Optimism Network Witnesses 67% Surge in Transactions After Bedrock Upgrade, Reports Nansen

Following the implementation of its Bedrock upgrade on June 6, the Optimism network witnessed a remarkable 67% increase in transactions, as highlighted in a recent Twitter thread by blockchain analytics firm Nansen on June 26. Prior to the upgrade, the network was averaging less than 300,000 transactions per day, but this number surged to over 550,000 by mid-June.

As a layer 2 solution for Ethereum, Optimism’s Bedrock hard fork aimed to enhance the network’s security while reducing deposit times and fees. According to Nansen’s report, daily fees declined from $80,000 worth of Ether just before the upgrade to a mere $50,000 in late June.

The surge in transactions on Optimism was immediate following the hard fork, peaking at over 400,000 from around June 5 to 9. Although the volume growth slowed after the initial spike, it reached its highest point of over 550,000 transactions around June 15. The number then gradually decreased, settling at approximately 500,000 transactions per day by the end of the data collection period around June 23, as indicated in the chart shared in Nansen’s Twitter thread.

During the period analyzed, the leading Optimism application was the decentralized credential protocol Galxe, which recorded over 528,000 transactions for the week. The USD Coin stablecoin followed with more than 170,000 transactions. The remaining top five applications on Optimism included the Stargate Finance cross-chain bridge, the Perpetual Protocol futures trading app, and the Gnosis Safe multisignature wallet.

The Bedrock upgrade forms part of a broader initiative to establish a “Superchain,” consisting of multiple interconnected blockchain networks that rely on the same software for enhanced security and interoperability. Coinbase confirmed that its Base network would be joining Optimism as part of this Superchain. The Base team had previously unveiled its “Path to Mainnet” preliminary roadmap on May 24.

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