According to a Twitter thread on June 26 by blockchain analytics company Nansen, the network had fewer than 300,000 transactions per day before the upgrade, but this number increased to over 550,000 in mid-June.
Optimism, Ethereum’s layer-2 solution, deployed the Bedrock hard fork on June 6. It aimed to reduce transaction time and fees while enhancing network security. According to the report by Nansen on June 26, daily fees decreased from 80,000 USD worth of Ether (ETH) just before the upgrade to only 50,000 USD by the end of June.
Following the hard fork, Optimism experienced a significant increase in transaction volume, surpassing 400,000 from around June 5 to June 9. The growth rate slowed down after the initial surge, reaching a peak of over 550,000 around June 15. Subsequently, it began to gradually decrease, reaching 500,000 transactions per day by the end of the data collection period around June 23, according to a chart posted in a Twitter thread by Nansen.
The Bedrock upgrade is part of a series of proposals aimed at creating a “Superchain” consisting of multiple blockchain networks based on the same software for security and interoperability. Coinbase has confirmed that their Base network will participate in Optimism as part of the Superchain.