Gauging OP’s reaction as Bedrock goes live on mainnet

• The Optimism Bedrock is live on the Optimism mainnet.
• Optimism retained the second-largest market share among L2 solutions as OP declined.

On 8 June, Optimism [OP] declared the official launch of “Bedrock” on its Optimism Mainnet. This momentous upgrade, which concluded on 7 June, brought a host of remarkable advancements to the network, as shared by OP Labs.

Bedrock is live on OP Mainnet! 🛏️🪨

This upgrade was a historic moment for Optimism, and the entire Collective came together to make it a success.

Here are some of the things we’re most proud of:

— Optimism (✨🔴_🔴✨) (@optimismFND) June 8, 2023

How much are 1,10,100 OPs worth today?

The upgrade focused on three key areas: reducing deposit times, decreasing layer-1 fees, and enhancing security measures.

Bedrock aimed to lower gas fees by an impressive 40% by implementing an optimized data compression strategy. This reduction in transaction costs would undoubtedly enhance the overall user experience within the network.

Introducing reorg support signified a significant step towards fortifying the network’s resilience and robustness.

Beyond these specific improvements, the Bedrock upgrade was an integral part of the developer’s broader vision to create a revolutionary “Superchain.” This vision entailed constructing a network of interconnected chains, all leveraging Optimism’s OP Stack software.

The Superchain would integrate these individual chains, enabling seamless communication and collaboration within a unified environment.

How Optimism compared to other L2s

L2 Beats recently revealed that Optimism had secured an impressive position in the market. As of this writing, it held the second-largest market share, accounting for approximately 19% of the market.

Furthermore, Optimism had a substantial Total Value Locked (TVL) figure, exceeding $1.6 billion, signifying the platform’s level of engagement and activity.

According to data from Santiment, there had been a decline in the 30-day active addresses metric on Optimism. As of this writing, the number of active addresses within that timeframe hovered around 147,000, displaying a discernible decrease.

Source: Santiment

These figures provided insights into the press time level of interaction and user participation on the platform. Observing how the Bedrock upgrade could shape these metrics will be interesting.

The surge and decline of OP

When analyzing the daily timeframe chart of OP, it became evident that the token experienced a notable surge leading up to the upgrade. On 6 June, it witnessed an impressive jump of 7.72%, reaching a trading price of approximately $1.49.

Source: TradingView

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However, since then, the token has been facing a declining trend, ultimately losing more value than it gained during the surge.

As of this writing, the token was trading at around $1.3, reflecting an addition of less than 1% in its value. The prevailing trend also appeared bearish, as the Relative Strength Index (RSI) indicated.