According to crypto on-chain analysis firm Messari – The Optimism community approved this upgrade in April with a near absolute 99.87% votes in favor. Messari also said that the upgrade:
Just a little over a month after the Ethereum Shanghai Capella Hard Fork upgrade went live, and we now have the final date for Optimism’s highly anticipated ‘Bedrock’ hard fork upgrade. The date for Optimism’s ‘Bedrock’ Hard Fork has been finalized on June 6, 2023. According to the Optimism team, the upgrade is expected to take anywhere between two to four hours, starting at 16:00 hours UTC. This upgrade was proposed a couple of months ago, in February 2023, and has been described as the “largest upgrade ever released on OP mainnet” and is a “complete rewrite”.
Read more: Ethereum Price Prediction
🚨The official date of OP Mainnet’s upgrade to Bedrock has been set: June 6, 2023 at 16:00 UTC!
The upgrade will require 2-4 hours of downtime for OP Mainnet.
Visit Mission Control for full details on what to expect:https://t.co/o6UjKZaVKy
— Optimism (✨🔴_🔴✨) (@optimismFND) May 15, 2023
Optimism is a Layer 2 scaling solution for the Ethereum blockchain that aims to address its scalability challenges. By utilizing a technology known as Optimistic Rollup, it enables faster and more cost-effective transactions on the Ethereum network. With Optimism, users can enjoy improved scalability, reduced fees, and faster confirmation times while benefiting from the security and decentralization of the Ethereum mainnet. This scaling solution has gained significant attention and support from the Ethereum community and developers, as it provides a promising avenue for scaling Ethereum and unlocking its full potential as a decentralized global platform for applications and smart contracts.
The original proposal states that this new upgrade would offer,
“A new level of modularity, simplicity and Ethereum equivalence for layer 2 solutions, providing unprecedented performance and functionality.”
The competition in the layer-2 scaling solution market is heating up of late, especially with the recent launch of Arbitrum’s native governance token. Arbitrum currently holds the top spot in the sector, with Optimism close behind at #2, followed by several rollups using zero-knowledge cryptography – according to data from L2Beat. However, in the last couple of months, Optimism is seemingly gaining market share and popularity in the sector too. Heavyweight players like Coinbase crypto exchange and venture capital firm Andreessen Horowitz (a16z) have revealed their efforts to build on the Optimism network.
Additional read: Polygon vs Arbitrum vs Optimism
“Implements a modular architecture that separates the OP stack into consensus, execution and settlement components, which will allow Ethereum execution clients to be converted into Optimism execution clients.”
Optimism’s native token OP has had a strong performance in terms of price since the beginning of 2023 and has gained nearly 90% in the YTD timeframe as of writing this article. Currently trading at $1.71, OP is up almost 6% in the past 24 hours amid this newsbreak.
