The token underpinning Ethereum layer-2 scale solution Optimism is the new winner.
According to CoinMarketCap, the price of the Optimism token has risen by more than 80% to reach a peak of $2.22 on Thursday morning.
Despite OP backingtrack to $1.99 by press-time, the token is still up a remarkable 20.27% over 24 hours, outperforming the rest in crypto market.
Optimism’s most recent price action follows a series on developments around the Ethereum level-2 scaling protocol. This technology uses a technology called rollups in order to speed up Ethereum transactions and lower their costs.
Earlier this week, OP Labs (the company behind the Optimism protocol) announced that the planned Bedrock upgrade would be available as soon as Q4 2022. “And when it does, it will forever change the rollup game.”
The Bedrock upgrade was announced in May of this year. It is “the cheapest and fastest rollup architecture ever created.”
The promise of a fourfold reduction in time deposits from layer 1- to layer 2–quite a remarkable achievement, if it is realized.
The pipeline also includes optimized code, which will enable nodes to sync 50x faster, a 20% reduction in the cost to submit data to layer 1, and support for multiple alternative proof systems including ZK-rollups, a rival architecture.
Last week, OP Labs also launched its Drippie transactions system, an Ethereum-native, trust minimized conditional transaction mechanism that aims at addressing the automation problems associated with on-chain activity.
According to OP Labs “Drippie” is an Ethereum-native If That Then That (IFTTT) that allows you to combine triggers (e.g., ‘Kelvin sent a Tweet’) and actions (email me the ‘).”).
The system allows users to conduct transactions when certain conditions have been met, increasing the efficiency of the Blockchain.
The DeFi aspect of the Optimism Network received additional Bitcoin support last week as the zeroDAO team launched, a native BTC-renBTC bridge on the network of bridged assets. More ways of growing the ecosystem could be in the future.
Last week saw the launch of a new Optimism Onboarding flow. This allows both novice and experienced users to go through a step by step tutorial and then get a free NFT (from the Optimistic Explorer) after they have completed the quest.