Optimism, a layer 2 solution for Ethereum, recently implemented its Bedrock hard fork on June 6. This upgrade aimed to reduce deposit times and fees, as well as enhance the network’s security. According to a report from blockchain analytics firm Nansen, since the implementation of the Bedrock upgrade, daily transactions on the Optimism network have surged by 67%, reaching over 550,000 by the middle of June. Prior to the upgrade, the network was experiencing less than 300,000 transactions per day.
Furthermore, the upgrade has also contributed to a reduction in fees on the network. Daily fees on Optimism have decreased from $80,000 worth of Ether (ETH) just before the upgrade to $50,000 as of late June. This decrease in fees is a significant benefit for users, as it makes transactions on the network more cost-effective.
The surge in transactions on the Optimism network was observed immediately following the hard fork, with transaction volume rising to over 400,000 between June 5 and 9. Although the growth rate slowed down after the initial spike, it reached a peak of over 550,000 transactions on or around June 15. Subsequently, transaction volume began to decline gradually, stabilizing at around 500,000 transactions per day by the end of the data collection period, which was approximately June 23.
According to a chart shared in Nansen’s Twitter thread, the top application on Optimism leading up to the report was Galxe, a decentralized credential protocol that recorded over 528,000 transactions during the week. Following Galxe, the USD Coin (USDC) stablecoin had the second-highest transaction count, exceeding 170,000. The remaining top five applications on the Optimism network included the Stargate Finance cross-chain bridge, the Perpetual Protocol futures trading app, and the Gnosis Safe multisignature wallet.
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The Bedrock upgrade is part of a broader initiative to create a “Superchain,” which aims to connect multiple blockchain networks using the same software for enhanced security and interoperability. Coinbase, a prominent cryptocurrency exchange, has confirmed that its Base network will be joining Optimism as part of the Superchain. The Base team also recently announced their “Path to Mainnet” preliminary roadmap, outlining their plans for the future.
This increase in transactions and fee reduction on the Optimism network highlights the growing popularity and adoption of layer 2 solutions for Ethereum. Layer 2 solutions, such as Optimism, offer scalability improvements by processing transactions off-chain while leveraging the security and decentralization of the Ethereum mainnet. These solutions play a crucial role in addressing the network congestion and high fees that have been a persistent challenge for Ethereum users.
In conclusion, the Bedrock upgrade on the Optimism network has led to a significant increase in transactions and a reduction in fees. This upgrade has demonstrated the potential for layer 2 solutions, like Optimism, to enhance the scalability and usability of the Ethereum network. As more projects join the Superchain initiative and layer 2 solutions continue to evolve, Ethereum users can expect improved transaction speeds, lower fees, and a more seamless and efficient blockchain experience.
