Optimism (OP) Rises By 11% When A new Upgrade Becomes Available

Key Points:

• According to Optimism, the Bedrock upgrade’s impact is intended to be long-term, so the emphasis is on developing a protocol that works for everyone.
• The scheduled upgrade is intended to assist in the removal or correction of all bugs discovered by community members during the Bedrock Bug Bounty.

The Bedrock upgrade voting cycle has been rescheduled by Optimism (OP), an Ethereum-based Layer 2 (L2) blockchain protocol.

Optimism has announced that the new upgrade will now be available from March 2 to April 5, allowing every member of the community to participate in the historic event. The scheduled upgrade is intended to assist in the removal or correction of all bugs discovered by community members during the Bedrock Bug Bounty. Once the voting period begins, the generous amount of time for scheduled protocol fixes will allow core team members to fix all detected bugs.

“Our faith in the Bedrock upgrade remains strong – we anticipate the bounty contest will prove effective in our initial proposal. However, this is the first upgrade vote for Token House. It is critical to set strict standards for all future protocol upgrades,” the notice stated.

Any protocol bug fixes are aimed at improving the overall usability of the blockchain. According to Optimism, the Bedrock upgrade’s impact is intended to be long-term, so the focus is on developing a protocol that works for everyone. This is due to the fact that the more useful Optimism is, the more likely it is that demand for the token will increase, supporting the price increase.

Previously, according to a blog post by the layer 2 chain team, Optimism Collective, the OP Network conducted a surprise Token airdrop, sending 11.7 million Governance Tokens to over 300,000 wallets. The airdrop comes as Optimism seeks an advantage over its main competitor, Arbitrum, a layer 2 Ethereum.

Optimism’s Circulating Supply increased, causing OP tokens to fall 13%. Nonetheless, the OP has increased by nearly 200% in the last few weeks. Unlike Optimism’s first airdrop in July 2022, which required users to manually claim their allocations, the unannounced airdrop went relatively smoothly.

Optimism is down 2.33% to $2.74 at the time of writing, but it is still up 11% over the last seven days.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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