Optimism's "Bedrock" Upgrade Scheduled for June 6

Optimism, a layer 2 scaling solution, is getting ready for its highly

This upgrade will bring several improvements to the network and comes at a time when competition in the layer 2 space is heating up. The Bedrock upgrade aims to reduce transaction fees, enhance network security, and improve compatibility with Ethereum. It was announced in May 2022 and is the first major network upgrade approved by the Optimism governance council.

During the upgrade on June 6, the network will experience a downtime of two to four hours. Transactions, deposits, and withdrawals will be temporarily unavailable, and the OP Mainnet chain will not progress during this time.

One of the key benefits of the Bedrock upgrade is the reduction in transaction fees. OP Labs, the network's protocol development unit, estimates that fees will drop by 47%, making transactions more cost-effective.

The upgrade also aims to improve deposit confirmation times, reducing them from around 10 minutes to just three minutes. Additionally, node software performance will be significantly improved, allowing for the execution of multiple transactions in a single rollup "block."

Bedrock also focuses on enhancing compatibility with the Ethereum Virtual Machine (EVM), which executes Ethereum smart contracts. It removes deviations from Ethereum and the EVM that currently exist in Optimism, ensuring better alignment and support for Ethereum features.

Optimism's Bedrock Upgrade: Enhancing Competitiveness in Layer 2

Optimism faces increasing competition from zero-knowledge rollup solutions compatible with the EVM, such as Matter Labs' ZKSync Era. These solutions have gained attention and surpassed Optimism in terms of network activity, with higher transaction volumes and average transactions per second.

The Bedrock upgrade is crucial for Optimism to stay competitive and address the rising popularity of alternative scaling solutions. It aims to enhance transaction affordability, speed, and security. By improving compatibility with Ethereum and reducing fees, Optimism aims to solidify its position in the layer 2 space.

In summary, Optimism's Bedrock upgrade will bring important improvements to the network, including lower transaction fees, enhanced security, and better Ethereum compatibility. It comes at a time of intense competition and the emergence of alternative scaling solutions. The upgrade aims to strengthen Optimism's position and meet the evolving needs of users in the layer 2 ecosystem.

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