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Major Optimism Bedrock Upgrade Set for June 2023 to Revolutionize Ethereum

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Optimism, a leading Layer 2 scaling solution, is preparing for its highly expected major upgrade, Bedrock. Scheduled for release on June 6, 2023, they poised this upgrade to revolutionize Ethereum’s scalability and enhance the user experience. According to Optimism, the upgrade will require two to four hours of downtime, during which transactions, deposits, and withdrawals will be unavailable.

The Bedrock Upgrade Brings on an Improvement to Ethereum’s Scalability and Transaction Throughput 

Optimism’s Layer 2 solution has gained recognition for its commitment to improving Ethereum’s scalability and transaction throughout. Optimism, through leveraging optimistic roll-ups, allows for faster and more cost-effective transactions. It does so while retaining the security of Ethereum’s Mainnet. As such, the upcoming Bedrock upgrade will further boost these capabilities.

The Bedrock upgrade, announced in May 2022, is a vital step, as it is the first significant network upgrade voted in by the Optimism governance council’s Token House.

The upgrade brings in a host of enhancements, with the most significant being the reduction of transaction fees. This will make using decentralized applications (dApps) on Ethereum more accessible.

Bedrock improves on its predecessors by reducing transaction fees using optimized batch compression and Ethereum as a data availability layer. This shortens the delay in including L1 transactions in roll-ups and handles L1 reorganizations more gracefully. 

Additionally, Bedrock brings in a rise in transaction confirmations, which will reduce the waiting time for users and increase the network’s overall efficiency.

They also set the upgrade to improve the stability of the Optimism infrastructure. When optimizing smart contract execution and data availability, Bedrock aims to enhance the reliability of dApps, minimizing potential vulnerabilities.

The upgrade will enhance the network’s compatibility with the Ethereum Virtual Machine (EVM). In this line, they set Bedrock to remove existing deviations from Ethereum and the EVM that are present in Optimism. They include differing code, design patterns, and transaction-per-block models.

A Transition on Layer2 Will be Performed

The upgrade is set to improve the security and resilience of the Optimism Mainnet bridge and significantly cut fees. One of the upgrade’s key design goals is backward compatibility. On upgrade day, some notable things will follow. First, deposits and withdrawals on the legacy network will be paused. Transactions on the legacy sequencer will no longer be accepted. Then the smart contract on Layer 1 will be upgraded, and they will perform an irregular state transition on Layer 2.

After 2-4 hours, the Bedrock sequencer will start, and deposits and withdrawals will be re-enabled. 

Optimism’s commitment to scalability and user experience aligns with the surging need for efficient blockchain solutions. If the upgrade delivers on its promises, it could further solidify Ethereum’s position as the leading innovative contract platform. As a result, it could attract even more developers and users to the network.

The Bedrock Upgrade Affects Investor Sentiment 

The reports of the upcoming Bedrock upgrade have positively impacted investor sentiment. Their price could be a notable change in Ethereum’s, reflecting an increased faith in the network’s prospects.

Additionally, by addressing Ethereum’s scalability challenges, it could ease congestion on the network, which would benefit the entire ecosystem. The improved efficiency and cost-effectiveness of transactions can contribute to the increased adoption of decentralized applications and drive innovation within the DeFi space.

Optimism has garnered strong support from both the Ethereum community and industry partners. Many prominent DeFi protocols and dApps are already exploring integration with Optimism’s Layer 2 solution. This may be a recognition of its potential to revolutionize the user experience. The Bedrock upgrade will positively affect this, with potential partnerships and collaborations.

As the release date approaches, all eyes will be on Optimism, eagerly awaiting the positive transformations it will bring. 

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