The crypto space has seen increased trader enthusiasts lately. Leading crypto assets soared to monthly peaks. For instance, Bitcoin explored $24K as Ethereum surpassed the $1.750 level. Meanwhile, the Optimism protocol joined July’s upside party.
Optimism revealed impressive recovery signals recently. The OP coin flourished this week, gaining approximately 90% over the last seven days. Nevertheless, the altcoin noted declines to trade at around $1.63 during this publication.
What’s The Obsession?
Market players await the upcoming Bedrock upgrade on the Optimism network. OP’s developer Kelvin Fichter revealed crucial facets about the recent upgrade during his (latest) Paris presentation.
He compiled vital points via a tweet. The update will offer several new opportunities for decentralized applications based on ETH’s layer2 protocols. Fichter termed the Bedrock as the most cutting-edge roll-up design.
Bedrock targets to alleviate has when transacting on Ethereum. Meanwhile, it remains the only roll-up model to utilize ETH’s Engine API for execution/consensus client separation.
These innovations would likely make Bedrock the fastest, most seamless, and most decentralized platform within the L2/L1 interaction market.
Fichter also revealed about upcoming EIP-4844 launch on OP Labs. This update promises to reduce roll-up charges and allow ETH to scale while promoting decentralization. Nevertheless, these upgrades haven’t attracted everyone.
Vitalik Buterin tweeted that the roll-up upgrades aren’t ‘optimal.’ He urged that roll-ups available within the current market aren’t fully optimized.
The ETH co-founder trusts the need for improved per-transaction costs and fixed costs. That welcomed a rehabilitated belief within the community. Nevertheless, macro conditions still plague crypto market growth.
However, these upgrades would see Optimism making decent strides amid recoveries in the coming session.
As mentioned above, global economic conditions continue to dent the cryptocurrency industry. For instance, the crypto market has resorted to plummets following the latest surge. Bitcoin lost 2.04% within the past 24 hours to hover at $22,819.6 during this publication.
Also, the altcoin market has retraced today, with Ethereum surrendering the $1.6K level to change hands at $1,580. It remains interesting to watch upcoming trends in the crypto spectrum. What are your thoughts? Will bears dominate again? You can comment below.
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