Transactions on the Optimism network surged 67% following its June 7 “Bedrock” upgrade, according to a June 26 Twitter thread from blockchain analytics firm Nansen. The network had been seeing less than 300,000 transactions per day before the upgrade, but this figure increased to over 550,000 by the middle of June.
Since Optimism’s Bedrock upgrade on June 6
Its daily transactions have increased by about 67% to ~500k
And gas fees are reduced by about 50% to ~$50k pic.twitter.com/9ACIMMFHbl
— Nansen (@nansen_ai) June 26, 2023
Optimism, a layer 2 of Ethereum, implemented its Bedrock hard fork on June 6. It was intended to reduce deposit times and fees, as well as increase the network’s security. According to the June 26 Nansen report, daily fees have fallen from $80,000 worth of Ether (ETH) directly before the upgrade to only $50,000 as of late June.
Optimism saw a sharp increase in transactions immediately following the hard fork, rising to over 400,000 from approximately June 5 to 9. Volume rose slower after the initial spike, reaching a peak of over 550,000 on or around June 15. It then started to fall slowly, reaching 500,000 transactions per day by the end of the time data was collected around June 23, according to a chart posted in Nansen’s Twitter thread.
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The top Optimism app leading up to the report was the decentralized credential protocol Galxe, which saw over 528,000 transactions during the week. The USD Coin (USDC) stablecoin had the second-highest transaction count at over 170,000. The remaining top five apps on Optimism included the Stargate Finance cross-chain bridge, the Perpetual Protocol futures trading app and the Gnosis Safe multisignature wallet.
The Bedrock upgrade was part of a broader set of proposals to create a “Superchain” consisting of multiple blockchain networks that rely on the same software for security and interoperability. Coinbase confirmed that its Base network would join Optimism as part of the Superchain. The Base team announced its “Path to Mainnet” preliminary roadmap on May 24.