Optimism, the layer 2 network built on Ethereum, experienced a significant surge in transactions following its highly anticipated Bedrock upgrade. According to a recent Twitter thread from Nansen, a reputable blockchain analytics firm, the network witnessed a staggering 67% increase in daily transactions after the implementation of the upgrade on June 6. Prior to the upgrade, the network averaged less than 300,000 transactions per day, but this number soared to over 550,000 by mid-June.
Optimism's Bedrock Upgrade: Enhancing Speed, Security, and Affordability
The Bedrock hard fork, aimed at improving deposit times, reducing fees, and enhancing network security, marked a pivotal moment for Optimism. As reported by Nansen on June 26, daily fees experienced a substantial decline, plummeting from $80,000 worth of Ether (ETH) immediately before the upgrade to a mere $50,000 by late June.
Surge in Transactions and Declining Fees
Following the implementation of the Bedrock upgrade, Optimism witnessed a rapid surge in transaction activity. From around June 5 to 9, the network experienced a sharp increase, with transactions surpassing 400,000. Although the rate of growth slowed down after the initial spike, it reached its peak at over 550,000 around June 15. Subsequently, the number of daily transactions gradually decreased, stabilizing at approximately 500,000 by the end of the data collection period around June 23. These findings were illustrated in a detailed chart shared in Nansen's Twitter thread.
Leading Applications on Optimism
During the period analyzed, the most prominent application on the Optimism network was Galxe, a decentralized credential protocol, which recorded over 528,000 transactions throughout the week. The USD Coin (USDC) stablecoin ranked second with a transaction count exceeding 170,000. The remaining top five applications on Optimism included the Stargate Finance cross-chain bridge, the Perpetual Protocol futures trading app, and the Gnosis Safe multisignature wallet.
The Superchain Concept and Coinbase's Participation
The Bedrock upgrade formed part of a broader strategy to establish a "Superchain" composed of multiple interconnected blockchain networks that share the same underlying software for enhanced security and interoperability. In line with this vision, Coinbase confirmed that its Base network would join forces with Optimism as a key component of the Superchain. The Base team had previously unveiled their "Path to Mainnet" preliminary roadmap on May 24, setting the stage for collaboration and innovation in the blockchain space.
In conclusion, Optimism's Bedrock upgrade has proven to be a game-changer for the layer 2 network. With a substantial surge in transactions and a notable reduction in fees, the network has demonstrated its commitment to providing an efficient and cost-effective solution on the Ethereum ecosystem. As the Superchain continues to evolve, powered by Optimism and its growing ecosystem, the future holds immense potential for blockchain technology and its wide-ranging applications.