A red-hot Ethereum (ETH) scaling solution printed a fresh all-time high on Thursday after a new protocol upgrade proposal.
Optimism (OP) reached a peak of $3.10 on Thursday, the token’s new all-time high (ATH).
OP has since retraced to $2.81 at time of writing, but the 81st-ranked crypto asset by market cap is still up 1.76% in the past 24 hours and nearly 32% in the past seven days.
OP’s recent price action kicked off after the Optimism Foundation proposed the first protocol upgrade to the Optimism Collective.
The Optimism Foundation has proposed the first protocol upgrade to the Optimism Collective: Bedrock. ???
See the full proposal here: https://t.co/ulJcbGKFsk
— Optimism Governance (@OptimismGov) February 1, 2023
The upgrade, named “Bedrock,” is a “complete rewrite of the core components of the Optimism architecture,” according to Ben Jones, the director of the Optimism Foundation.
“This upgrade offers a new level of modularity, simplicity, and Ethereum equivalence for layer 2 solutions, providing unprecedented performance and functionality…
In addition to these technical improvements, the Bedrock upgrade is a significant step towards the multi-chain future. By creating a shared standard, the OP Stack 24, Bedrock sets the stage for a Cambrian explosion of aligned L2s [layer 2s]. This is an opportunity for leadership in the Ethereum ecosystem.”
Optimism’s total value locked (TVL) has also gone up more than 4% in the past 24 hours, according to the decentralized finance data tracker DeFi Llama.
The TVL of a blockchain represents the total capital held within its smart contracts, and it is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
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