- The daily and weekly number of active users of OP has increased in recent weeks.
- The token’s price action was negative and a few market indicators were bearish.
Optimism [OP] recently completed the long awaited Bedrock update and made new changes to the network. During the update, OP stopped deposits and withdrawals. Once the update rollout was complete, OP resumed trading.
The migration from OP Mainnet to Bedrock has begun!
Deposits and withdrawals on the legacy network and transactions to the sequencer are paused.
Bookmark this page to follow the migration:https://t.co/UGE5vDZOuB
— Optimism (✨🔴_🔴✨) (@optimismFND) June 6, 2023
Read Optimism [OP] Price prediction 2023-24
All about Optimism Bedrock
To begin with, Bedrock is the name of the very first official release of the ON Pile. It is a set of free and open-source modular components that work together to power Optimism.
According to the official website, Bedrock improves on its predecessor by using Ethereum as a data availability layer and improving batch compression to lower transaction costs.
Now that the update has been successfully released, let’s take a look at some of the key changes it brought. First, Bedrock lowers rates on the network and removes all gas costs associated with EVM execution when submitting data to L1.
In addition, it adds L1 reorganization functionality to the node software, dramatically reducing the time users wait for deposits.
Apart from this, the Bedrock update also improves the performance of nodes. Given all these positives, the effect of the update on Optimism will be quite interesting to watch.
Can basics help statistic optimism?
Data from Token Terminal showed that Optimism’s daily and weekly active users hit a plateau in recent weeks. However, the stat may show some volatility soon as the reduced rates attract new users to the network.
Source: Token Terminal
According to data from Dune, the number of transactions on Optimism has been on an upward trajectory since May and may get even better after the Bedrock update.
Source: Dune
OP’s price action was not comparable
When the new update was released, OP’s price did not respond as many expected. According to CoinMarketCapOP’s price registered a drop of more than 2% in the past 24 hours.
As the price fell, OP’s trading volume increased, which looked worrying. At the time of writing, it was trading at $1.39 with a market cap of over $894 million.
One possible reason for the decline could be ON‘s latest token unlock, which happened a few days ago. As token unlocks increase circulating supply, they are often followed by price drops. The next OP unlock is planned happen on June 30, 2023.
How many Worth 1,10,100 VPs today
This is how statistics reacted
Thanks to the new update, OP’s development activity remained high. Popularity was also relatively high, as evidenced by social volume. ONweighted sentiment turned positive, which was optimistic.
However, interest in whales in OP declined as the number of whale transactions remained low. Another negative metric was OP’s network growth, which has fallen sharply recently.
Source: Sentiment
