Bedrock Upgrade Success As A Gas Fee Optimism Dropped Exceeds Expectations

Key Points:

• After Optimism’s Bedrock major upgrade, gas charges for services have dropped significantly.
• DEX Trade gas saved 55% compared to before upgrade, NFT Mint saved 62%, NFT Trade saved 45%, perpetual contract saved 55%, ERC 20 transfer saved 62%, and ETH transfer saved 66%,…
• The Bedrock upgrade was completed on June 6, 2023, at 16:00 UTC.

Since Optimism’s most important upgrade, Bedrock has helped reduce gas costs across the entire system beyond expectations.

According to Dune on-chain data, after completing the Bedrock upgrade, Optimism DEX Trade gas saves 55% compared to before the upgrade, NFT Mint saves 62%, NFT Trade saves 45%, perpetual contract saves save 55%, transfer ERC 20 saves 62%, transfer ETH save 66%, Save 33% on deploying medium-sized contracts, etc.

Upgrading Bedrock comes with specific goals: cutting gas fees by 40% and transaction times by 90%. Specifically, Bedrock will split the project’s OP Stack structure into three distinct sections – including the Consensus Layer, the Execution Layer, and the Settlement Layer – to deliver significant changes. Attention includes:

• Reduce the transfer time from Ethereum to Optimism by 4 times;
• Reduce the cost of transferring data to Ethereum by 20%;
• Reducing the difference with Ethereum’s Geth client to 500 lines of command, making the two more synchronized;
• Apply EIP-1559 fee model like Ethereum to update transaction gas fees;
• Clearing the way for other proof-of-data solutions like ZK-Rollups.

These are considered outstanding innovations that can help Optimism change the game and move closer to its plan to become a “Superchain.” The name Bedrock also means “the foundation of Superchain.” As Karl Floersch, Director OP Labs moderator, shared.

Bedrock is also expected to help Optimism gain a competitive edge in the layer-2 array for Ethereum, a segment that, in recent times, has witnessed the expansion of direct rival Arbitrum, as well as the emergence of a series of zkEVMs. such as Polygon zkEVM, zkSync, Linea, Starknet, Mantle, etc. In addition, increasing the strength of OP Stack also helps it to be used by other projects to develop their own layer-2 solutions, similar to what we have seen. Coinbase did with layer-2 Base that came out in February.

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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