- The Optimism workforce suspended the Bedrock improve and shifted it to a later date
- OP’s circulation remained low regardless of current positive factors.
In response to a tweet shared by Optimism’s [OP] official deal with, the Bedrock improve has been postponed. The Ethereum [ETH] scaling resolution had earlier introduced plans to improve the community in February. However the current shift pushed the occasion between 2 – 7 March.
Replace for the Collective: We have now rescheduled the Bedrock improve vote to Cycle 11 (March 2 – April 5) to resolve bugs uncovered by vigilant neighborhood members as a part of the Bedrock bug bounty contest.
— Optimism (✨🔴_🔴✨) (@optimismFND) February 17, 2023
Is your portfolio inexperienced? Take a look at the Optimism Revenue Calculator
In preparation for the primary…
Optimism had proposed the Bedrock improve to enhance node efficiency, decrease transaction charges, and improve its compatibility with the Ethereum Digital Machine (EVM).
Nonetheless, the L2 protocol famous that the shift didn’t imply that it had misplaced confidence in going forward with the improve. As a substitute, it supposed to repair all of the bugs within the codebase earlier than the ultimate improve. The communique learn,
“Our confidence within the Bedrock improve stays robust – we anticipated the bounty contest would show fruitful in our unique proposal. However, that is the Token Home’s first ever improve vote. It’s essential to set the bar for rigor in all future protocol upgrades.”
Curiously, the shift in knowledge didn’t have an effect on OP’s development activity. At press time, the metric trended larger at 16.86. The event exercise is an on-chain metric that defines the extent at which a venture exhibits dedication to an improve.
For the reason that metric was excessive at OP’s finish, it implied that Optimism’s workforce was not downplaying the Bedrock improve.
Nonetheless, there have been some downsides to the OP ecosystem. In response to Santiment, circulation within the final 30 days was removed from spectacular.
In truth, the on-chain analytic platform revealed that it had flatlined since 2022. This implied that tokens exchanging wallets on the OP community couldn’t match up with different L2 protocols.
The place do OP holders stand?
Regardless of the lower in circulation, many OP merchants had been in positive factors. On the time of writing, the every day on-chain transaction volume in revenue was 3.83 million. Alternatively, the transaction quantity in loss was 3.61 million.
Lifelike or not, right here’s OP’s market cap in ETH’s phrases
Whereas this may be thought of shut, it doesn’t take away the truth that OP’s 16.59% uptick within the final seven days has been very influential within the trigger.
Moreover, reactions from the Optimism neighborhood confirmed that they had been okay with the shift. At press time, the OP value exchanged hands at $2.73 whereas the quantity elevated to $579 million within the final 24 hours.