• In June, Optimism’s network activity trended upwards as the Bedrock upgrade resulted in savings of nearly 75% on each transaction.
• Transactions on Arbitrum trended sideways for much of June, whereas Optimism registered a sharp spike in transactional activity.
• According to L2 Fees, it requires $0.10 for token swapping on Optimism as compared to $0.19 on Arbitrum.
Altcoin Optimism Catches Up To Arbitrum in L2 Race
Increase in Network Activity
In June, network activity on the Optimism blockchain saw an upward trend due to the Bedrock upgrade which resulted in savings of almost 75% per transaction. A researcher from blockchain analytics firm Nansen took to Twitter to draw attention to the trends developing in the Ethereum layer-2 ecosystem.
Transaction Data Comparison
The analyst compared the network activity of optimistic rollups like Optimism and Arbitrum and found that while daily active addresses on Arbitrum had seen a steady decline since its AirDrop distribution, those on Optimism had risen significantly during the same period. Similarly, transactions on Arbitrum stayed stagnant whereas those on Optmimsm registered a sharp spike.
Bedrock Upgrade Benefits
The implementation of the Bedrock upgrade reduced L1 prices (the cost of posting L2 transactions onto Ethereum) significantly – going from an average gas fee of $0.57 down to an average fee of $0.14 per transaction. This made token swapping with OP cheaper than with ARB – costing only $0.10 versus ARB’s $0.19 per swap according to L2 Fees data points .
Market Interest Grows
At press time, OP tokens were trading at around $1.32 – up 6% over 24 hours according to Santiment data – indicating growing market interest in the token and its associated network