Optimism token OP hits all-time high Bedrock upgrade news

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  • OP is up more than 30% in the last 24 hours, hitting a new all-time high of $2.97 on Coinbase
  • Despite the cryptocurrencies rally on Thursday, optimism is outperforming major coins.
  • The gain comes for optimism amid buying pressure following news of an upgrade offer planned for activation on March 15.

Optimism is rallying again as excitement around Ethereum Layer 2 scaling solutions grew following a major news announcement.

OP reached a new all-time high of $2.97 as seen on the 4-hour chart below coinbase, As of 11:20 AM ET on February 2nd, the platform’s native token OP was trading at $2.91, up more than 32% over the past 24 hours.

Chart showing the Optimism price rally to new all-time highs on Coinbase. source: trading view,According to data from CoinGecko, OP Token has gained 205% in price over the past 30 days, outperforming major coins. Nearly 75% of the gains have come in the last two weeks as the market capitalization of the platform has grown rapidly to currently stand at around $625 million.

Why is the price of OP token increasing

Optimism has gained momentum in the past few hours as buying pressure has mounted ahead of what promises to be a groundbreaking network upgrade.

Wednesday, The Optimism Foundation free Proposal to deploy upgrades to the protocol’s mainnet. According to the proposal, the upgrade aims to improve network performance through Optimism Collective: Bedrock.

This is the first major upgrade to the Optimism protocol and brings a rollup architecture to the protocol, with transaction batching as one of the key features, which could highlight the major impact the upgrade could have on blockchain performance.

,This upgrade brings a new level of modularity, simplicity and Ethereum equivalence to Layer 2 solutions, delivering unprecedented performance and functionality.wrote the Optimism Foundation.

Improvements that will be added through the Bedrock release include lower transaction fees, higher throughput, and improved sync speeds.

According to the team, the upgrade will not affect most users as the Optimism mainnet is “already EVM-equivalent”. However, some users, including those running full and archive nodes, will need to take action to prepare for the upgrade.

The Bedrock proposal is expected to go through a two-week voting period, with deployment to the mainnet on March 15 if passed.

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