Key Highlights:
- The release date for Optimism’s forthcoming Bedrock upgrade was announced.
- After falling by nearly 32% in May, the price action of the OP has been subpar lately.
- The protocol and security fees will be reduced by 47% as a result of the Bedrock upgrade.
Optimism, an Ethereum scalability solution, revealed the Bedrock hard fork’s launch date. The Optimism Foundation proposed the fork in February this year, and the community approved it in April.
The Layer-2 blockchain platform has scheduled the upgrade for June 6 at 1600 UTC. According to Optimism’s release, the Bedrock upgrade would need 2-4 hours of downtime for the OP Mainnet.
An associated blog post states: “Transactions, deposits, and withdrawals won’t be possible on upgrade day for the duration of the outage, and the OP Mainnet chain won’t be progressing.”
To outperform its predecessor, Bedrock uses Ethereum as a data availability layer and enhanced batch compression to save transaction fees. It also emphasizes handling layer-1 transactions’ re-orgs more “gracefully,” which will reduce the time it takes to include them in rollups. Reducing technical debt, it will enhance node performance and enable modular-proof systems through code reuse.
Despite the bullish news, OP Price Action Is Quiet.
As the Bedrock upgrade date was announced, the price of OP tokens kept falling. A spike in the price of OP may be sparked by news of an upcoming update, which frequently draws purchasers to the market.
