Main navigation

Optimism (OP) Welcomes New Hard Fork, Here's What You Need to Know

Tue, 03/07/2023 - 13:32
article image
Godfrey Benjamin
Optimism's latest hardfork will enhance deposit transaction ordering
Optimism (OP) Welcomes New Hard Fork, Here's What You Need to Know
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

In just a few days after its Bedrock upgrade, Optimism has recorded yet another hard fork dubbed Regolith. This makes Optimism one of the most versatile and actively developing Layer 2 protocols on the Ethereum network.

According to the details of the update, Optimism explained that the "Regolith upgrade, named after a material best described as 'deposited dust on top of a layer of bedrock,' implements minor changes to deposit processing, based on reports of the Sherlock Audit-contest and findings in the Bedrock Optimism Goerli testnet."

There are numerous technical details shared by the team, but the primary implication of this upgrade is that the deposit transaction receipt can accommodate more entries, thus generally boosting the network's efficiency in classifying necessary data. Additionally, it will enable data concerning deposit transactions to be easily synchronized among independent node operators.

Optimism (OP) Bedrock to Reduce Network Fees by Almost 50%: Analysis

Since its inception, Optimism has been quite focused on performance, and with the bedrock upgrade suing for a 50% cut in transaction fee, the protocol is bound to be one of the cheapest to use among its competitors Polygon (MATIC) and Arbitrum, among others.

Fighting for relevance

As it stands, the emergence of the Layer 2 protocol is considered a unique trend in today's digital currency ecosystem. While existing protocols are considered highly innovative, they may need to fight for relevance when new competitors like Shibarium from the Shiba Inu team and Base from the crypto trading platform Coinbase finally get launched.

The relevance Optimism is charting is also reflected in its current price action as it has showcased itself as one of the most resilient tokens around today. According to data from CoinGecko, OP is changing hands at $2.44, having gained more than 507% since its lowest price attained about eight months ago.

The token's ATH is pegged at $3.22 and was achieved last month.

article image
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.