Ethereum Scaling Altcoin Rips to Fresh All-Time High Amid New Protocol Upgrade Proposal

The red-hot Ethereum (ETH) scaling solution hits new all-time highs on Thursday after a new protocol upgrade proposal.

Optimism (OP) peaked at $3.10 on Thursday, a new high for the token (ATH).

While the OP is back at $2.81 at the time of writing, the 81st-ranked crypto asset by market capitalization is up 1.76% over the past 24 hours and nearly 32% over the past 7 days.

OP’s Recent Price Action Started After Optimism Foundation Proposed First protocol upgrade to the Optimism Collective.

The Optimism Foundation proposed Bedrock, the first protocol upgrade for the Optimism Collective. ???

See full suggestions here. https://t.co/ulJcbGKFsk

Optimism Governance (@OptimismGov) February 1, 2023

Dubbed “Bedrock,” the upgrade is “a complete rewrite of the core components of the Optimism architecture.” According to Ben Jonesdirector of the Optimism Foundation.

This upgrade brings a new level of modularity, simplicity and parity to Ethereum for Layer 2 solutions, delivering unprecedented performance and functionality

In addition to these technical improvements, the Bedrock upgrade is an important step towards a multi-chain future. By creating a common standard, OP Stack 24, Bedrock sets the stage for an aligned L2 Cambrian explosion. [layer 2s]This is your chance to demonstrate leadership in the Ethereum ecosystem. “

Optimism’s total locked value (TVL) has also increased by more than 4% over the last 24 hours, according to the decentralized financial data tracker. defi lama.

Blockchain TVL represents the total capital held within a smart contract and is calculated by multiplying the amount of collateral locked into the network by the current value of the asset.

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