According to the recent update shared by Nansen, it has come to light that transactions on Optimism surged by 67% following the Bedrock upgrade. Not too long after the introduction of the upgrade early June this year, the network experienced daily average transactions of approximately 300,000. However, the number has increased to a little more than 550,000 as of now. The layer 2 chain that is built on top of the Ethereum blockchain, Optimism, implemented the Bedrock upgrade earlier this month in hopes of drastically reducing overall time along with fees. At the same time, the upgrade also provided a significant boost to the network’s security.
Since Optimism's Bedrock upgrade on June 6
Its daily transactions have increased by about 67% to ~500k
And gas fees are reduced by about 50% to ~$50k pic.twitter.com/9ACIMMFHbl
— Nansen 🧭 (@nansen_ai) June 26, 2023
Nansen did not only share the report surrounding the increased number of transactions, but it also highlighted how the daily fees have fallen from almost $80,000 worth of Ether before the upgrade to almost $50,000. Optimism experienced a sharp increase following the implementation of the hardfork, where transactions reached the 400,000 mark between June 5 to 9. Similarly, volumes continued to increase gradually until they hit the 550,000 mark by June 15. However, it started to decline as transactions fell to 500,000 per day by the time data was collected on June 23.
The Bedrock Upgrade Has Improved Optimism
The Bedrock upgrade is deemed to be a part of a broader plan of creating a Superchain that consists of a series of different blockchains that rely on the same software for both security and interoperability purposes. Coinbase previously confirmed that its Base network would join hands with Optimism as a part of the superchain. With that being said, it is necessary to keep in mind that the Base team previously announced its Path to Mainnet roadmap in late May this year.
At the time of writing, the native token of Optimism, OP, has surged by almost 2.93% in the previous 24 hours, therefore pushing the trading price up to $1.34. The total market cap of the token currently stands at the $865 million mark.
Following the Bedrock upgrade, the upgrade has improved the Optimism network considerably. Not only has it enhanced the number of transactions and resulted in lower fees, but has also revamped the developer experience on the network by offering better documentation and tooling capabilities. At the same time, the upgrade has also increased the network’s centralization and has improved the confidence of users.