Optimism (OP) Welcomes New Hard Fork, Here’s What You Need to Know

In just a few days after its Bedrock upgrade, Optimism has recorded yet another hard fork dubbed Regolith. This makes Optimism one of the most versatile and actively developing Layer 2 protocols on the Ethereum network.

Full details about the Regolith hardfork can be found in our specs:https://t.co/fLgLqtT24K

— Optimism (✨🔴_🔴✨) (@optimismFND) March 6, 2023

According to the details of the update, Optimism explained that the “Regolith upgrade, named after a material best described as ‘deposited dust on top of a layer of bedrock,’ implements minor changes to deposit processing, based on reports of the Sherlock Audit-contest and findings in the Bedrock Optimism Goerli testnet.”

There are numerous technical details shared by the team, but the primary implication of this upgrade is that the deposit transaction receipt can accommodate more entries, thus generally boosting the network’s efficiency in classifying necessary data. Additionally, it will enable data concerning deposit transactions to be easily synchronized among independent node operators.

Since its inception, Optimism has been quite focused on performance, and with the bedrock upgrade suing for a 50% cut in transaction fee, the protocol is bound to be one of the cheapest to use among its competitors Polygon (MATIC) and Arbitrum, among others.

Fighting for relevance

As it stands, the emergence of the Layer 2 protocol is considered a unique trend in today’s digital currency ecosystem. While existing protocols are considered highly innovative, they may need to fight for relevance when new competitors like Shibarium from the Shiba Inu team and Base from the crypto trading platform Coinbase finally get launched.

The relevance Optimism is charting is also reflected in its current price action as it has showcased itself as one of the most resilient tokens around today. According to data from CoinGecko, OP is changing hands at $2.44, having gained more than 507% since its lowest price attained about eight months ago.

The token’s ATH is pegged at $3.22 and was achieved last month.