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News/How the Bedrock Upgrade is Set to Revolutionize Optimism's OP Crypto Mainnet

How the Bedrock Upgrade is Set to Revolutionize Optimism's OP Crypto Mainnet

May 16 2023

last year3 minutes read

The Evolution of Optimism: Introducing Bedrock 

Written by Van

Optimism, a pioneering Layer 2 scaling solution for Ethereum, has recently announced an important milestone in their journey: the launch of a major upgrade named Bedrock. This upgrade, set for June 6, is projected to significantly enhance the security and resilience of the OP Mainnet bridge while substantially reducing transaction fees.


Exploring Bedrock: A New Benchmark for Optimistic Rollups

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Bedrock is designed to minimize differences with Ethereum, providing less room for bugs and making it easier for ecosystem developers to contribute. This commitment to backward compatibility is a testament to the foundation's dedication to the existing user base. If you're a node operator, be prepared to set up a fresh node deployment for Bedrock. 

Optimism employs a technology known as optimistic rollups, a mechanism that bundles multiple transactions into a single transaction recorded on the Ethereum blockchain. As of now, the platform boasts approximately $863 million in locked assets. 


The Journey So Far: Embracing EVM Equivalence

In 2021, Optimism introduced the concept of EVM Equivalence, a rollup design pattern that uses existing mainnet Ethereum clients, like Geth, as the foundation for Layer 2 (L2). The launch of the first EVM Equivalent chain last November marked a significant upgrade to the Optimism network, positioning it as one of the most efficient, reliable, and forkable optimistic rollups in production.

The present Optimism network supports advanced calldata compression, full Ethereum gas and opcode compatibility, accurate timestamps for real-time applications, total tooling compatibility, and swift execution due to the absence of separation between user code and the EVM. 


The Next Chapter: Bedrock and Beyond

With the introduction of Bedrock, Optimism is set to take a significant leap forward. This upgrade is driven by core design principles, including minimal divergence from Ethereum, reuse of design patterns, simplification of code, modularization of the stack, and pragmatic optimization to reduce costs without adding unnecessary complexity.

Bedrock promises a host of powerful features, including optimal calldata submission, consensus/execution client separation, a microscopic client diff, fast peer-to-peer networking, and a decrease in deposit time from 10 minutes to 2.5 minutes. With these advancements, Optimism is aiming for something even bigger than EVM Equivalence — Ethereum Equivalence.


Navigating the Upgrade: What to Expect

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The upgrade to Bedrock will involve a temporary pause on deposits and withdrawals, an irregular state transition on L2, distribution of necessary resources to operate nodes on the new network, and the start-up of the Bedrock sequencer. Backward compatibility is a key design goal of this upgrade, ensuring minimal disruption for users.

The upgrade is expected to take between 2 to 4 hours, during which transactions, deposits, and withdrawals will be unavailable. However, most OP Mainnet nodes will maintain read access. The official date for OP Mainnet's upgrade to Bedrock is set for June 6, 2023, at 16:00 UTC.


The Road to Bedrock: A Look at the Past Year

In September 2022, OP Labs unveiled the alpha testnet of Optimism Bedrock on the Goerli testnet, offering developers an opportunity to test their infrastructure and dApps with the new network. The Bedrock alpha, while not yet ready for production, was expected to be spun down by early October. 

The announcement of the Bedrock launch followed a previous declaration in May, where Optimism revealed plans for a new generation of decentralized Rollup architecture designed to reduce transaction fees, optimize deposits and withdrawals, and enhance node synchronization speed.


The Future of Optimism Layer 2 and OP Labs

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The Bedrock upgrade is just one step in the continuous evolution of the Optimism Layer 2 platform. OP Labs, the team behind Optimism, is committed to constant innovation and progress, striving to make the platform as efficient, secure, and user-friendly as possible. 

The Bedrock upgrade may be the latest advancement, but it certainly won't be the last. As the OP Labs team continues to innovate and improve upon the Optimism Layer 2 platform, users can expect more updates and upgrades that enhance the functionality and performance of the network.


Arbitrum vs Optimism: A Comparative Insight

Navigating the labyrinth of Layer-2 solutions can be complex. This section provides a concise comparison between two prominent players, Arbitrum and Optimism, highlighting their architectural design, ecosystem growth, and future plans:

FeatureArbitrumOptimism
Rollup TypeOptimistic RollupOptimistic Rollup
Fraud ProofsMulti-round fraud proofsSingle-round fraud proofs
Virtual MachineArbitrum Virtual Machine (AVM)Ethereum Virtual Machine (EVM)

Total Value Locked (TVL)

*As of May 16, 2023

$2.4 billion $864 million

Protocol Activity

*As of May 16, 2023

328135

Daily Active Addresses & Transactions

*As of May 16, 2023

Daily Active Addresses: 191,456

Daily Active Transactions: 735,473

Daily Active Addresses: 75,541

Daily Active Transactions: 247,447

Key Growth DriversOdyssey NFT series, Nitro upgrade, ARB token dropInitial airdrop
Future InnovationsArbitrum Nova sidechain, Stylus upgrade (introducing EVM+)Optimism Bedrock, OP Stack initiative, partnership with Coinbase
Primary FocusExpanding developer reach, improving network performanceEnhancing modularity, scalability, and interoperability

 

*Data from DefiLlama and Artemis.


FAQs about Optimism Bedrock and OP Crypto

Q: What is Optimism Bedrock, and how does it differ from the existing OP crypto network?

A: Optimism Bedrock is a major upgrade to the existing OP crypto network. It's designed to enhance the security, resilience, and efficiency of the network, significantly reducing transaction fees and increasing throughput.

Q: How will the Bedrock upgrade enhance the transaction efficiency on the Optimism network?

A: The Bedrock upgrade employs advanced rollup architecture and optimizes the bundling of multiple transactions. This results in improved transaction efficiency and increased capacity on the Optimism network.

Q: How does the Bedrock upgrade contribute to the long-term sustainability of the Optimism network?

A: The Bedrock upgrade has been designed with long-term sustainability in mind. It simplifies the code, making it more approachable and auditable, and prepares for the modular future, thereby enhancing the network's longevity.

Q: How does the Bedrock upgrade affect transaction fees on the Optimism network?

A: One of the primary goals of the Bedrock upgrade is to significantly reduce transaction fees. This is achieved by improving transaction bundling and reducing the overall complexity of transactions.

Q: How can the Bedrock upgrade impact the future growth and scalability of the Optimism network?

A: The Bedrock upgrade is built to enhance the growth and scalability of the Optimism network. It introduces new and powerful features, optimizes the existing architecture, and sets the stage for future developments.

Q: How will the new features introduced with the Bedrock upgrade benefit me as an investor in OP crypto?

A: As an investor in OP crypto, the Bedrock upgrade could provide you with lower transaction costs, enhanced security, and potentially, a more valuable and sustainable network, which could positively influence the value of your investments.


Conclusion

The Optimism Bedrock upgrade is a monumental step forward for the Ethereum network. By reducing transaction fees, increasing throughput, and drastically improving node synchronization speed, Optimism is setting the stage for a more efficient, user-friendly Ethereum experience. 

While the upgrade does require a brief period of downtime, the benefits it promises far outweigh this minor inconvenience. As we look forward to the launch of the Bedrock upgrade, it's clear that the future of Optimism and the Ethereum network is brighter than ever.

This article has been refined and enhanced by ChatGPT.

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