- OP is up more than 30% in the last 24 hours, reaching a new all-time high of $2.97 on Coinbase.
- Optimism outweighs major coins as crypto rises Thursday.
- Optimism gains come amid buying pressure after news of an upgrade offer scheduled to activate on March 15th.
As excitement around Ethereum’s Layer 2 scaling solution builds following a major news announcement, optimism is building again.
OP hit an all-time high of $2.97 on Coinbase, as shown in the 4-hour chart below. Token OP is trading at $2.91, up more than 32% over the past 24 hours.
According to data from CoinGecko, the price of OP token has increased by 205% in the last 30 days, outperforming the leading coins. About 75% of the profits have come in the last two weeks, as the platform’s market cap has climbed steadily to about $625 million now.
Why the price of OP Token is skyrocketing
The rise in optimism over the past few hours was due to increased buying pressure ahead of what promised a groundbreaking network upgrade.
Wednesday, Optimism Foundation release A proposal to try to roll out an upgrade to the mainnet of the protocol. According to the proposal, the upgrade aims to improve network performance via Optimism Collective: Bedrock.
We are very excited to put this historic proposal in front of Token House. Bedrock is the culmination of years of research and development, and we see it as the next important step towards a modular, simplified, and high-performance multi-chain future.https://t.co/urk6U9aABj pic.twitter.com/ebxsvtBM8N
— Optimism (✨🔴_🔴✨) (@optimismFND) February 1, 2023
This is the first major upgrade of the Optimism protocol and brings a rollup architecture to the protocol. One of the main features, transaction batching, highlights the huge impact upgrades can have on blockchain performance.
“This upgrade brings a new level of modularity, simplicity, and parity to Ethereum for Layer 2 solutions, delivering unprecedented performance and functionality.,” wrote the Optimism Foundation.
Improvements planned for the Bedrock release include lower transaction fees, higher throughput, and improved sync speeds.
According to the team, the Optimism mainnet is “already on par with EVM” so the upgrade won’t affect most users. should take action in preparation for the upgrade.
Bedrock’s proposal will go through a two-week voting period and, if approved, will be rolled out to mainnet on March 15th.