Optimism, a layer 2 solution for the Ethereum blockchain, is preparing to launch its Bedrock upgrade on Tuesday, taking a significant step towards becoming a “Superchain.” This move aims to improve usability by lowering gas fees by 40% and reducing deposit-confirmation times by 90%, through an optimized data compression strategy. Bitcoin may face fierce competition if Optimism can further its goal of creating a network consisting of multiple, interlinked and composable blockchains.
One of the most prominent exchanges in the US, Coinbase, has already announced its plans to utilize Optimism for building its new Base network. Furthermore, the project has received backing from crypto-friendly venture capital firm Andreessen Horowitz (a16z), which also sponsors new client software for the project.
At its core, the Superchain concept brings together multiple chains built using Optimism’s OP Stack, enabling seamless communication and interaction within one cohesive environment. Achieving this capability would revolutionize the blockchain landscape and provide users with a more secure and efficient platform, particularly when it comes to transaction speeds and fees.
One notable aspect of the Bedrock upgrade is its support for reorgs, a scenario in which a blockchain temporarily duplicates due to simultaneous production of two blocks. Bedrock aims to mitigate reorgs by cutting confirmation times for deposits down to just one minute, compared to the previous ten-minute duration.
Additionally, the improvements to proof modularity in Bedrock will enable developers to build customizable environments on Optimism using the open-source toolkit OP Stack, which can now support both validity proofs and fault proofs. Bedrock is also expected to move Optimism towards a multi-client ecosystem, ensuring the network’s resilience by removing any single points of failure.
However, there are some drawbacks associated with Optimism’s layer 2 solution. First and foremost, Optimism relies on “optimistic rollups,” where transactions are “rolled up” to reduce fees and transaction times. This method assumes transaction validity, and any discrepancy could cause potential issues for users.
Furthermore, the landscape of layer 2 solutions on Ethereum has seen intense competition in recent months. Arbitrum, another optimistic scaling solution, currently leads the market, with $5.69 billion in TVL (Total Value Locked), while Optimism maintains $1.68 billion in TVL. The Bedrock upgrade is designed to help Optimism stay competitive with its rivals, particularly Arbitrum.
Alternative options such as ZK Rollups have also gained momentum, with Ethereum-compatible solutions like Polygon and Matter Labs’ zkEVMs offering users the option to transact quickly and affordably atop the Ethereum platform.
In conclusion, the Bedrock upgrade holds the potential to propel Optimism to the forefront of the blockchain scene, making Ethereum-based transactions more efficient and affordable. While there are certain risks and competitive factors to consider, Bedrock’s benefits appear hard to dismiss, as the upgrade fosters an exciting future for the Superchain concept.
Source: Coindesk
