Ethereum Scaling Altcoin Rips to Fresh All-Time High Amid New Protocol Upgrade Proposal

Hot scaling solution Ethereum (ETH) scored a new all-time high on Thursday following a new protocol upgrade proposal.

Optimism (OP) peaked at $3.10 on Thursday, the token’s new all-time high (ATH).

The OP has since retraced to $2.81 at the time of writing, but the 81st-ranked crypto asset by market cap is still up 1.76% in the last 24 hours and nearly 32% in the last seven days.

The OP’s recent price action kicks off after the Optimism Foundation filed first protocol upgrade to Optimism Collective.

The upgrade, named “Bedrock,” is “a complete rewrite of the core components of the Optimism architecture,” according to Ben Jones, director of the Optimism Foundation.

“This upgrade offers a new level of Ethereum modularity, simplicity, and equity for layer 2 solutions, delivering unprecedented performance and functionality…

In addition to these technical improvements, Bedrock’s improvements are a significant step towards a multi-chain future. By creating a common standard, the OP Stack 24, Bedrock set the stage for the Cambrian explosion of aligned L2 [layer 2s]. This is an opportunity for leadership in the Ethereum ecosystem.”

The total locked value (TVL) of optimism has also risen more than 4% in the last 24 hours, according to decentralized finance data tracker DeFi Llama.

The TVL of a blockchain represents the total capital held in its smart contracts, and is calculated by multiplying the amount of collateral locked into the network by the current value of the asset.

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