Optimism network sees 67% surge in transactions after Bedrock upgrade, according to Nansen.
According to a Twitter thread by Nansen, a blockchain analytics firm, the Optimism layer-2 network experienced a significant increase in transactions after its June 7 “Bedrock” upgrade. Prior to the upgrade, the network was processing less than 300,000 transactions per day, but this number surged to over 500,000 after the upgrade, reaching over 550,000 by mid-June. This represents a 67% increase in transaction volume on the Optimism network.
Optimism’s Bedrock Upgrade: Decreased Fees And Surge In Transaction Volume
On June 6, Optimism, a layer 2 solution for Ethereum, implemented the Bedrock hard fork with the aim of improving deposit times, reducing fees, and enhancing network security. According to a Nansen report from June 26, daily fees on the Optimism network decreased from $80,000 worth of Ether just before the upgrade to $50,000 by late June.
Following the hard fork, Optimism experienced a significant surge in transactions. Transaction volume rose sharply, surpassing 400,000 around June 5 to 9. While the growth rate slowed after the initial spike, it reached a peak of over 550,000 transactions on or around June 15.
Subsequently, the transaction volume started to decline gradually, reaching a daily count of 500,000 by the end of the data collection period around June 23, as indicated in a chart shared in Nansen’s Twitter thread.
Diverse Apps Thrive On Optimism
The leading app on Optimism before the report was Galxe, a decentralized credential protocol, which recorded more than 528,000 transactions during the week. The second-highest transaction count belonged to the USD Coin stablecoin, with over 170,000 transactions. The remaining top five apps on Optimism included the Stargate Finance cross-chain bridge, the Perpetual Protocol futures trading app, and the Gnosis Safe multisignature wallet.
The Bedrock upgrade was a part of a broader initiative to establish a “Superchain,” which encompasses multiple blockchain networks relying on the same software for enhanced security and interoperability.
Coinbase confirmed that its Base network would be joining Optimism as a component of the Superchain. The Base team had previously unveiled its preliminary roadmap titled “Path to Mainnet” on May 24.