{"id":520049,"date":"2023-02-17T15:30:11","date_gmt":"2023-02-17T15:30:11","guid":{"rendered":"https:\/\/wncen.com\/?p=520049"},"modified":"2024-06-11T14:32:37","modified_gmt":"2024-06-11T14:32:37","slug":"op-token-down-amid-optimism-delayed-upgrade","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/op-token-down-amid-optimism-delayed-upgrade\/","title":{"rendered":"OP Token Down 5.35% Amid Optimism Foundation Delayed Upgrade Vote"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Despite <a href=\"https:\/\/wncen.com\/news\/optimism-edges-other-l2s\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Optimism (OP)<\/a> price maintaining an impressive rally for the last 30 days, today the token\u2019s value has dropped by 5.35%. <\/span><span style=\"font-weight: 400\">It is possible that the crypto has witnessed a turn in momentum due to the recently announced rescheduling of its &#8216;Bedrock&#8217; upgrade vote cycle.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Upgrade To Boost OP Mainnet\u2019s Functionality\u00a0 \u00a0 \u00a0 <\/span><\/h2>\n<p><span style=\"font-weight: 400\">Today, the Optimism foundation<\/span><a href=\"https:\/\/twitter.com\/optimismFND\/status\/18113024\" rel=\"nofollow\"> <span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> that the vote for the Bedrock upgrade proposal is rescheduled to Cycle 11, which is between March 2 and April 5. The delay is designed to resolve bugs discovered by the community members as part of the Bedrock bug bounty contest<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/how-arbitrum-and-optimism-made-millions-in-2022\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">How Arbitrum and Optimism Made Millions in 2022<\/a><\/div>\n<p><span style=\"font-weight: 400\">The foundation has, therefore, given ample time for the core team members to fix all the uncovered bugs before the voting period begins.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The voting for the Bedrock upgrade proposal is slated to take place from March 2 to April 5. If the community approves the proposal, then the upgrade will be scheduled for execution two weeks after the vote.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Earlier this month, on February 2, the Optimism Foundation<\/span><a href=\"https:\/\/medium.com\/@CryptoSavingExpert\/bedrock-a-major-upgrade-for-optimism-network-op-is-expected-to-arrive-in-march-291487dd5c47\" target=\"_blank\" rel=\"noopener nofollow\"> <span style=\"font-weight: 400\">released<\/span><\/a><span style=\"font-weight: 400\"> a proposal seeking to execute an upgrade to the protocol\u2019s blockchain. As per the proposal, the upgrade wants to enhance network performance through Optimism Collective: Bedrock.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This is the first major upgrade designed to improve the Optimism protocol\u2019s performance and introduce a rollups architecture to the Mainnet to speed up the blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The upgrade aims to create a new level of simplicity, modularity, and<a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-burning-records-new-high-another-rally\/\" target=\"_blank\" rel=\"noopener \"> Ethereum<\/a> equivalence for Layer 2 solutions in order to provide better performance and functionality on the Optimism protocol.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Improvements to be introduced via the Bedrock upgrade include enhanced sync speeds, high throughput, and decreased transaction fees.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since the <a href=\"https:\/\/wncen.com\/analysis\/optimism-op-cracks-double-digit-gains-can-bulls-breach-1-mark\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Optimism protocol<\/a> is \u201calready EVM-equivalent,\u201d the upgrade will not affect most users. However, some users, like individuals running full and archive nodes, will have to take caution during the upgrade\u2019s execution.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Initially, the Bedrock proposal was scheduled to go through a two-week voting period. But the foundation has changed that plan, as now the voting process is expected to go through a one-month period.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/optimism-edges-other-l2s\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue<\/a><\/div>\n<h2><span style=\"font-weight: 400\">Optimism Price Action<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Optimism is currently trading at $2.72. This represents a 5.35% decrease in the last 24 hours. But in the last seven days, the crypto&#8217;s <a href=\"https:\/\/wncen.com\/news\/optimism-usdc-transactions-top-1b\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">value rose<\/a> by 13.80%, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/optimism-ethereum\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Coinmarketcap<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<figure style=\"width: 2228px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/wH4GaMlR\/\" alt=\"Optimism (OP) price chart on TradingView\" width=\"2228\" height=\"1372\"><figcaption class=\"wp-caption-text\">Optimism (OP) price is moving sideways on the 1-day chart. Source: OP\/USD on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=COINBASE%3AOPUSD\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Earlier this month, OP <a href=\"https:\/\/wncen.com\/news\/how-arbitrum-and-optimism-made-millions-in-2022\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">rallied by almost 200%<\/a>, likely due to the announcement of the Bedrock proposal. The token reached its all-time high record of $3.19 on February 3, 2023. This shows that the current price is 14.29% down from its highest price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">OP recorded its lowest price of $0.402159 on June 18, 2022. The current price is, therefore, 580.57% higher than its lowest price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">With a market cap of $639 million, Optimism is ranked 76th among cryptocurrencies listed on Coinmarketcap.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The trading volume of the token touched $579 million in the past 24 hours. This represents a 2.90% increase from the previous day, showing a recent increase in its market activities. With a price uptick of 13.80% in the last seven days, Optimism is showing bullish momentum.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from istock, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite Optimism (OP) price maintaining an impressive rally for the last 30 days, today the token\u2019s value has dropped by 5.35%. It is possible that the crypto has witnessed a turn in momentum due to the recently announced rescheduling of its &#8216;Bedrock&#8217; upgrade vote cycle. The Upgrade To Boost OP Mainnet\u2019s Functionality\u00a0 \u00a0 \u00a0 Today, the Optimism foundation announced that the vote for the Bedrock upgrade proposal is rescheduled to Cycle 11, which is between March 2 and April 5. The delay is designed to resolve bugs discovered by the community members as part of the Bedrock bug bounty contest Related Reading: How Arbitrum and Optimism Made Millions in 2022 The foundation has, therefore, given ample time for the core team members to fix all the uncovered bugs before the voting period begins. The voting for the Bedrock upgrade proposal is slated to take place from March 2 to April 5. If the community approves the proposal, then the upgrade will be scheduled for execution two weeks after the vote. Earlier this month, on February 2, the Optimism Foundation released a proposal seeking to execute an upgrade to the protocol\u2019s blockchain. As per the proposal, the upgrade wants to enhance network performance through Optimism Collective: Bedrock. This is the first major upgrade designed to improve the Optimism protocol\u2019s performance and introduce a rollups architecture to the Mainnet to speed up the blockchain. The upgrade aims to create a new level of simplicity, modularity, and Ethereum equivalence for Layer 2 solutions in order to provide better performance and functionality on the Optimism protocol. Improvements to be introduced via the Bedrock upgrade include enhanced sync speeds, high throughput, and decreased transaction fees. Since the Optimism protocol is \u201calready EVM-equivalent,\u201d the upgrade will not affect most users. However, some users, like individuals running full and archive nodes, will have to take caution during the upgrade\u2019s execution. Initially, the Bedrock proposal was scheduled to go through a two-week voting period. But the foundation has changed that plan, as now the voting process is expected to go through a one-month period. Related Reading: Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue Optimism Price Action Optimism is currently trading at $2.72. This represents a 5.35% decrease in the last 24 hours. But in the last seven days, the crypto&#8217;s value rose by 13.80%, according to Coinmarketcap. Earlier this month, OP rallied by almost 200%, likely due to the announcement of the Bedrock proposal. The token reached its all-time high record of $3.19 on February 3, 2023. This shows that the current price is 14.29% down from its highest price. OP recorded its lowest price of $0.402159 on June 18, 2022. The current price is, therefore, 580.57% higher than its lowest price. With a market cap of $639 million, Optimism is ranked 76th among cryptocurrencies listed on Coinmarketcap. The trading volume of the token touched $579 million in the past 24 hours. This represents a 2.90% increase from the previous day, showing a recent increase in its market activities. With a price uptick of 13.80% in the last seven days, Optimism is showing bullish momentum. Featured image from istock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":520050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[54512,8323,1946,86072,11738],"class_list":["post-520049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-defi","tag-eth","tag-ethereum","tag-op","tag-optimism"],"acf":[],"yoast_head":"\n<title>OP Token Down 5.35% Amid Optimism Foundation Delayed Upgrade Vote<\/title>\n<meta name=\"description\" content=\"Despite Optimism (OP) price maintaining an impressive rally for the last 30 days, today the token\u2019s value has dropped by 5.35%. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"OP Token Down 5.35% Amid Optimism Foundation Delayed Upgrade Vote","description":"Despite Optimism (OP) price maintaining an impressive rally for the last 30 days, today the token\u2019s value has dropped by 5.35%. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"OP Token Down 5.35% Amid Optimism Foundation Delayed Upgrade Vote","url":"http:\/\/wncen.com\/news\/op-token-down-amid-optimism-delayed-upgrade\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/op-token-down-amid-optimism-delayed-upgrade\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["defi","eth","ethereum","op","optimism"],"dateCreated":"2023-02-17T15:30:11Z","datePublished":"2023-02-17T15:30:11Z","dateModified":"2024-06-11T14:32:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"OP Token Down 5.35% Amid Optimism Foundation Delayed Upgrade Vote\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/op-token-down-amid-optimism-delayed-upgrade\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/op-token-down-amid-optimism-delayed-upgrade\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?fit=553%2C311\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"defi\",\"eth\",\"ethereum\",\"op\",\"optimism\"],\"dateCreated\":\"2023-02-17T15:30:11Z\",\"datePublished\":\"2023-02-17T15:30:11Z\",\"dateModified\":\"2024-06-11T14:32:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=520049"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/520050"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=520049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=520049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=520049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}