Optimism is gearing up for its eventual mainnet improve subsequent week. This improve will supply decrease protocol and safety charges for customers on the platform. This led to the ecosystem’s governance token, OP, having fun with a rise in value, albeit a modest 3.7% up to now 24 hours.
This value motion solely got here after final month’s dismal efficiency the place OP dropped by over 30% within the month-to-month timeframe.
With the promise of decrease charges together with Ethereum-like safety for the approaching improve, we would see OP proceed its current bullishness.
Optimism: Laying The Bedrock For Future Growth
Touted because the Bedrock mainnet improve, it goals to enhance effectivity to drive down prices for buyers on the platform. According to Optimism’s latest weblog publish, it ought to be capable of drive protocol and safety prices by a whopping 47%. The improve will use channels that will likely be cut up once more to additional optimize information compression.
🚀🌐 Layer2 community Optimism is gearing up for the Bedrock Upgrade quickly!
💡💎 Discover how this game-changing replace boosts scalability, safety, and effectivity for Optimism, and what it means for the way forward for #Ethereum.#Optimism $OP #Layer2 #EIP1559
— KuCoin (@kucoincom) June 2, 2023
This improve additionally corresponds to Ethereum’s Dencun improve, which can drive down on-chain prices on account of danksharding. Danksharding is a course of that makes information blobs out there to be used by Layer 2 protocols like Optimism. This enchancment would make Optimism extra enticing to builders.
OP whole market cap at the moment at $970 million on the weekend chart: TradingView.com
Along with the Bedrock improve is the upcoming OP Stack Mods that are enhancements on the OP Stack layer by group members. These modifications could be voted on by the group to be an official a part of the OP Stack layer.
The improve additionally opens a path for Optimism to incorporate enhancements on its fault proofs with incentives for the group to suggest enhancements within the system.
At $1.50, How Can This Impact OP Price?
The token’s present trajectory places it on an ideal path in direction of increased highs within the coming days. At the second, OP bulls are focusing on $1.70 within the medium to long run with a possible to interrupt by towards the $2 vary. If the momentum permits it, buyers and merchants ought to proceed its present value motion for increased positive aspects.
Source: CoinMarketCap
With Bitcoin gaining floor on the time of writing, the positive aspects made by OP bulls needs to be boosted within the medium time period. However, buyers needs to be cautious of any bearish advances which may come within the subsequent couple of days.
The token’s present assist at $1.3 has no backing which might pull OP to the sub-$1 vary. If this occurs, OP bulls ought to be capable of endure a potential drop to $0.5 assist. But the present momentum held by the token is sufficient for buyers to confidently goal increased highs within the coming days.
-Featured picture from Shutterstock