Optimism is a Layer 2 blockchain pioneered by a team of Ethereum developers with the mission to provide an efficient and cost-effective blockchain network with almost instantaneous transactions. The recently approved Mainnet Bedrock upgrade with the highest voter turnout in OP Governance history seeks to improve performance, security and modularity, allowing the network to withstand time and also adapt to multi-chain environments. The upgrade is expected to reduce protocol costs or security fees by 47%. The Bedrock upgrade will pause deposit and sequencer transaction ingestion, resulting in an estimated downtime of four hours.

Since its launch in 2019, Optimism distributed governance token $OP has seen a meteoric rise in the market, currently trading at $2.22 per token and with a market cap of $699.139 billion. Token holders have been able to benefit from the record-high total value locked (TVL) that reached $2.15B on March 18.

The approval of the Mainnet Bedrock upgrade comes at an interesting moment since the Layer 2 space is seeing an increasing competition with different projects such as Matter Labs and Polygon, both launching zkEVM solutions last month. Layer 2 TVL was at an all-time high of $9.288 billion on April 6 and Optimism currently holds 21.4% of the L2 market share. Nonetheless, Arbitrum dominates the space with $5.96B in assets, representing 65.68% of the L2 market.

OP Labs froze the Bedrock code on the Goerli Testnet on March 4 and announced that it would launch the Bedrock upgrade after two weeks of stable code. Optimism developers also assured that the upgrade wouldn't require a "regenesis" and that end-users are unlikely to be required to do much other than be aware of the timing of the upgrade.



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