• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Optimism achieves successful implementation of 'Bedrock' hard fork, resulting in decreased deposit durations and layer-1 charges

Optimism achieves successful implementation of 'Bedrock' hard fork, resulting in decreased deposit durations and layer-1 charges

user avatar

by Max Nevskyi

3 years ago


This enhancement is a component of a sequence of reforms aimed at enhancing modularity in the OP Stack, empowering developers to establish their own networks by utilizing the software.

According to an announcement by OP Labs, the developers of the Optimism network, the "Bedrock" upgrade was successfully completed on June 7. This upgrade resulted in reduced deposit times, decreased layer-1 fees, and the implementation of additional security features. The upgrade is a part of a larger set of reforms aimed at establishing a "Superchain" of scalable Web3 networks utilizing Optimism's OP Stack software.

Optimism achieves successful implementation of 'Bedrock' hard fork, resulting in decreased deposit durations and layer-1 charges - news

During a discussion with Cointelegraph, Karl Floersch, the CEO of OP Labs, revealed that the Bedrock upgrade incorporates several gas optimizations that the team has discovered. As a result, the network's data availability fees on Ethereum have been reduced by 40%. These reductions are then transferred to the users in the form of decreased gas fees on the Optimism platform.

Furthermore, as part of the upgrade, the network now has the capability to detect chain reorganizations (reorgs) on Ethereum and accurately reflect them in the user's Optimism balance. This enhancement enables a significant reduction in deposit times to just one minute. Previously, depositing funds from Ethereum to Optimism took approximately 10 minutes due to the requirement of achieving finality on Layer-1.

In addition to the aforementioned improvements, Bedrock incorporates a two-step withdrawal process, which serves as an additional safeguard against potential bridge exploits.

Apart from the immediate modifications, the latest upgrade sets the foundation for the future advancement of the OP Stack, aiming to construct a multi-network "Superchain," according to Floersch. The upgrade introduces "modular proof systems" that empower developers to design and personalize their own blockchain networks. Additionally, the validator component of the software, known as "op-geth," has fewer than 1,000 lines of code that differ from Ethereum's version. This aspect potentially simplifies the process of transitioning validators to the new system.

Coinbase's Base network made an announcement on February 23, declaring its integration into the Superchain. Subsequently, on May 24, it presented a roadmap outlining its intentions for the mainnet launch.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bitget Under Fire Amid Allegations of Market Manipulation

chest

Bitget is under investigation after significant withdrawals of LAB tokens raised concerns about market manipulation.

user avatarAisha Farooq

Trump Family Profits from World Liberty Financial Sales

chest

A Bloomberg investigation reveals the Trump family profited approximately $155 billion from World Liberty Financial sales, while early investors are locked out of 80% of their holdings.

user avatarTenzin Dorje

Australia to Eliminate 50% Capital Gains Tax Discount in Major Budget Overhaul

chest

The Australian government plans to eliminate the 50% capital gains tax discount for assets held longer than 12 months, affecting various investors including crypto holders.

user avatarBayarjavkhlan Ganbaatar

David Schwartz Appointed Honorary Board Member of XRP Ledger Foundation

chest

David Schwartz has been appointed as an honorary board member of the XRP Ledger Foundation to strengthen its technical stewardship and community engagement.

user avatarElias Mukuru

XRP Ledger Foundation Restructures Leadership Team for Enhanced Engagement

chest

The XRP Ledger Foundation has restructured its leadership team, introducing a new operating team to enhance technical stewardship and community engagement.

user avatarMohamed Farouk

Capital B Secures €152 Million in Private Share Placement

chest

Capital B, a major Bitcoin treasury company in Europe, has successfully raised €152 million through a private share placement, with significant backing from Blockstream CEO Adam Back and asset manager TOBAM.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.