Layer 2 scaling solution Optimism is set to undergo its highly anticipated Bedrock upgrade on June 6. The move is expected to result in significantly reduced transaction fees, provide greater network security and enhanced compatibility with Ethereum.
The Optimism team stated via a May 15 Twitter thread that the network will be down for 2-4 hours on June 6 as the upgrade goes through.
“On upgrade day, transactions, deposits, and withdrawals will be unavailable for the duration of the downtime, and the OP Mainnet chain will not be progressing,” an accompanying blog post reads.
The official date of OP Mainnet’s upgrade to Bedrock has been set: June 6, 2023 at 16:00 UTC!
The upgrade will require 2-4 hours of downtime for OP Mainnet.
Visit Mission Control for full details on what to expect:https://t.co/o6UjKZaVKy
— Optimism (✨_✨) (@optimismFND) May 15, 2023
Bedrock was announced back in May 2022, and it marks the first major network upgrade that was voted through by the Optimism governance council’s Token House.
Optimism is slated to benefit from lower transaction fees, which OP Labs, the network’s protocol development unit, estimates will drop by 47%.
“Bedrock improves on its predecessor by reducing transaction fees using optimized batch compression and Ethereum as a data availability layer; shortening delays of including L1 transactions in rollups by handling L1 re-orgs more gracefully,” the Optimism community’s Bedrock explainer reads.
The Bedrock upgrade will bring a 47% reduction in protocol costs and security fees to Optimism Mainnet
Engineer extraordinaire @trianglesphere explains how in the latest dev blog post https://t.co/MvcG04shEB
— OP Labs (@OPLabsPBC) March 2, 2023
Adding to that, the network will also see shorter deposit times, with Optimism going from roughly 10 minutes to confirm a deposit, to just 3 minutes with Bedrock, the explainer states.
While node software performance will be “significantly improved by enabling execution of several transactions in a single rollup ‘block’ as opposed to the prior ‘one transaction per block’ model in the previous version.”
Another key improvement concerns the network’s compatibility with the Ethereum Virtual Machine (EVM), the core piece of software that executes Ethereum smart contracts.
With Bedrock, the network will remove “multiple deviations” from Ethereum and the EVM that are currently present with Optimism such as differing code, design patterns and…
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