In the rapidly evolving world of blockchain technology, the imminent Bedrock upgrade of Optimism, a recognized Layer 2 scaling solution, is expected to herald new advancements. However, this upgrade couldn’t be timelier given the intensifying competition within the Layer 2 arena.
The Game-changing Bedrock Upgrade
Anticipated with great excitement, Optimism’s Bedrock upgrade is scheduled for June 6. This key transformation promises to deliver substantially lower transaction fees, augmented network security, and enriched compatibility with Ethereum. This update arrives in response to the escalating pressure from competing Layer 2 solutions.
Optimism has announced a temporary halt to the network for two to four hours on the day of the upgrade. This downtime is essential to ensure the smooth implementation of the upgrade. As a result, transactions, deposits, and withdrawals will be temporarily paused, as indicated in an official blog post by the Optimism team.
The Journey to Bedrock
Introduced to the public in May 2022, Bedrock signifies the first substantial network upgrade endorsed by the Optimism governance council’s Token House. This landmark event signals a new era for Optimism, promising an array of enhancements, particularly in transaction fee reductions. Estimates from OP Labs, the network’s protocol development team, project a whopping 47% drop in transaction fees.
The Bedrock upgrade aims to fine-tune its predecessor by employing optimized batch compression and leveraging Ethereum as a data availability layer. This change will allow for more efficient handling of L1 re-org and faster inclusion of L1 transactions in rollups.
Simultaneously, the network is set to experience reduced deposit times. Confirmation of deposits, previously taking approximately 10 minutes, will now be accomplished in a swift three minutes.
Furthermore, the new upgrade will enhance node software performance substantially. This is achieved by allowing multiple transactions to occur in a single rollup ‘block,’ a significant improvement from the prior ‘one transaction per block’ model.
Enhanced Compatibility with Ethereum
The Bedrock upgrade also addresses a key concern: the network’s compatibility with the Ethereum Virtual Machine (EVM). The EVM is the central software component responsible for executing Ethereum smart contracts.
With Bedrock, multiple discrepancies between Optimism and the EVM, such as diverse code, design patterns, and transaction per block models, will be eradicated. In addition, Bedrock will extend support for EIP-1559, chain reorgs, and other Ethereum features present on L1.
The Landscape of Layer 2 Scaling Solutions
The transition to Bedrock is occurring amidst a shift in attention toward EVM-compatible zero-knowledge rollups (ZkEVMs), which overshadow Optimistic Rollup solutions like Optimism.
The Bedrock upgrade represents a significant milestone for Optimism that could reshape its competitive standing in the Layer 2 scaling solutions landscape.
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