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Optimism (OP) Maintains 10% Weekly Growth Amid Hard Fork Update: Details

Tue, 02/28/2023 - 08:17
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Godfrey Benjamin
Optimism has reconfirmed its March Bedrock upgrade with note to developers
Optimism (OP) Maintains 10% Weekly Growth Amid Hard Fork Update: Details
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The global digital currency ecosystem is experiencing a massive price slump at this time with the combined crypto market cap dropping by 0.21% to  $1.07 trillion. Optimism (OP) is also riding this wave atop a 24-hour slump by 3.86% to $2.85, but the token is maintaining resilience on the week with a 10.20% gain.

Optimism's price resilience is born from a recent update shared by the protocol with respect to its upcoming hard fork.

The protocol said the Optimism Goerli Hardfork will come in March and that the network's developers will need to conduct a scheduled update in advance. While it hopes there will be no downtime recorded, the protocol advocates making this move to ensure a smooth upgrade.

Optimism said that although the bug it hopes to fix is simple and only for developers, it needs a hard fork to fix.

"These fixes improve the development experience for Bedrock by fixing inconsistencies in our API for receipts in certain system transactions. Though the bug is developer-facing and would not have affected user funds, it does require a fork to fix," the update reads.

Optimism said it will release actual dates for these events in the coming week.

Optimism (OP) Announces Major Upgrade Bedrock: Why Is This Proposal Important?

Optimism on L2 lead

While not the first Layer 2 protocol built on Ethereum as Polygon assumed that position, Optimism is doing all it can to stay in the lead among its peers. The developer community of the protocol is very active and is helping to advance the operational capabilities and the scaling agenda of the network altogether.

Over the past few months, a series of updates has gone live on Optimism as it carves a niche for itself among its peers. The protocol's efforts finally paid off and pushed it ahead of Solana (SOL) as the leading execution environment for the world's settlement layer.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.