Crypto Legal Network Logo

Optimism Reduces Fees with Bedrock Update

optimism reduces fees with bedrock update

Ethereum’s Optimism is getting a major boost with the introduction of the Bedrock update bringing some exciting changes to the platform . This optimistic update aims to make Ethereum’s second layer solution even better and users have a lot to look forward to .

Introducing the Bedrock Update: Optimism Reinvents Itself

The Bedrock update was officially released on the mainnet by the Optimism teams on June 6 . It’s like a big rock being dropped into a calm pond creating ripples of improvements throughout the system . The deployment of Bedrock went smoothly and was completed on June 7 allowing all activities on Optimism to get back to normal .

optimism reduces fees with bedrock update 2

Key Changes with the Bedrock Update: Reducing Fees and Faster Confirmations

Bedrock serves as the foundation for the OP stack . Which is a fancy term for a bunch of cool components that make up the OP Chains . These chains are the essential parts of the Superchain ecosystem where you can find the popular layer 2 Base of Coinbase . One of the key benefits of the Bedrock update is its ability to reduce network charges . They have come up with a clever way to compress data published on chain resulting in a remarkable 40% reduction in fees . That means users can keep more of their hard earned crypto in their wallets instead of paying hefty fees .

But that’s not really all . Bedrock also adds some nifty features to the node software . They’ve introduced a reorganization functionality that speeds up the confirmation time for deposits . It’s like they’ve sprinkled some magic dust on the system making it so deposits confirm in just 1 to 10 minutes . No more waiting around for hours for your important transactions to go through . And here’s the cherry on top : Bedrock finally brings multiclient to Optimism . It means you now have multiple options for node software to interact with the network . 

Optimism’s Growing Popularity: Attracting More Users to the L2 Solution

Optimism has been on a roll lately attracting more and more users . According to Token Terminal there are already 120,500 weekly users on the L2 platform and that number keeps growing . It’s like a party that everyone wants to be a part of . With the reduced fees introduced by Bedrock we can expect even more users to join the Optimism wagon . People really love saving money and lower fees are a big motive to hop on board . The number of transactions on Optimism has been rising since May which is actually great news for the platform . 

In conclusion the Bedrock update is really a game changer for Optimism . It’s like a breath of fresh air for bringing lower fees , faster transactions and even more options for users . Optimism is definitely living up to its name and no wonder that more and more people are embracing this exciting Ethereum solution .

Read Previous

Lanistar Fintech Brings Cryptocurrency Trading to Brazil, Revolutionizing Finance

Read Next

The Challenging Outlook for the World Economy in 2023: Crisis, Recession and a Changing Landscape

Leave a Reply

Your email address will not be published. Required fields are marked *