Optimism Network Experiences Dramatic Rise After Bedrock Update
The number of transactions on the Optimism network experienced a dramatic rise of 67% after its June 7 “Bedrock” update, as reported in a June 26 Twitter thread from blockchain analytics firm Nansen. Prior to the upgrade, the network was seeing fewer than 300,000 transactions per day, but this number rose to over 550,000 by mid-June.
Optimism, a second layer of Ethereum, completed its Bedrock hard fork on June 6th. This was done with the goal of reducing deposit timeframes, fees, and enhancing the network’s security. The June 26 Nansen report revealed that daily fees have declined from the pre-upgrade amount of ETH valued at $80,000 to only $50,000 by the end of June.
Following the hard fork, optimism saw a sudden surge in transactions, with the number rising to more than 400,000 from June 5 to 9. Volume growth was steadier after the initial spike, reaching a maximum of over 550,000 on or around June 15. After that, the figures began to decrease gradually, with 500,000 transactions per day recorded at the end of the time period analyzed, as shown in a chart posted in Nansen’s Twitter thread.
Binance’s BNB Chain has launched a layer-2 testnet that is powered by Optimism.
Top Apps on Optimism Network Revealed
The Optimism app that topped the report was the decentralized credential protocol Galxe, which saw a staggering 528,000 transactions during the week. Coming in second place was the USD Coin (USDC) stablecoin, with over 170,000 transactions. Rounding out the top five apps on Optimism were the Stargate Finance cross-chain bridge, the Perpetual Protocol futures trading app, and the Gnosis Safe multisignature wallet.
The Bedrock upgrade was part of a larger plan to construct a “Superchain” of multiple blockchain networks that use the same software for security and compatibility. Coinbase verified that its Base network would be incorporated into Optimism as part of the Superchain. The Base team revealed its “Path to Mainnet” proposed timeline on May 24th.
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