Upgrade your network
The Optimism Foundation, which supports the L2 Optimism of the crypto asset (virtual currency) Ethereum (ETH), proposed on the 2nd the timing of implementing the network’s first protocol upgrade, “Bedrock”.
The Optimism Foundation has proposed the first protocol upgrade to the Optimism Collective: Bedrock.
See the full proposal here: https://t.co/ulJcbGKFsk
— Optimism Governance (@OptimismGov) February 1, 2023
What is L2
In the sense of “Layer 2”, it is the “second layer” blockchain. L2 is being developed because processing all transaction histories on the main chain increases the load, leading to a decrease in processing speed and soaring network fees.
▶️Cryptocurrency Glossary
This upgrade improves performance and features, including transaction cost and sync speed. Specifically, it improves equivalence of Ethereum’s virtual machine (EVM), simplifies the network, and increases modularity. If the ballot approves it, Bedrock will be held two weeks later on March 15th at 9:00 (Japan time 16th at 2:00).
He also explained that Bedrock will be an important step towards future multi-chain support. He says that he will create an “OP Stack” that will serve as a common standard and will be able to lead the Ethereum ecosystem in preparation for a future where many Layer 2s will be born.
End-users will not be affected, other than a temporary suspension of deposit functionality and transactions during the upgrade. On the other hand, the project and users who operate the node need to prepare in advance.
It is estimated that the upgrade will be finished within 4 hours. There will be no network reset (regenesis) this time around, and historical data will continue to be accessible after the upgrade.
He explained that the reason for leaving two weeks from the end of the voting to Bedrock was to discover problems just before and to inform the community. Even so, Optimism’s Goerli testnet has already been successfully upgraded, but if a new serious security risk is discovered, the upgrade may be stopped once.
Increased demand for Optimism
Optimism is in increasing demand these days. The total value of the virtual currency locked for operation “TVL (Total Value Locked)” increased, and the price of the original token “OP” hit a record high on the 26th of last month. According to CoinGecko data, the price at the time of writing this article after the upgrade timing proposal was $ 3 (about 380 yen), up 14.5% from the previous day and 212.6% from the 30th.
Relation: Ethereum L2 demand increases, Optimism token hits all-time high
L2 solutions such as Optimism are being developed on Ethereum, where the network can become congested due to high demand for blockchain.
Relation: What is “Rollup”, a solution to the scaling problem | Detailed explanation of the mechanism and points to note
Optimism utilizes a technique called optimistic rollup. Ethereum co-founder Vitalik Buterin said last month that he expects Rollup, an L2 scaling solution, to reach an important milestone sometime in 2023.
Relation: Ethereum co-founder Vitalik, bullish on rollups in 2023
