On June 7, 2023, OP Labs, a network developer, announced that it had completed the upgradation of “Bedrock”, stated Cointelegraph. It is expected that this step will reduce deposit times, lower layer-1 fees and include extra safety measures. Supposedly, this update will help create a “Superchain” of Optimism’s OP Stack software, based Web3.0 networks.
Sources mentioned that Karl Floersch, CEO, OP Labs, expects that Bedrock will use gas optimising methods and reduce the network’s data fees on Ethereum by 40%. Supposedly, these reduced fees will be sent to the users as lower gas fees on Optimism, Cointelegraph added.
As reported by Cointelegraph, the update will allow the network to identify chain reorganisations (reorgs) on Ethereum, which will eventually reflect reorgs in the Optimism balance of the user. Earlier, transactions from Ethereum to Optimism took about 10 minutes which would now decrease to just a minute, Cointelegraph concluded.
(With insights from Cointelegraph)
Follow us on Twitter, Facebook, LinkedIn