There’s a new winner in town, and this time round, it’s the token underpinning Ethereum layer-2 scaling solution Optimism.

op, crypto, cryptocurrencies, optimism, scaling, rollups, ethereum, eth

The price of the Optimism (OP) token has surged by more than 80% in a single week to hit a high of $2.22 on Thursday morning, according to data from CoinMarketCap.

Despite OP backtracking to $1.99 by press time, the token is still up an impressive 20.27% over the past 24 hours, massively outperforming the rest of the crypto market.

Optimism’s latest price action follows a series of developments surrounding the Ethereum layer-2 scaling protocol, which uses a technology known as rollups to speed up Ethereum’s transactions and reduce their costs

Earlier this week, OP Labs, the company behind the Optimism protocol, revealed that its planned Bedrock upgrade is about to arrive as early as Q4 2022, “and when it does it will change the rollup game forever.”

Optimism Bedrock is coming soon™️, and when it does it will change the rollup game forever.

It will lay the protocol's foundation for years to come and serve as THE model for rollup architecture.

It's named Bedrock for good reason. 🪨https://t.co/NNAVdseULA

— Optimism (✨🔴_🔴✨) (@optimismFND) August 2, 2022

The Bedrock upgrade was first announced in May this year, and is described as “the cheapest, fastest, and most advanced rollup architecture” that ever existed.

It promises a four-fold reduction in the time of deposits from layer 1 to layer 2—quite a significant achievement, if realized, given it can take up to seven days for the current Optimistic design to settle the dispute period within the validity of a transaction can be challenged.

Other improvements in the pipeline include optimized code that will allow nodes to sync 50 times faster, a 20% cut in the cost of data submission to layer 1 by roughly 20%, as well as support for several alternative proof systems, including the rival architecture called ZK-rollups.

What else on the plate for Optimism?

Last week, OP Labs also introduced its Drippie transaction system, “an Ethereum-native, trust-minimized conditional transaction mechanism” that aims to address the automation issues associated with on-chain activities.

According to OP Labs, “Drippie is basically an Ethereum-native version of If This Then That (IFTTT), a programmable Web2 service that can combine various triggers ('Kelvin sent a tweet') with actions ('email me the tweet').”

In other words, the system lets users conduct transactions when certain conditions are met, enhancing the efficiency of the blockchain.

Optimism does a lot of stuff on-chain. Managing all of these interactions securely can be a bit of a headache.

That’s why we built Drippie, a trust-minimized Ethereum-native conditional transaction system.

— OP Labs (@OPLabsPBC) July 25, 2022

On the DeFi side of things, the Optimism network last week received additional Bitcoin support as the team at zeroDAO launched a native BTC to renBTC bridge on Optimism, with more ways to grow the ecosystem of bridged assets potentially coming in the future.

Last week also marked the launch of a new Optimism onboarding flow that lets both new and experienced users go through a step-by-step tutorial and mint a free NFT from the Optimistic Explorer collection after they complete the quest.

Disclaimer

Stay on top of crypto news, get daily updates in your inbox.

TECH NEWS RELATED

Today’s Wordle Answer (August 12th, 2022): Puzzle 419 Hints, Clues, and Solution

It’s hard to put today’s Wordle answer for August 12th, 2022, into a neat little category, but once you get a good look at it, it’s actually very informative. While the solution to Puzzle 419 is a very common word everybody will have heard of and often use themselves, ...

View more: Today’s Wordle Answer (August 12th, 2022): Puzzle 419 Hints, Clues, and Solution

How to raise your Merit level in Tower of Fantasy

Image via Hotta Studio It comes as no surprise that Tower of Fantasy has a battle pass. Most games nowadays have a battle pass that earns you extra rewards as you progress through it. You can purchase the pass to get even more rewards if you feel like spending ...

View more: How to raise your Merit level in Tower of Fantasy

Cheerble’s tech-powered pet toys are a lot of fun, in spite of my lazy dog

My dog is unfortunately a bit older and less interested, but I've still enjoyed my time with these nifty toys

View more: Cheerble’s tech-powered pet toys are a lot of fun, in spite of my lazy dog

The best Genshin Impact character presets in Tower of Fantasy

image via Gamepur Genshin Impact and Tower of Fantasy share many similarities in key areas, but one thing they don’t share is the ability to create characters. Tower of Fantasy is a free-to-play MMO that features a robust character creator. This character creator allows players to share codes and ...

View more: The best Genshin Impact character presets in Tower of Fantasy

Apple TV+ picks up dark comedy Physical for third season

Rose Byrne gets to keep playing fitness entrepreneur Sheila Rubin in “Physical” on Apple TV+. Photo: Apple TV+ Physical starring Rose Byrne will return to Apple TV+ for a third season. The dark comedy about a female fitness guru is set in the 1980s. There were some questions about ...

View more: Apple TV+ picks up dark comedy Physical for third season

Do characters transfer across servers in Tower of Fantasy? Answered

Screenshot by Gamepur Your character in any MMO is a testament to all of the hard work you have put into the game and the trials you have overcome. Tower of Fantasy will have you investing a lot into your created character, but what if your friend is playing ...

View more: Do characters transfer across servers in Tower of Fantasy? Answered

Apple Releases Safari Technology Preview 151 With Bug Fixes and Performance Improvements

Apple today released a new update for Safari Technology Preview, the experimental browser Apple first introduced in March 2016. Apple designed the ‌Safari Technology Preview‌ to test features that may be introduced into future release versions of Safari. ‌Safari Technology Preview‌ release 151 includes bug fixes and performance improvements for ...

View more: Apple Releases Safari Technology Preview 151 With Bug Fixes and Performance Improvements

How to fix the account verification parameter error for Tower of Fantasy

Image via Hotta Studio Tower of Fantasy is one of the latest hit MMORPGs to land on PC and mobile with thousands of players flocking to the open world experience. This means you’re bound to meet plenty of others in your server, but also maybe a few errors along ...

View more: How to fix the account verification parameter error for Tower of Fantasy

Should you get Field Notes: Galarian Zigzagoon Special Research in Pokémon Go?

Square Enix’s Avatar: The Last Airbender mobile game soft launches in Canada this month

Bell offering bring-it-back iPhone 13 Pro for $5/mo for 24 months to some users

How to get Firecore in Tower of Fantasy

Pokémon GO August 2022 Community Day Guide

Where to get Broccoli in Tower of Fantasy

Will Ethereum Breach $2,000 Before The Merge?

2005 Cadillac CTS-V Is Our Bring a Trailer Auction Pick of the Day

Best inexpensive microphone

Accidental Apex Legends Newcastle buff makes him the ultimate healer

Why does Tower of Fantasy need parental consent? Answered

Celsius Creditors Move to Block Company From Selling Mined Bitcoin

OTHER TECH NEWS

Top Car News Car News