How Optimism’s Game-Changer Could Impact OP Price
Optimism is gearing up for its eventual mainnet upgrade 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 worth, albeit a modest 3.7% prior to now 24 hours.
This worth 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 Progress
Touted because the Bedrock mainnet upgrade, it goals to enhance effectivity to drive down prices for traders on the platform. In keeping with Optimism’s latest weblog put up, it ought to be capable to drive protocol and safety prices by a whopping 47%. The improve will use channels that can be break up once more to additional optimize information compression.
🚀🌐 Layer2 community Optimism is gearing up for the Bedrock Improve quickly!
💡💎 Uncover 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 because of danksharding. Danksharding is a course of that makes information blobs accessible to be used by Layer 2 protocols like Optimism. This enchancment would make Optimism extra enticing to builders.
OP complete market cap presently at $970 million on the weekend chart: TradingView.com
Together with the Bedrock improve is the upcoming OP Stack Mods that are enhancements on the OP Stack layer by group members. These modifications may 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 Influence OP Value?
The token’s present trajectory places it on an ideal path in the direction of increased highs within the coming days. In the meanwhile, OP bulls are concentrating on $1.70 within the medium to long run with a possible to interrupt by means of towards the $2 vary. If the momentum permits it, traders and merchants ought to proceed its present worth motion for increased good points.
Supply: CoinMarketCap
With Bitcoin gaining floor on the time of writing, the good points made by OP bulls must be boosted within the medium time period. Nonetheless, traders must be cautious of any bearish advances that may come within the subsequent couple of days.
The token’s present help at $1.3 has no backing which may pull OP to the sub-$1 vary. If this occurs, OP bulls ought to be capable to endure a doable drop to $0.5 help. However the present momentum held by the token is sufficient for traders to confidently goal increased highs within the coming days.
-Featured picture from Shutterstock
