Optimism Introduces Bedrock as Layer 2 Upgrade

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Ethereum lay­er-two (L2) scal­ing solu­tion Opti­mism announced an upgrade called Bedrock on its net­work, with the ben­e­fits of low­er fees and faster speed for trans­ac­tions com­plet­ed through the Opti­mistic Rollup. The new fea­ture is designed to be the first EVM-based rollup with Ethereum’s lev­el of secu­ri­ty and a much cheap­er cost for transactions.

Bedrock Arrives

Optimism’s offi­cial blog post indi­cates that with Bedrock being adopt­ed, Opti­mism aims to be the “Ethereum Vir­tu­al Machine (EVM) equiv­a­lence,” mak­ing it eas­i­er for Ethereum-based pro­to­cols to trans­fer their appli­ca­tions onto Optimism.

“After Bedrock, EVM Equiv­a­lence doesn’t cut it any­more. By using all of Ethereum’s code, infra­struc­ture, and design pat­terns, Opti­mism is aim­ing for some­thing even big­ger: Ethereum Equivalence.”

The dev team called the lat­est tran­si­tion “seam­less,” high­light­ing four major upgrad­ed fea­tures: trans­ac­tion fees will be the cheap­est among all the rollups, Opti­mism nodes will sync up to 50x faster, deposits and with­drawals are now high­ly opti­mized, and through­put is improved as well.

How­ev­er, the L2 net­work did not spec­i­fy how much cheap­er the trans­ac­tions would become after the upgrade. As of now, trans­ac­tions com­plet­ed on Opti­mism cur­rent­ly cost about $0.29.

Besides, Opti­mism will launch the alpha for its fault-proof sys­tem, Can­non, to safe­guard blockchains against acci­dents like unsyn­chro­nized node oper­a­tors. It claims that Bedrock and Can­non is “the only rollup archi­tec­ture capa­ble of eas­i­ly sup­port­ing mul­ti­ple fault-proof and client implementation. ”

Binance – the world’s largest cryp­to exchange by trad­ing vol­ume – announced inte­grat­ing the L2 upgrade by open­ing deposits for ETH on its net­work. How­ev­er, with­drawals for ETH will only be avail­able when Binance’s wal­let has held a suf­fi­cient amount of such assets.

The company’s lat­est sup­port of the L2 net­work could sig­ni­fy the protocol’s grow­ing com­pet­i­tive­ness among oth­er L2 projects like Arbi­trum and Poly­gon. They are all solu­tions designed to move activ­i­ties away from the Ethereum main­net, there­by reduc­ing the infor­ma­tion the lay­er 1 net­work needs to process and validate.

With the increas­ing demand for Ethereum-based trans­ac­tions, major exchanges have begun sup­port­ing L2 net­works. Besides Binance, KuCoin added sup­port to Opti­mism last month, and FTX inte­grat­ed Arbi­trum in February.

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