In a remarkable development for the Ethereum ecosystem, the Optimism layer-2 network has witnessed an astounding surge of 67% in transactions following its highly anticipated June 7 “Bedrock” upgrade. Blockchain analytics firm Nansen revealed in a captivating Twitter thread on June 26 that the network, which was previously experiencing less than 300,000 transactions per day, now boasts an impressive figure of over 550,000 by mid-June.
The Bedrock hard fork, skillfully implemented by Optimism on June 6, has ushered in a new era of reduced deposit times, lowered fees, and heightened network security. Nansen’s report highlights that daily expenses, which were previously consuming around $80,000 worth of Ether, have experienced a significant decrease since the upgrade.
The Optimism network experienced an immediate surge in transactions right after the hard fork, soaring to over 400,000 between June 5 and 9. Although the growth rate slowed slightly after the initial spike, it peaked at over 550,000 around June 15. The transaction volume then began a gradual decline, settling at a steady rate of 500,000 transactions per day by the end of the data collection period on June 23, as outlined in a chart shared in Nansen’s engaging Twitter thread.
Leading up to the report, the most prominent Optimism application was Galxe, the decentralized credential protocol, which garnered over 528,000 transactions during the week. Following closely behind was the USD Coin stablecoin, with a transaction count exceeding 170,000. Rounding up the top five applications on Optimism were the Stargate Finance cross-chain bridge, the Perpetual Protocol futures trading app, and the Gnosis Safe multi-signature wallet, showcasing the diversity and potential of the network.
However, the Bedrock upgrade is not merely an isolated event but part of a broader initiative to establish a groundbreaking “Superchain.” This visionary concept aims to unite multiple blockchain networks under a unified software framework, bolstering security and promoting interoperability. Coinbase, one of the leading cryptocurrency exchanges, has confirmed that its Base network will join Optimism as an integral part of this ambitious Superchain. The Base team had previously unveiled their “Path to Mainnet” preliminary roadmap on May 24, adding further excitement and anticipation to the Ethereum community.
The term “Bedrock” in the context of the Optimism upgrade draws inspiration from the iconic animated television series “The Flintstones”? Bedrock was the fictional town where the Flintstone family lived, symbolizing stability, strength, and the solid foundation upon which their adventures unfolded. Similarly, the Bedrock upgrade aims to fortify the Optimism network, providing a robust platform for Ethereum’s continued growth and innovation.
Optimism network’s remarkable surge of 67% in transactions following the Bedrock upgrade has captured the imagination of the blockchain community. With reduced fees, faster deposit times, and enhanced security, Optimism has demonstrated its commitment to empowering Ethereum’s layer-2 ecosystem. As the network continues to evolve and attract an array of innovative applications, the journey toward a unified Superchain promises an exciting future for blockchain technology, building upon the solid bedrock of Optimism’s transformative upgrade.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
