Bedrock Upgrade Fuels a 67% Boost in Optimism Network Transactions

Blockchain analytics firm Nansen highlighted that the Optimism network experienced a 67% spike in transactions following the "Bedrock" upgrade on June 6th.

Before the upgrade, the network was recording fewer than 300,000 transactions daily. However, by mid-June, the figures surged to over 550,000.

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Optimism, a Layer-2 of Ethereum, launched its Bedrock hard fork intending to lower deposit times and fees while boosting the network's security.

The Bedrock upgrade was part of a more extensive initiative to form a "Superchain" comprising multiple blockchain networks, all reliant on identical software for enhanced security and interoperability. Coinbase affirmed that its BASE network would join Optimism within the Superchain framework. The Base team unveiled its preliminary "Path to Mainnet" roadmap on May 24th.

As per Nansen's June 26th report, daily fees experienced a significant drop from $80,000 worth of Ether (ETH) just before the upgrade, dwindling to merely $50,000 towards the end of June.

Following the hard fork, there was an immediate and noticeable surge in transactions on the Optimism network. The volume of transactions soared to over 400,000 between June 5th and June 9th.

After this initial jump, the volume kept climbing at a more moderate pace, reaching over 550,000 around June 15th. A gradual decrease followed, with daily transactions around 500,000 by the time data was compiled near June 23rd.

Leading the list of top apps on the Optimism network ahead of the report was the decentralized credential protocol Galxe, registering over 528,000 transactions during the week.

The Bedrock upgrade on the Optimism network has led to a notable rise in transactions, proving its effectiveness. The performance of various apps on the network provides insights into the areas where the Optimism network is making its most significant impact.