OP competes for a higher L2 market share with a new update


On January 13th, Optimism successfully transitioned its Goerli Testnet to Bedrock. The network’s user activity has increased during the last month.

Optimism [OP], a prominent layer 2 networks, completed the conversion of its Goerli Testnet to Bedrock on January 13, 2023, per a statement made in December 2022.

The update is anticipated to provide cheaper data costs on the layer-1 Ethereum network, future-proofing for its proof-of-stake mechanism, compatibility for multiple execution clients, and two-step withdrawals for assets bridged to the layer-2 system.

After successfully moving its Goerli Testnet, Optimism will submit a request to the network’s governance committee for a mainnet upgrade. The target implementation date for the update is the end of the first quarter of 2023.

In October 2022, Optimism released OP Stack, an open-source blueprint that enables anybody to utilize Optimism’s modular architecture and codebase to build their own rollups. Optimism reported a potential mainnet upgrade to Bedrock by the end of March.

Our EVM comparable, most-forked L2 code base will be much better with the Bedrock update.

As Optimism tries to compete for a greater piece of the L2 market, the Bedrock update, which offers cheaper gas rates and other enhancements, is anticipated to entice more users to the network.

The date of Optimism’s Bedrock upgrade coincided with the final phases of development for Polygon’s zkEVM, hence enhancing the competitive environment for L2 solutions suppliers. Since its testnet introduction the previous year, Polygon zkEVM has achieved significant achievements.

Moreover, Arbitrum, the leading supplier of L2 solutions in terms of total value locked (TVL), is anticipated to undertake its token AirDrop and allocation this year. Undoubtedly, this will attract additional users to the network, hence heightening competition within the ecosystem.

L2Beat data indicates that as of this writing, Arbitrum has a higher TVL than Optimism, which has a TVL of $1.43 billion.

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