Gas Fees on Optimism Plunge After Bedrock Upgrade

The crucial Bedrock upgrade has significantly reduced transaction fees on the Optimism layer-2 network.

Gas Fees on Optimism Plunge After Bedrock Upgrade

According to data compiled by the OP Labs team on Dune, transaction fees on the Optimism network have been cut by more than half, dropping from 6,890 gas units to 3,000 gas units.

Transaction Fees on Optimism Have Been Reduced by Over Half. Source: Dune Analytics

The Bedrock upgrade, which was implemented on June 7, has introduced a series of positive changes that enhance network performance and reduce transaction costs on Optimism. This upgrade has saved users nearly $150,000 in just a few days, according to the statistics.

Michael Silberling, an on-chain analyst at OP Labs, noted that the majority of transaction fees, approximately 86%, are associated with data sent to Ethereum.

In addition, Ethereum transaction fees have also decreased. Combining these two factors, the average transaction fee on Optimism has dropped from $0.57 to $0.16.

Average Gas Fee for a Transaction on Optimism. Source: Dune Analytics

However, Silberling clarified that the "average fee per transaction" on Optimism can fluctuate depending on Ethereum’s gas fees, which are beyond the project's control. Recently, Optimism announced that ETH would be considered a native token of this layer-2 solution, operating alongside OP.

Optimism's approach involves batching multiple transactions together before sending them to Ethereum in a single transaction. This strategy promotes the use of OP Stack, a modular structure with superior scalability, with the ambition of transforming the platform into a “Superchain.”

Base by Coinbase also utilizes the Stack for their layer-2 network, facilitating faster and cheaper transactions while maintaining a certain level of Ethereum’s security.

Currently, Optimism holds approximately $830 million in TVL, and the price of OP is moving in tandem with the broader market conditions.

4h Chart of OP/USDT on Binance as of 09:20 AM, June 10, 2023