Optimism OP Token Hits a Record High of Nearly $3 After New Bedrock Proposal

OP, the governance token for Ethereum Optimism Layer 2 scaling solution, surged more than 30% in the last 24 hours, from $2.23 to $2.92, hitting a new all-time high.

Price Action Comes After Optimism Foundation released a proposal on upgrading the mainnet from Optimism to Bedrock.

• The proposal states that the upgrade seeks to provide a “new level of Ethereum modularity, simplicity, and equivalency for Layer 2 solutions, delivering unprecedented performance and functionality,” including transaction costs, performance characteristics, and speeds. synchronization.
• The Bedrock update is being touted as a significant step towards the future of multichaining in the OP ecosystem.
• It is a new generation of decentralized Rollup architecture developed by Optimism Labs, which is expected to pave the war for a “cambrian explosion” of aligned layers 2.

“We are confident that the post-Bedrock experience will be a positive change for developers in the Optimism ecosystem and have received consistent enthusiasm for the update from our partners. We are committed to making this upgrade a success and look forward to seeing the results in the months and years to come.”

• If the proposal receives the necessary votes in its favor, the update will be scheduled to run in 2 weeks, on March 15 at 9:00 am PST.
• Over the past year, the scalable Ethereum-based product, which allows users to transact on the network for pennies in fees and transaction times of a few seconds, has taken center stage in terms of adoption and activity.
• The Total Value Locked (TVL) has increase from just over $500 million at the beginning of the year to $746.2 million, increasing more than 52% in just one month.