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Transactions on the Optimism network surged 67% following its June 7 \u201cBedrock\u201d upgrade, according to a June 26 Twitter thread from blockchain analytics firm Nansen. The network had been seeing less than 300,000 transactions per day before the upgrade, but this figure increased to over 550,000 by the middle of June.<\/p>\n
\nSince Optimism’s Bedrock upgrade on June 6<\/p>\n
Its daily transactions have increased by about 67% to ~500k<\/p>\n
And gas fees are reduced by about 50% to ~$50k pic.twitter.com\/9ACIMMFHbl<\/a><\/p>\n
\u2014 Nansen (@nansen_ai) June 26, 2023<\/a><\/p><\/blockquote>\n
Optimism, a layer 2 of Ethereum,\u00a0implemented its Bedrock hard fork<\/a> on June 6. It was intended to reduce deposit times and fees, as well as increase the network\u2019s security. According to the June 26 Nansen report, daily fees have fallen from $80,000 worth of Ether (ETH<\/a>) directly before the upgrade to only $50,000 as of late June.<\/p>\n
Optimism saw a sharp increase in transactions immediately following the hard fork, rising to over 400,000 from approximately June 5 to 9. Volume rose slower after the initial spike, reaching a peak of over 550,000 on or around June 15. It then started to fall slowly, reaching 500,000 transactions per day by the end of the time data was collected around June 23, according to a chart posted in Nansen\u2019s Twitter thread.<\/p>\n
Related: <\/strong>Binance\u2019s BNB Chain introduces layer-2 testnet powered by Optimism<\/strong><\/a><\/em><\/p>\n
The top Optimism app leading up to the report was the decentralized credential protocol Galxe, which saw over 528,000 transactions during the week. The USD Coin (USDC<\/a>) stablecoin had the second-highest transaction count at over 170,000. 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.<\/p>\n
The Bedrock upgrade was part of a broader set of proposals to create a \u201cSuperchain\u201d consisting of multiple blockchain networks that rely on the same software for security and interoperability. Coinbase confirmed that its Base network would join Optimism<\/a> as part of the Superchain. The Base team announced its \u201cPath to Mainnet\u201d<\/a>\u00a0preliminary roadmap on May 24.<\/p>\n<\/div>\n