Optimism’s OP Token Clinches Record High Nearing $3 After New Bedrock Proposal

OP – the Ethereum layer 2 Optimism scaling solution governance token – jumped over 30% over the last 24 hours from $2.23 to $2.92, hitting a new all-time high.

The price action comes after the Optimism Foundation released a proposal regarding upgrading the Optimism mainnet to Bedrock.

• The proposal states that the upgrade seeks to provide “a new level of Ethereum modularity, simplicity, and equity for Layer 2 solutions, delivering unprecedented performance and functionality,” including transaction fees, throughput characteristics, and sync speed.
• The Bedrock upgrade is touted as a significant step towards a multi-chain future in the OP ecosystem.
• It is a new generation of decentralized Rollup architecture developed by Optimism Labs, which is expected to open a war for the “Cambrian boom” of aligned Layer2.

“We are confident that the post-Bedrock experience will be a positive change for developers in the Optimism ecosystem and have received consistent enthusiasm for improvement from our partners. We are committed to making this upgrade a success and are looking forward to seeing the results in the months and years to come.”

• If a proposal receives the necessary votes in favor of it, an update will be scheduled to take place within 2 weeks – on March 15th, at 9am PST.
• Over the past year, Ethereum-based scaling products, which allow users to transact on the network with fees of under a few cents and transaction times of seconds, have taken center stage in terms of adoption and activity.
• Total locked value (TVL) has increased from just over $500 million at the start of the year to $746.2 million – an increase of over 52% in just a month.