{"id":537343,"date":"2023-06-10T11:26:31","date_gmt":"2023-06-10T11:26:31","guid":{"rendered":"https:\/\/wncen.com\/?p=537343"},"modified":"2023-06-11T13:30:41","modified_gmt":"2023-06-11T13:30:41","slug":"optimism-bedrock-upgrade-transaction-fee-savings-hit-150000-and-counting","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/optimism-bedrock-upgrade-transaction-fee-savings-hit-150000-and-counting\/","title":{"rendered":"Optimism Bedrock Upgrade: Transaction Fee Savings Hit $150,000 And Counting"},"content":{"rendered":"

The Optimism Bedrock marks a significant milestone in the network’s evolution. This groundbreaking upgrade, successfully launched on June 7, ushers in a plethora of major advancements, most notably an impressive reduction in network costs.<\/span><\/p>\n

By implementing a so-called optimized batch compression and leveraging Ethereum as a data availability layer, the Bedrock upgrade has achieved a remarkable <\/span>56.1% decrease in transaction fees<\/span><\/a>. <\/span><\/p>\n

These findings, meticulously compiled by OP Labs, Optimism’s core developer, highlight the tangible benefits that users have already begun to experience.<\/span><\/p>\n

Related Reading: Cardano (ADA) Faces Obstacles In Reaching Key Level In June \u2013 Here\u2019s Why<\/a><\/div>\n

In just a matter of days, the Bedrock upgrade has resulted in nearly $150,000 in savings<\/a> for users, showcasing the immediate impact and financial advantages brought forth by this transformative enhancement.<\/span><\/p>\n

Optimism’s expected total user savings since migration, or during the first month in US dollars, is around $210,929.<\/p>\n

\"\"<\/p>\n

 Bedrock upgrade has drop in transaction fees. <\/span>Source: Dune.com<\/pre>\n
This development has brought about a significant cost advantage for Optimism, facilitating the swift confirmation of transaction batches on the Ethereum network. As a result, the average transaction fees on Optimism have experienced a substantial decrease, plummeting from $0.57 to a mere $0.16.<\/span><\/p>\n
Bedrock Upgrade: Paving The Way For Superchain Revolution<\/strong><\/h2>\n
While the reduction in transaction fees is undoubtedly a remarkable improvement, the <\/span>Bedrock upgrade<\/span><\/a> holds greater significance as a crucial component of the developer’s ambitious vision\u2014the creation of a groundbreaking “Superchain.” This visionary concept revolves around establishing an interconnected network of chains, leveraging Optimism’s OP Stack software.<\/span><\/p>\n
\n
To commemorate the Bedrock upgrade, we\u2019re releasing an open-edition NFT with our friends at @manifoldxyz<\/a>.<\/p>\n
Minting will close on Friday, June 16th at 11:59 PM UTC, so you have just over a week to collect this piece of Optimistic history! https:\/\/t.co\/Wszqu3PA5h<\/a> pic.twitter.com\/jsOgGLl88L<\/a><\/p>\n
\u2014 Optimism (\u2728\ud83d\udd34_\ud83d\udd34\u2728) (@optimismFND) June 8, 2023<\/a><\/p><\/blockquote>\n
The Superchain aims to integrate these individual chains into a cohesive ecosystem, enabling seamless communication and fostering collaboration within a unified environment. By harnessing the power of the Bedrock upgrade, Optimism takes a significant stride towards realizing this revolutionary vision, setting the stage for a new era of interconnected blockchain innovation.<\/span><\/p>\n
<\/p>\n
Crypto total market cap at $1.01 trillion on the daily chart at TradingView.com<\/a><\/pre>\n
Optimism Makes Strides In Market Share And TVL<\/strong><\/h2>\n
Optimism’s impressive performance in the market has recently come to light, with L2 Beats unveiling its significant standing. At present, Optimism holds the second-largest market share, commanding approximately 18% of the market, showcasing its growing influence and acceptance.<\/span><\/p>\n
Moreover, Optimism has achieved a <\/span>substantial Total Value Locked<\/span><\/a> (TVL) figure, surpassing $1.6 billion. This noteworthy metric signifies the platform’s robust engagement and high level of activity, underlining the trust and confidence users have placed in Optimism.<\/span><\/p>\n
 <\/p>\n
\"\"<\/p>\n
Source: L2Beat<\/pre>\n
Related Reading:  Bearish BNB Signs Hint Downtrend May Persist Beyond Expectations<\/a><\/div>\n
Meanwhile, on-chain data on Optimism has revealed a decline in the 30-day active addresses metric. As of the current reporting period, the number of active addresses within this timeframe hovers around 147,000, indicating a noticeable decrease.<\/p>\n
These figures offer valuable insights into the level of interaction and user participation on the platform at the time of reporting. It will be interesting to see how the introduction of the Bedrock upgrade might influence these metrics, potentially shaping the future trajectory of user engagement on Optimism.<\/span><\/p>\n
Featured image from TokenInsight<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The Optimism Bedrock marks a significant milestone in the network’s evolution. This groundbreaking upgrade, successfully launched on June 7, ushers in a plethora of major advancements, most notably an impressive reduction in network costs. By implementing a so-called optimized batch compression and leveraging Ethereum as a data availability layer, the Bedrock upgrade has achieved a remarkable 56.1% decrease in transaction fees. These findings, meticulously compiled by OP Labs, Optimism’s core developer, highlight the tangible benefits that users have already begun to experience. Related Reading: Cardano (ADA) Faces Obstacles In Reaching Key Level In June \u2013 Here\u2019s Why In just a matter of days, the Bedrock upgrade has resulted in nearly $150,000 in savings for users, showcasing the immediate impact and financial advantages brought forth by this transformative enhancement. Optimism’s expected total user savings since migration, or during the first month in US dollars, is around $210,929. Bedrock upgrade has drop in transaction fees. Source: Dune.com This development has brought about a significant cost advantage for Optimism, facilitating the swift confirmation of transaction batches on the Ethereum network. As a result, the average transaction fees on Optimism have experienced a substantial decrease, plummeting from $0.57 to a mere $0.16. Bedrock Upgrade: Paving The Way For Superchain Revolution While the reduction in transaction fees is undoubtedly a remarkable improvement, the Bedrock upgrade holds greater significance as a crucial component of the developer’s ambitious vision\u2014the creation of a groundbreaking “Superchain.” This visionary concept revolves around establishing an interconnected network of chains, leveraging Optimism’s OP Stack software. To commemorate the Bedrock upgrade, we\u2019re releasing an open-edition NFT with our friends at @manifoldxyz. Minting will close on Friday, June 16th at 11:59 PM UTC, so you have just over a week to collect this piece of Optimistic history! https:\/\/t.co\/Wszqu3PA5h pic.twitter.com\/jsOgGLl88L \u2014 Optimism (\u2728\ud83d\udd34_\ud83d\udd34\u2728) (@optimismFND) June 8, 2023 The Superchain aims to integrate these individual chains into a cohesive ecosystem, enabling seamless communication and fostering collaboration within a unified environment. By harnessing the power of the Bedrock upgrade, Optimism takes a significant stride towards realizing this revolutionary vision, setting the stage for a new era of interconnected blockchain innovation. Crypto total market cap at $1.01 trillion on the daily chart at TradingView.com Optimism Makes Strides In Market Share And TVL Optimism’s impressive performance in the market has recently come to light, with L2 Beats unveiling its significant standing. At present, Optimism holds the second-largest market share, commanding approximately 18% of the market, showcasing its growing influence and acceptance. Moreover, Optimism has achieved a substantial Total Value Locked (TVL) figure, surpassing $1.6 billion. This noteworthy metric signifies the platform’s robust engagement and high level of activity, underlining the trust and confidence users have placed in Optimism.   Source: L2Beat Related Reading: Bearish BNB Signs Hint Downtrend May Persist Beyond Expectations Meanwhile, on-chain data on Optimism has revealed a decline in the 30-day active addresses metric. As of the current reporting period, the number of active addresses within this timeframe hovers around 147,000, indicating a noticeable decrease. These figures offer valuable insights into the level of interaction and user participation on the platform at the time of reporting. It will be interesting to see how the introduction of the Bedrock upgrade might influence these metrics, potentially shaping the future trajectory of user engagement on Optimism. Featured image from TokenInsight<\/p>\n","protected":false},"author":557,"featured_media":537352,"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":[88373,1020,1144,8686,87603,11738],"class_list":["post-537343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bedrock-upgrade","tag-blockchain","tag-btcusd","tag-ethusd","tag-l2","tag-optimism"],"acf":[],"yoast_head":"\nOptimism Bedrock Upgrade: Transaction Fee Savings Hit $150,000<\/title>\n<meta name=\"description\" content=\"The Optimism Bedrock marks a significant milestone in the network's evolution. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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