Optimism Bedrock Upgrade: Transaction Fee Savings Reach $150,000

Optimism is an important milestone in the development of the Bedrock network. This groundbreaking upgrade, which successfully launched on June 7, marks the beginning of a plethora of major advancements, most notably the impressive reduction in network costs.

Bedrock Upgrade has achieved a remarkable feat by implementing so-called optimized batch compression and using Ethereum as a data availability layer. 56.1% reduction in transaction fees,

Carefully compiled by OP Labs, the lead developer of Optimism, these findings highlight the tangible benefits that users have already begun to experience.

In just a few days, the result of the Bedrock upgrade is almost $150,000 in savings For users, it demonstrates the immediate impact and financial benefits brought by this transformative enhancement.

Optimism’s total user savings during the first month since the migration, or in US dollars, is approximately $210,929.

 Bedrock upgrade has drop in transaction fees. Source: Dune.com

This development has brought a significant cost advantage to Optimism, facilitating instant confirmation of transaction batches on the Ethereum network. As a result, the average transaction fee on Optimism has decreased significantly, from $0.57 to just $0.16.

Bedrock Upgrade: Paving the Way for the Superchain Revolution

While the reduction in transaction fees is undoubtedly a notable improvement, base upgrade assumes greater importance as a key component of the developer’s ambitious vision – the creation of a “superchain”. This visionary concept revolves around establishing an interconnected network of chains leveraging Optimism’s OP Stack software.

To celebrate the Bedrock upgrade, we’re releasing an open-edition NFT with our friends @manifoldxyz,

The mint will close on Friday, June 16th at 11:59 UTC, so you have just over a week to collect this piece of optimistic history! pic.twitter.com/jsOgGLl88L

— optimism (✨🔴_🔴✨) (@optimismFND) June 8, 2023

SuperChain aims to integrate these disparate chains into a cohesive ecosystem, enabling seamless communication and fostering collaboration in a unified environment. By harnessing the power of the Bedrock upgrade, Optimism takes a significant step toward realizing this revolutionary vision, setting the stage for a new era of interconnected blockchain innovation.

Optimism Drives Progress in Market Share and TVL

An impressive display of market optimism has come to light recently, with L2 Beats revealing its significant position. Currently, Optimism has the second largest market share, capturing approximately 18% of the market, demonstrating its growing influence and acceptance.

Furthermore, optimism has achieved a Sufficient Net Value Locked (TVL) figure, crossed $1.6 billion. This remarkable metric reflects the platform’s strong engagement and high level of activity, underscoring the trust and confidence that users have placed in the optimism.

Source: L2Beat

Meanwhile, on-chain data on Optimism revealed a drop in the metric of 30-day active addresses. As of the current reporting period, the number of active addresses hovers around 147,000 within this time frame, indicating a noticeable decrease.

These statistics provide valuable insight into the level of interaction and user engagement on the platform at the time of reporting. It will be interesting to see how the introduction of the Bedrock upgrade may affect these metrics, potentially shaping the future trajectory of user engagement on Optimism.

Featured image from TokenInsight