Optimism Postpones Bedrock Upgrade: What Does it Mean for OP Holders?

• The Optimism team has suspended the Bedrock upgrade and shifted it to a later date.
• Despite this, OP’s circulation remained low despite recent gains.
• OP traders were in gains, with daily on-chain transaction volumes in profit at 3.83 million and those in loss at 3.61 million.

Optimism’s Bedrock Upgrade Postponed

The Optimism team recently announced that they have postponed their planned Bedrock upgrade from February until 2 – 7 March. This Ethereum scaling solution was intended to improve node performance, lower transaction fees, and enhance its compatibility with the Ethereum Virtual Machine (EVM).

OP Circulation Remains Low

Despite the shift of data for the upgrade, OP’s circulation remained low despite recent gains. Santiment reported that since 2022, there had been no notable increase in token exchange wallets on the OP network when compared to other L2 protocols.

Growth of On-Chain Transactions

At press time, the metric trended higher at 16.86 which showed an increase in development activity for Optimism’s team commitment to an upgrade. Additionally, many OP traders were also seeing profits as daily on-chain transaction volumes in profit was at 3.83 million while those in loss was at 3.61 million.

Optimism’s Confidence Unwavering

Although there had been a shift in plans for the Bedrock upgrade, Optimism stated that their confidence is still high and that they anticipate finding more bugs through their bug bounty contest before going ahead with the mainnet launch of this event as part of Cycle 11 (March 2 – April 5).

Market Capitalization of OP Tokens

Realistic or not, Santiment reported that market capitalization of these tokens remain high when measured against ETH terms which could mean good news for holders who are looking to gain long term returns from investing in these tokens over time.