Despite Optimism (OP) price maintaining an impressive rally for the last 30 days, today the token’s value has dropped by 5.35%. It is possible that the crypto has witnessed a turn in momentum due to the recently announced rescheduling of its ‘Bedrock’ upgrade vote cycle.
The Upgrade To Boost OP Mainnet’s Functionality
Today, the Optimism foundation announced that the vote for the Bedrock upgrade proposal is rescheduled to Cycle 11, which is between March 2 and April 5. The delay is designed to resolve bugs discovered by the community members as part of the Bedrock bug bounty contest
The foundation has, therefore, given ample time for the core team members to fix all the uncovered bugs before the voting period begins.
The voting for the Bedrock upgrade proposal is slated to take place from March 2 to April 5. If the community approves the proposal, then the upgrade will be scheduled for execution two weeks after the vote.
Earlier this month, on February 2, the Optimism Foundation released a proposal seeking to execute an upgrade to the protocol’s blockchain. As per the proposal, the upgrade wants to enhance network performance through Optimism Collective: Bedrock.
This is the first major upgrade designed to improve the Optimism protocol’s performance and introduce a rollups architecture to the Mainnet to speed up the blockchain.
The upgrade aims to create a new level of simplicity, modularity, and Ethereum equivalence for Layer 2 solutions in order to provide better performance and functionality on the Optimism protocol.
Improvements to be introduced via the Bedrock upgrade include enhanced sync speeds, high throughput, and decreased transaction fees.
Since the Optimism protocol is “already EVM-equivalent,” the upgrade will not affect most users. However, some users, like individuals running full and archive nodes, will have to take caution during the upgrade’s execution.
Initially, the Bedrock proposal was scheduled to go through a two-week voting period. But the foundation has changed that plan, as now the voting process is expected to go through a one-month period.
Optimism Price Action
Optimism is currently trading at $2.72. This represents a 5.35% decrease in the last 24 hours. But in the last seven days, the crypto’s value rose by 13.80%, according to Coinmarketcap.
Earlier this month, OP rallied by almost 200%, likely due to the announcement of the Bedrock proposal. The token reached its all-time high record of $3.19 on February 3, 2023. This shows that the current price is 14.29% down from its highest price.
OP recorded its lowest price of $0.402159 on June 18, 2022. The current price is, therefore, 580.57% higher than its lowest price.
With a market cap of $639 million, Optimism is ranked 76th among cryptocurrencies listed on Coinmarketcap.
The trading volume of the token touched $579 million in the past 24 hours. This represents a 2.90% increase from the previous day, showing a recent increase in its market activities. With a price uptick of 13.80% in the last seven days, Optimism is showing bullish momentum.