OP fights for a larger share of the L2 market with new upgrade: Will it succeed?

  • Optimism efficiently migrated its Goerli Testnet to Bedrock on 13 January
  • The community witnessed a progress in consumer exercise within the final month.

Following an preliminary announcement in December 2022, main layer 2 community Optimism [OP] accomplished the migration of its Goerli Testnet to Bedrock on 13 January.

Practical or not, right here’s XRP market cap in BTC’s phrases

Based on Optimism, the Bedrock improve,

“Is the most affordable, quickest, and most superior rollup structure.”

The improve is predicted to deliver a number of enhancements to the community, together with providing decrease knowledge charges on the layer-1 Ethereum community, future-proofing of its proof-of-stake mechanism, help for a number of execution shoppers, and two-step withdrawals for belongings bridged to the layer-2 system.

After efficiently migrating its Goerli Testnet, Optimism will submit a proposal for a mainnet improve to the community’s governance staff. The purpose is for the improve to be applied by the top of the primary quarter of 2023.

2023: A yr of Ethereum L2 wars

In October 2022, Optimism launched OP Stack, an open-source blueprint that permits anybody to make use of Optimism’s modular design and codebase to create their very own rollups. With a proposed mainnet improve to Bedrock earlier than the top of March, Optimism famous, 

“After the Bedrock improve, our EVM equal, most-forked L2 code base might be even higher.”

As Optimism competes for a bigger share of the L2 market, the Bedrock improve, which guarantees decrease gasoline charges and different enhancements, is predicted to draw extra exercise to the community.

The timing of Optimism’s Bedrock improve coincided with the ultimate levels of growth for Polygon’s zkEVM, including to the aggressive panorama for market share amongst L2 options suppliers. Since its testnet launch final yr, Polygon zkEVM reached necessary milestones. 

Additional, Arbitrum, the biggest L2 options supplier by way of whole worth locked (TVL), is predicted to conduct its token AirDrop and allocation this yr. It will undoubtedly drive extra customers to the community, additional intensifying the competitors throughout the ecosystem. 

As of this writing, with a TVL of $2.58 billion, Arbitrum ranked forward of Optimism, which has a TVL of $1.43 billion, per knowledge from L2Beat

Supply: L2Beat

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Elevated consumer exercise on Optimism

Optimism witnessed an uptick in its consumer exercise within the final month, surpassing Arbitrum. 

Per knowledge from Nansen, the community’s every day transactions have grown by over 100% because the begin of 2023. As of 12 January, transactions accomplished on the community exceeded 800,000. 

Furthermore, OP additionally noticed some progress in value because the yr started. Based on knowledge from CoinMarketCap, OP’s value has since rallied by 75% till press time.

Supply: CoinMarketCap

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