Token Backing Ethereum Scaling Solution Optimism Rallies 20%

The price of the Optimism (OP) token surged more than 80% in a week, hitting a new high of $2.22 on Thursday morning. coin market capitalization.

Despite the OP returning to $1.99 by press time, the token continues its staggering 20.27% gain over the past 24 hours, significantly outperforming other crypto markets.

Optimism’s latest price action is ethereum Layer 2 scaling protocol. roll up Speed ​​up Ethereum transactions and reduce costs

Earlier this week, OP Labs announced optimism Protocol has revealed that the planned Bedrock upgrade is expected to arrive as early as the fourth quarter of 2022.

bedrock upgrade first announced In May of this year, it was described as “the cheapest, fastest, most advanced rollup architecture” to date.

This promises to cut the time for depositing from Layer 1 to Layer 2 by a factor of four. Considering that the current optimistic design could take up to 7 days to resolve disputes in due time, this would be a very significant achievement. You can dispute the transaction.

Other improvements to the pipeline include optimized code that allows nodes to sync 50x faster, a ~20% reduction in the cost of sending data to Layer 1 by 20%, and several improvements over rival architectures. includes support for alternative proof systems. It is called ZK rollup.

What else is on the plate of optimism?

Last week, OP Labs also introduced Its Drippie transaction system is an “Ethereum-native, trust-minimized conditional transaction mechanism” aimed at addressing automation issues related to on-chain activity.

According to OP Labs, “Drippie is basically an Ethereum native version of if this is it (IFTTT) is a programmable Web2 service that allows you to combine various triggers (“Kelvin sent a tweet”) and actions (“Send a tweet by email”).

In other words, the system allows users to execute transactions when certain conditions are met, increasing blockchain efficiency.

Above DeFi On the side of things, the Optimism Network last week reported additional Bitcoin Support as a zeroDAO team launch A native BTC to renBTC bridge on Optimism and potentially more ways to grow the ecosystem of bridged assets.

Last week also new Optimistic onboarding flow This allows both new and experienced users to follow a step-by-step tutorial and create a free NFT from the Optimistic Explorer collection after completing a quest.