Today, Optimism Announced Bedrock, an upgrade that increases speed and reduces costs for those who trade on L2.
Optimism is a Layer 2 scaling rollup solution that groups transactions on another blockchain and then returns them back to Ethereum as a single transaction. Rollups take advantage of the security of ethereum’s main network while reducing transaction fees.
It has not yet been reported how much cheaper Bedrock will make transactions or when it will be released. Simple transfers on Optimism currently cost about $0.28 . Optimism reports that the new update also boosts node sync speeds by up to 50 times.
In the case of Bedrock, Optimism said it was committed to “the equivalence of the Ethereum Virtual Machine (EVM).” Last November, Optimism made its tools compatible with Ethereum and used data compression techniques to reduce transaction fees.
The update aims to further minimize the differences by making it easier for Ethereum’s own protocols to redeploy their apps to Optimism.
Perhaps Bedrock will allow them to take market share from Arbitrum, which owns 56% of the total blocked value of Layer 2 (TVL) from $ 2.76 billion, according to L2beat . Optimism ranks second with TVL at $944 million, or 19% of the sector’s total.
Along with Bedrock, Optimism will launch an alpha version of its future fail-safe Cannon system. Fault evidence protects blockchains from failures due to unsynchronized node operators. Optimism claims that Bedrock and Cannon is the only rollup architecture that supports multiple fault-tolerant and client-side implementations.
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