Optimism price: OP surges 30% to hit new all-time high

• Optimism outperformed the big coins even as the cryptocurrency rallied Thursday.
• The gains for Optimism come amid buying pressure following news of an upgrade proposal planned for activation on March 15.

Optimism is on the rise again as the excitement around the Ethereum layer 2 scaling solution increases after the big news announcement.

As shown in the 4-hour chart below, OP hit a new all-time high of $2.97 on Coinbase. At 11:20 a.m. ET on February 2, the platform’s native token OP was trading at $2.91, still up more than 32% in the last 24 hours.

The chart shows the price of Optimism rising to a new all-time high on Coinbase. Source: TradingView.According to data from CoinGecko, the OP token price is up 205% in the last 30 days, outperforming the big coins. About 75% of the profits have come in the last two weeks as the platform’s market cap has steadily increased to around $625 million at the moment.

Why is the OP token price soaring

The gains in optimism in the last hours have come as buying pressure builds ahead of what promises to be an innovative network upgrade.

On Wednesday, the Optimism Foundation released a proposal that seeks to apply upgrades to the mainnet protocol. According to the proposal, the upgrade targets network performance improvements via Optimism Collective: Bedrock.

We are very excited to put this historic proposal before the Token House. We see Bedrock as the culmination of years of R&D—and an important next step toward a modular, simplified, high-performance multi-chain future.https://t.co/urk6U9aABj pic.twitter.com/ebxsvtBM8N

— Optimism (✨🔴_🔴✨) (@optimismFND) February 1, 2023

This is the first major upgrade to the Optimism protocol and brings a rollup architecture to the protocol, with transaction clustering one of the key features highlighting the huge impact the upgrade has on blockchain performance.

“This update offers new levels of Ethereum modularity, simplicity, and equity for Layer 2 solutions, delivering unprecedented performance and functionality.wrote the Optimism Foundation.

Enhancements that will be added through the Bedrock release include reduced transaction fees, high throughput, and increased sync speed.

According to the team, the upgrade won’t affect most users as the Optimism mainnet is “already on par with EVM”. However, some users including those running full node and archives have had to take action in preparation for the upgrade.

Bedrock’s proposal is expected to go through a two-week voting period, with a deployment to the mainnet scheduled for March 15 if approved.

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