Traders’ optimism has been high in recent years in the market. Major cryptocurrencies have recorded their monthly highs recently. BTC touched $24,000 and ETH crossed the $1,750 mark. Into this mix was the Optimism protocol which also experienced rapid growth in July.
Optimism has started to show serious signs of recovery in recent days. The OP token followed suit with a nearly 90% rise this week. However, there was a drop in its price action, which brought OP’s trading value back to $1.63 at press time.
What is hype?
Optimism is about to release the latest upgrade called Bedrock to their platform. Optimism developer Kelvin Fichter revealed key points about the latest upgrade at a recent presentation in Paris.
Gather important points in a tweet recently for the social media community. The latest upgrade will focus on providing various new opportunities for all Ethereum L2-based dApps.
Fichter claimed that the Bedrock is “the most advanced roll-up design ever built.”
Bedrock aims to “squeeze every last drop” of gas savings when publishing transaction data to Ethereum. It will be the only collection scheme that uses the Ethereum Engine API to separate the consent/execution client.
This set of advantages will make Bedrock the most decentralized, fast and seamless L1/L2 interaction ecosystem.
Fichter further emphasized that OP Labs is also awaiting the imminent release of EIP-4844. This upgrade claims to reduce aggregation fees and allow Ethereum to scale without “sacrificing” decentralization.
EIP-4844 will drastically reduce aggregation fees, allowing Ethereum to scale without sacrificing decentralization.
— OP Labs (@OPLabsPBC) July 29, 2022
However, not everyone was happy with these upgrades. Vitalik Buterin published a tweet arguing that such aggregation upgrades are far from optimal. Agreed to the point that the gatherings available in the current period are not fully optimized. And, it needs improvement in both fixed costs and costs per transaction.
“There is still a lot of room for improvement in both fixed cost and cost per transaction. It’s very early days in terms of how many optimizations that are theoretically easy to find haven’t actually been developed yet.”
That said, there is a renewed faith in the community. However, macroeconomic conditions continue to limit growth in crypto markets.
Even so, these upgrades will help Optimism make big strides on the road to recovery.