Optimism proposes a significant upgrade to Bedrock

Optimism proposes a significant upgrade to Bedrock

Optimism as an entity happens to be the second in line, the biggest Layer 2 network, and globally accepted as the same. At the present moment in time, it happens to be reaching greater heights in terms of total value locked (TVL) on the network, as well as where its conventional OP token climbing to unforeseen levels is concerned. In due course of time, the Optimism Foundation has laid out its plans in terms of a significant upgradation to be carried out on the protocol. 

They have duly given it the name of Bedrock. This will involve the total restructuring of the core segments of the overall Optimism framework. In turn, it will be providing an escalated version of modularity, which will be much more simplified and the Ethereum likeness to Layer 2 solutions. This fresh modular framework will be instrumental in splitting the OP stack into three segments, them being consensus, implementation, and settlement.

If in case, the Optimism governance passes it, the upgradation implementation will be carried out before the period of four hours. During the process, however, all of the connected users will not be able to carry out any activities related to deposits or, for that matter, withdrawals.

It was on the 2nd of February, 2023, when Binance, which happens to be the absolute leader in terms of a centralized exchange, delivered its very own BUSD stablecoin on Optimism. It was supposedly BUSD’s sixth network positioning after that of Ethereum, BNB Chain, avalanche, Polygon, and also Tron. Incidentally, BUSD happens to be the third biggest stablecoin in terms of market capitalization at $16 billion. 

This happens to be 11.6% of the entire sector. It is presently possible for all connected users to make their deposits and withdrawals of BUSD tokens on Optimism. The OP token of Optimism reached new levels, to the tune of $3.19.

Optimism, on its own, happens to be a layer 2 rollup network that has been created for the upgradation of Ethereum. Rollups happen to be functioning with the bringing together of transactions carried out on Layer 2 and simultaneously handing them over in bundles for the last leg of verifications on the Ethereum mainnet. This, in turn, helps in the lowering of fees in the case of every single transaction. 

Since the beginning of January 2023, Optimism’s TVL has gone 66% higher and is now at approximately $1.9 billion. Even in the case of its prime Defi DApps, it has seemingly posted a significant increase. Its best five dApps have also seen an impressive jump. Optimism, at the present moment in time, constitutes 33% of Layer 2 TVL.