Optimism base upgrade release date revealed

Optimism, a popular layer-2 blockchain, is set to release its long-awaited Bedrock upgrade on June 6 at 16:00 UTC.

The Bedrock release – which is a complete rewrite of the entire Rollup stack – is expected to be the biggest upgrade ever on the OP mainnet, with a focus on reducing fees and improving Ethereum compatibility.

bedrock upgrade

according to official AnnouncementThe upgrade will require 2-4 hours of downtime for the OP mainnet, during which there will be on-chain and infrastructure-level downtime while the old sequencer is powered down and the Bedrock sequencer is started.

Transactions, deposits and withdrawals will also be unavailable for this period, and the chain will not progress further. While read access to most OP mainnet nodes will remain online, users may experience a slight decrease in performance during the migration process.

Bedrock seeks to improve on its predecessor by reducing transaction fees with the help of optimized batch compression and Ethereum as the data availability layer. It also focuses on reducing the delay for the inclusion of layer-1 transactions in the rollup, so that their reorganization can be handled more “gracefully”. In addition to improving node performance by removing technical debt, it will also enable modular proof systems through code reuse.

The team behind the project said,

“We couldn’t be more thrilled to bring Bedrock to the OP mainnet. The Protocol team at OP Labs has been working very hard for over a year to bring this complete re-architecture of the OP stack into production.

The development hasn’t had any impact on the price of its native OP token, which was down about 4% in the past 24 hours.

Declining Market Share of Optimism

The move comes in the form of competition within Ethereum’s layer-2 ecosystem. Optimistic has enjoyed its fair share of success, taking an early lead in the space with its Optimistic Rollup solution that offers high compatibility with the Ethereum Virtual Machine (EVM). However, its market dominance is threatened by EVM-compatible zero-knowledge rollup (ZKEVM), which has gained significant prominence recently.

optimism saw There was no significant increase in its TVL during the entire year and it is currently hovering around $1.71 billion. Apart from emerging competition from ZkEVMs, the buzz around the recent airdrop of Arbitrum could be another factor contributing to the dwindling share of optimism.

At over $252 million in TVL, ZKSync Era is rapidly expanding its presence in Layer-2 spectrum. In fact, the general-purpose zk-roll-up platform created by Matter Labs across Optimism in terms of transactions in May.

Furthermore, zkEVM has also seen an impressive increase in TVL to $9.15 billion since its beta mainnet launch in March this year.