Optimism’s Layer 2 Network Upgrade: Faster, Cheaper, and More Secure

Key Points:

• Optimism completes scheduled upgrade on Ethereum Layer 2 network.
• Reduced transaction costs achieved through Bedrock upgrade.
• Upgrade process began at noon ET and was declared complete by 3 p.m. ET.

Optimism, a Layer 2 network built on top of Ethereum, successfully completed a scheduled upgrade.

This upgrade, known as the Bedrock upgrade, is expected to bring several improvements to the network. One of the most significant improvements is the reduced transaction costs.

According to an explainer post, the Bedrock upgrade advances a series of improvements. However, it is important to note that reducing transaction costs is the most notable improvement. This is particularly important because high transaction costs have been a major concern for Ethereum users.

The upgrade process began just after 12 p.m. ET. The network’s status page announced that the upgrade was complete around 3 p.m. ET. According to a status page run by OP Labs, most of the core functions have already returned to the network. This is great news for users of the network who have been eagerly waiting for the upgrade to be completed.

However, some parts of the upgrade process have taken longer than expected. According to the Optimism team, “Due to the size of the archival data disk, it is taking longer than anticipated for the legacy-geth archival datadir to be available.” Despite this, the upgrade status page announced that the network’s public endpoint was back online just before 6 p.m. ET.

The completion of the Bedrock upgrade is a major milestone for Optimism and Ethereum. It is expected to bring several improvements, including reduced transaction costs. Despite some delays, the upgrade process was successful, and most of the core functions have already returned to the network. This is great news for users who are looking forward to using the updated network.

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