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Optimism (OP) Jumps 11% With New Upgrade in Sight, Here's What to Expect

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Fri, 17/02/2023 - 8:13
Optimism (OP) Jumps 11% With New Upgrade in Sight, Here's What to Expect
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Optimism (OP), an Ethereum-based Layer-2 (L2) blockchain protocol, has announced the rescheduling of its Bedrock upgrade vote cycle. The new upgrade will now take place from the March 2 to April 5, a wide time span to give every interested community member the room to participate in the important event.

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The scheduled upgrade is designed to help remove or fix all the bugs that were discovered by the community members as part of the Bedrock Bug Bounty contest. The wide time span for the scheduled protocol fixing will enable the core team members to fix all the discovered bugs when the voting period commences.

As a relatively new L2 protocol, it noted it is approaching this bug-fixing event seriously considering it is the first of such that will be conducted by the outfit.

"Our confidence in the Bedrock upgrade remains strong - we anticipated the bounty contest would prove fruitful in our original proposal. Nevertheless, this is the Token House’s first ever upgrade vote. It’s critical to set the bar for rigor in all future protocol upgrades," the announcement reads.

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Price implications

Any bug fix on any protocol is aimed at improving the usability of the blockchain across the board. According to Optimism, the impact of the Bedrock upgrade is aimed at the long term and as such, its focus is on building a protocol that works for all in a sustainable manner.

These plans are beneficial for the protocol's native token, OP. This is because the more usable Optimism is, the more likely demand for the token will rise, which will aid the price growth. At the time of writing, Optimism is down by 2.33% to $2.74 but still up by 11% in the past seven days.

The token is one of the frontline Layer-2 protocols whose price action has been consistent all year long.

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