Optimism (OP), the Ethereum-based Layer-2 (L2) blockchain protocol, has announced the rescheduling of its Bedrock upgrade vote cycle. The new upgrade will now take place from the 2nd of March to April 5, a wide time span that will give every interested community member the opportunity to participate in the important event. The upgrade is designed to help remove or fix all the bugs that were discovered by the community members as part of the Bedrock Bug Bounty contest.
The wide time span for the scheduled protocol fixing will enable the core team members to fix all the discovered bugs when the voting period commences. Optimism noted that, as a relatively new L2 protocol, it is approaching this bug-fixing event seriously, considering it is the first of such that will be conducted by the outfit. In a statement, the team said: “Our confidence in the Bedrock upgrade remains strong – we anticipated the bounty contest would prove fruitful in our original proposal. Nevertheless, this is the Token House’s first ever upgrade vote. It’s critical to set the bar for rigor in all future protocol upgrades.”
Any bug fix on any protocol is aimed at improving the usability of the blockchain across the board. According to Optimism, the impact of the Bedrock upgrade is aimed at the long term, and as such, its focus is on building a protocol that works for all in a sustainable manner. This is beneficial for the protocol’s native token OP, as the more usable Optimism is, the more likely demand for the token will rise, which will aid the price growth.
At the time of writing, Optimism is down by 2.33% to $2.74 but still up by 11% in the past 7 days. The token is one of the frontline Layer-2 protocols whose price action has been consistent all year long. The Bedrock upgrade is expected to further solidify the token’s position in the market and provide a long-term benefit to its holders.
The Bedrock upgrade is an important milestone for Optimism, as it marks the beginning of a new era for the protocol. The team has made it clear that they are taking the bug-fixing event seriously and are committed to ensuring that the protocol is secure and reliable. This is a positive sign for the future of the protocol and the token, as it indicates that the team is working hard to improve the platform and make it more accessible to users.
In addition to the Bedrock upgrade, Optimism has also announced several new initiatives that are aimed at improving the user experience and increasing adoption. These include the launch of the Optimism Marketplace, which will enable users to buy and sell tokens on the platform, as well as the launch of the Optimism Explorer, which will provide users with a detailed view of the protocol’s transactions and activities.
The Bedrock upgrade and the new initiatives are all important steps for Optimism and its token OP. The team is committed to ensuring that the protocol is secure and reliable, and that it provides users with a great experience. With the upcoming upgrade, users can expect to see further improvements in the protocol’s usability and performance. This will help to drive further demand for the token, leading to increased price growth in the long run.
