Optimism Renames Blockchain To $OP Mainnet

Optimism Renames Blockchain To $OP Mainnet

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Layer-2 scaling solution Optimism Labs has announced the renaming of its blockchain to “OP Mainnet.”

The name change “makes clear the the delineation between the OP Mainnet blockchain and the Collective, vibe, and ethos that “Optimism” encompasses.” In the thread, Optimism continued that this move is motivated by its desire to create a “superchain”, that OP Mainnet “will be one L2 chain among many”, alongside Base, Celer, and Polygon zkEVM, among others.

A New Name After Bedrock

Optimism recently rolled out its Bedrock upgrade last June 6. With this much-anticipated upgrade, (the “bedrock” for the superchain-to-come), all associated and integrated chains either constructed within or designed in alignment with the OP tech stack (developer tooling, APIs, and SDKs) will be linked over, enabling smooth communication over a unified ecosystem. It was estimated that the upgrade would significantly reduce gas fees by 40% through a more refined data compression. The Bedrock upgrade brought Optimism a step closer to its goal of creating a superchain.

Optimism has stayed its course as among the top L2 solutions, second only to its main rival Arbitrum. However, Optimism recently edged out Arbitrum in terms of transaction volume last January. Arbitrum still has the advantage in terms of total value locked (TVL).

As of writing, Arbitrum has a total of $2.2b total in TVL while Optimism lags behind at $824m. One reason for this is Optimism’s focus on DEXs and derivatives protocols. Arbitrum’s operations also involve the previous two but more importantly, they also include cross-chain protocols, lending protocols, and yield farming. However, with the recent upgrade, a boost in Optimism’s competitiveness is expected as Bedrock will enable faster transactions with significantly cheaper fees.

Implications Of The Change Change

The shift from "Optimism" to "OP Mainnet" doesn't merely represent a rebranding effort; it also signals a transformative shift in the platform's strategy and vision. The intention to create a "superchain" indicates a drive towards more comprehensive interoperability and connectivity within the Ethereum ecosystem. OP Mainnet's aspiration to be one Layer 2 chain among many reflects a collective ambition to decentralize and democratize the Layer 2 landscape, broadening the scope for innovation and cooperation. This collaborative vision could drastically change the competitive dynamics within the Layer 2 space and Ethereum ecosystem more broadly.

The data reveals a dynamic rivalry between OP Mainnet and Arbitrum, both in terms of transaction volume and total value locked (TVL). This competition extends to the heart of each platform's design choices and strategic focus. While both platforms aim to enhance the scalability of the Ethereum network, their distinct approaches reflect different priorities.

OP Mainnet's single-round fraud proof system, although faster, is more expensive than Arbitrum's multi-round system. This difference has contributed to Optimism's lesser TVL and daily active addresses. However, the recent Bedrock upgrade is a potential game-changer in this respect.

If the upgrade can deliver on its promise of significant gas fee reduction, it might alter the balance between speed and cost, making OP Mainnet an increasingly attractive platform for users and developers alike. The effectiveness of this strategy and its potential to shake up the Layer 2 landscape remains to be seen, but the ambition behind it is clear.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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