\udee1<\/p>\n<p>One of the architects of two-step withdrawals, <a href=\"https:\/\/twitter.com\/vex_0x?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@vex_0x<\/a>, explains how\u2b07\ufe0f<a href=\"https:\/\/t.co\/qs6Dtsz2nO\" rel=\"nofollow\">https:\/\/t.co\/qs6Dtsz2nO<\/a><\/p>\n<p>&mdash; OP Labs (@OPLabsPBC) <a href=\"https:\/\/twitter.com\/OPLabsPBC\/status\/22169121?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Moreover, Bedrock introduces a new fee structure that makes fees more predictable and efficient. Overly, developers expect transfer or smart contracts deployment fees to drop. Presently, L2fees data <a href=\"https:\/\/l2fees.info\/\" target=\"_blank\" rel=\"noopener nofollow\">shows<\/a> that simple transfers on Optimism cost $0.30. Meanwhile, swapping tokens will cost $0.45.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On the security angle, Bedrock introduces a 2-step withdrawal process and a more robust sequencer. With a better sequencer, developers hope user funds will be better protected. At the same time, there will be better usability with the introduction of the Optimism Portal, allowing for easy cross-domain messaging.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">OP Prices Down 50% From Q1 2023 Highs, Will Bulls Flow Back?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Despite all these changes, it remains to be seen whether OP, the native token of Optimism, will rise. As of writing on May 16, the token is down nearly 50% from February 2023 high. However, considering gains in Q1 2023 formation, the OP uptrend remains.\u00a0<\/span><\/p>\n<figure style=\"width: 1225px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/RzfnszGk\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/RzfnszGk\/\" alt=\"OP Price On May 16| Source: OPUSDT On Binance, TradingView\" width=\"1225\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">OP Price On May 16| Source: <a href=\"https:\/\/www.tradingview.com\/x\/ZjsiDEYT\/\" target=\"_blank\" rel=\"noopener nofollow\">OPUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Still, traders need more signals before committing. In recent days, OP has been trending lower, breaking below the critical support level in early May. Whether OP bears will press on will be seen in the sessions ahead. Even so, what\u2019s clear is that OP prices have been stagnating, finding support at 1.64.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/ktsl888.com\/optimism-2\/optimism-op-plummets-7-amid-market-downtrend\/\" target=\"_blank\" rel=\"noopener \">OP Plummets 7% As Optimism Postpones Hardfork<\/a><\/p>\n<p><span data-preserver-spaces=\"true\">Ahead of the June 6 Bedrock upgrade, OP prices could recover, shaking off the bears of May, and align with the primary trend set in motion in Q1 2023.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Optimism, one of the most popular Ethereum layer-2 platforms, will\u00a0release\u00a0the Bedrock upgrade on June 6, 2023. Optimism Upgrading Via Bedrock In Early June The layer-2 provider on Ethereum says the release is \u201chighly anticipated\u201d by the community and will introduce some changes that make the protocol even more scalable, reducing transaction fees. Related Reading: Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2? As it is, Optimism offers an off-chain, general-purpose platform where users can deploy smart contracts and launch decentralized applications (DApps) in a low-cost, highly scalable, and secure environment. Optimism uses roll-ups and bundles transactions before confirming them on the Ethereum mainnet. This move relieves the mainnet, helping reduce fees by re-routing demand to an off-chain solution. According to Optimism, Bedrock will be a hard fork. It means validators will have to update to the latest version. Optimism\u2019s documentation reads that \u201cthe network will retain the same chain ID, transaction history, and state. The first block of the new network will be the last block of the old network +1.&#8221; These changes that come with the Bedrock hard fork will improve scalability, usability, and security.\u00a0 For instance, the developer of the layer-2 protocol says there will be better Ethereum Virtual Machine (EVM) equivalence since, even after the upgrade, Optimism will remain compatible with the base layer, that is, Ethereum. Accordingly, users will continue deploying smart contracts as before the upgrade.\u00a0 The Bedrock upgrade will introduce a new two-step withdrawal process to the Optimism Mainnet bridge that will improve its security &amp; make exploits much more difficult\ud83e\udee1 One of the architects of two-step withdrawals, @vex_0x, explains how\u2b07\ufe0fhttps:\/\/t.co\/qs6Dtsz2nO &mdash; OP Labs (@OPLabsPBC) March 22, 2023 Moreover, Bedrock introduces a new fee structure that makes fees more predictable and efficient. Overly, developers expect transfer or smart contracts deployment fees to drop. Presently, L2fees data shows that simple transfers on Optimism cost $0.30. Meanwhile, swapping tokens will cost $0.45. On the security angle, Bedrock introduces a 2-step withdrawal process and a more robust sequencer. With a better sequencer, developers hope user funds will be better protected. At the same time, there will be better usability with the introduction of the Optimism Portal, allowing for easy cross-domain messaging. OP Prices Down 50% From Q1 2023 Highs, Will Bulls Flow Back? Despite all these changes, it remains to be seen whether OP, the native token of Optimism, will rise. As of writing on May 16, the token is down nearly 50% from February 2023 high. However, considering gains in Q1 2023 formation, the OP uptrend remains.\u00a0 Still, traders need more signals before committing. In recent days, OP has been trending lower, breaking below the critical support level in early May. Whether OP bears will press on will be seen in the sessions ahead. Even so, what\u2019s clear is that OP prices have been stagnating, finding support at 1.64. Related Reading: OP Plummets 7% As Optimism Postpones Hardfork Ahead of the June 6 Bedrock upgrade, OP prices could recover, shaking off the bears of May, and align with the primary trend set in motion in Q1 2023. Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":533170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[88287,1946,2292,86072,11738,88289,86141],"class_list":["post-533169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bedrock","tag-ethereum","tag-hard-fork","tag-op","tag-optimism","tag-opusd","tag-opusdt"],"acf":[],"yoast_head":"\n<title>Optimism Layer-2 Is Upgrading: Is This What Bulls Want?<\/title>\n<meta name=\"description\" content=\"Optimism, one of the most popular Ethereum layer-2 platforms, will\u00a0release\u00a0the Bedrock upgrade on June 6, 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Ngetich\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"caption\":\"Dalmas Ngetich\"},\"description\":\"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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