10 months ago
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Succeeded in reducing gas bills
Ethereum (ETH) L2 network Optimism has cut its gas bill by 56% after implementing its Bedrock upgrade this week.
According to Dune’s dashboard showing post-upgrade performance, the average gas bill dropped from $0.298 just before the upgrade to $0.129 at the time of writing. One of Bedrock’s goals this week was to lower gas prices.
Source: Dune
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Looking at transactions by type, gas costs for Ethereum remittances are the most reduced -66%. ERC-20 token remittance and NFT (Non-Fungible Token) issuance are next reduced by 62%. On the other hand, contract deployment (deployment) is in the 30% range by type and size.
Source: Dune
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Michael Silberling, an on-chain data analyst at OP Labs, which is involved in the development of Optimism, told The Block that “about 86% of transaction costs are incurred when submitting data to Ethereum.”
What is L2
Abbreviation for “Layer 2”, which is the “second layer” of the network. Processing all transactions on the main chain would increase the load, leading to slower processing speeds and higher network fees. By performing part of the transaction in L2, we can expect to reduce the load on the main chain and improve the processing speed.
Cryptocurrency Glossary
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Features of Optimism
Optimism works in a way called Optimistic Rollup (ORU). It processes multiple transactions on its own L2 network, combines them into one, and submits the data to Ethereum, which is L1. Bedrock has introduced techniques to lower fees by minimizing data costs.
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While the current data is positive for users as well, Silberling explained, “The average cost per transaction is driven by the Ethereum transaction cost.” This is not something Optimism can control. Therefore, Optimism’s gas price may fluctuate.
Still, in the days following the upgrade, Bedrock has reduced users’ transaction costs by a total of about ¥22.8 million ($163,624).
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The post Optimism cuts gas bills by 56% after major upgrade “Bedrock” appeared first on Our Bitcoin News.
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