Bedrock update cuts Optimism network fees in half

What is optimism?
What is optimism?

The average transaction fee on Optimism’s L2 network dropped by 56% from $0.57 to $0.16 after the recent Bedrock update, according to a Dune dashboard.

Average gas charge in Optimism before and after the update. Data: Dune.

Over the past few days, users have saved nearly $150,000 in gas bills.

“Most of the total cost of a transaction, about 86%, comes from the expected costs of sending data to [Ethereum],” Michael Silberling, network data analyst at OP Labs, told The Block.

According to him, the decrease in commissions in Optimism is due to the fall in gas prices in the main network. At the time of writing, the Ethereum average is at 30 Gwei.

Average gas fee in Ethereum. Data:

Optimism is currently one of the cheapest Tier 2 networks in terms of fees. In the rating of the L2Fees service, only Loopring and Polygon are ahead of it.

Average commission in L2 networks. Data:

According to DefiLlama, the total amount of funds blocked in Optimism reaches $865.5 million.

Recall that in May, the Worldcoin startup team announced the transfer of applications from the Polygon network to the Optimism ecosystem. OpenAI CEO Sam Altman’s project began collaborating with the developers of the L2 solution almost a year ago to develop an Ethereum improvement proposal, EIP-4844.

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