Optimism is one of the leading layer 2 solutions on Ethereum, ranking second in popularity. It employs Optimistic rollups, a technology that groups numerous off-chain transactions into large batches before submitting them to Ethereum, thereby enabling faster and more cost-effective transactions.
The latest upgrade, named Bedrock, is anticipated to enhance the efficiency and accessibility of the Optimism ecosystem significantly. This article will delve into the implications of the Optimism Bedrock upgrade for the overall ecosystem.
What is Optimism Bedrock Upgrade?
Bedrock is the name of the first-ever official release of the OP Stack, which is a set of free and open-source modular components that work together to power Optimism.
In May 2022, Optimism Network introduced the Bedrock upgrade with the objective of streamlining the Optimism codebase’s size and complexity. This alteration is projected to augment network speed and throughput, boost node performance, and decrease fees and deposit times, among other improvements.
What is Bedrock Made For?
Bedrock’s primary objective is to revamp the way Optimism processes transactions by implementing “batching and compression.” To elaborate, transactions on Bedrock will be grouped into “sequencer batches,” which will then be assembled into “channels,” the data that is compressed and transmitted back to Ethereum.
Bedrock will also incorporate EIP 1559, which is anticipated to decrease the variance in transaction costs and enhance user experience. After the upgrade, deposits are predicted to be confirmed in just three minutes, as opposed to the previous ten-minute timeframe.
Another noteworthy feature of the Bedrock upgrade is its 1:1 equivalence with Ethereum. EVM equivalence enables the instantaneous copy-pasting of decentralized finance (DeFi) codes across EVM-equivalent rollups, simplifying the deployment of dApps on Optimistic Ethereum for developers.
Since Bedrock is open-source, developers can create their own Layer 2 networks and experimental blockchains using the OP Stack, a series of free and open-source modules that operate together to power Optimism.
The OP Stack divides the layer 2 networks into three components: the consensus layer, execution layer, and settlement layer. Each layer is defined by a well-defined API and comprises modules that developers can easily select, modify, and create.
For instance, developers can utilize Cosmos’ modular blockchain and run Ethereum as the execution layer if they choose to do so. Some developers have already experimented with this by substituting the entire execution layer of Optimism with a version of Minecraft called OP Craft, and the entire game ran successfully on OP Stack in the backend.
When will Bedrock be launched?
Optimism is gearing up for its highly anticipated Bedrock upgrade on June 6. According to a Twitter thread by the Optimism team on May 15, the network will be offline for two to four hours on June 6 as the upgrade is implemented.
“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.