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BitPlus Capital Reports Optimism (OP) Set to Rise Amid Canyon Upgrade and RetroPGF Rewards

Dive into the details of Optimism’s market performance, recent upgrades, and the RetroPGF program, showcasing its resilience and success in the dynamic cryptocurrency landscape.

Gibraltar, January 16, 2024 – Optimism (OP) stands as a beacon of innovation and growth in blockchain technology. Recently, the platform has undergone significant developments, most notably the deployment of the Canyon upgrade to its mainnet. This marks a crucial milestone in Optimism’s journey following the success of the Bedrock milestone rollout. Dr. Michael Bosch, an expert from BitPlus Capital, has shed light on these positive developments surrounding the Optimism Network, as he believes they will play a crucial role in advancing OP’s prices.

Canyon Upgrade Deployment: Addressing Bugs and Enhancing Stability

At midnight on January 12, 2024, Optimism officially ushered in a new era with the deployment of the Canyon upgrade. This upgrade, the first major one since Bedrock, focuses on resolving lingering bugs and optimizing the product development process.

With the Canyon upgrade, Optimism takes a crucial step towards a safer and more developer-friendly ecosystem. By removing the outdated and potentially dangerous SELFDESTRUCT function it safeguards against contract vulnerabilities. The upgrade also refines the EIP-1559 fee model, fostering a more stable and predictable cost environment for transactions. Moreover, optimizations like Push0, Coinbase, and Warm help developers create smaller, more secure smart contracts. In essence, the Canyon upgrade is a meticulous effort to synchronize with the current version of Ethereum while fortifying Optimism’s infrastructure.

Fraud Proof Mechanism: Testing the Waters

In a strategic pivot, Optimism has elected to prolong its Fraud Proof mechanism testing on the Goerli testnet. Despite initial plans for a transition to Sepolia in January 2024, the team will focus on Dencun upgrades and further refine experiment parameters on Goerli. This decision prioritizes thorough testing and development before deploying Fraud Proof on the mainnet. While the precise timeline for the mainnet launch remains undetermined, Optimism’s commitment to meticulous experimentation inspires confidence in the eventual success of this critical scalability solution.

RetroPGF Round 3: Fostering Community Impact

Optimism launched the third round of its RetroPGF program on January 12th, demonstrating its dedication to fostering a thriving ecosystem. This significant initiative channels 30M OP tokens (equivalent to $116 million) to 501 projects across diverse areas like Collective Governance, OP Stack development, and user adoption. This diverse range of projects reflects the multifaceted contributions driving the Optimism ecosystem forward.

Fueling the Optimism ecosystem, RetroPGF acts as an economic engine, providing vital support for writers, builders, educators, creators, and contributors. It offers a critical alternative funding source for those dedicated to building public goods, empowering them to flourish. Badgeholders, who serve as gatekeepers of value, allocate rewards based on the positive impact demonstrated by projects – from the work of established contributors to the innovative ideas of newcomers.

Building a Sustainable Economic System

More than just a blockchain platform, Optimism fosters a visionary economic system fueled by community contributions. Its RetroPGF program exemplifies this by consistently recognizing and rewarding impactful projects. Nineteen dedicated initiatives have participated in all three funding rounds, receiving over 5 million OP tokens in total. This unwavering commitment, with over half of Round 2 applicants returning for Round 3, highlights a thriving community invested in the collective’s future.

Eager to enhance its public goods funding program, Optimism is continuously experimenting with RetroPGF’s format, structure, and operational flow. This evolutionary approach targets the creation of a robust and dependable grant initiative that public goods projects can consistently rely on. Notably, RetroPGF currently operates on pre-allocated tokens, and future iterations will explore incorporating surplus protocol revenue, guaranteeing its long-term viability.

Market Performance: Riding the Waves of Success

Optimism (OP) price stands at $3.79 today, facing a slight correction after a 24-hour dip of 1.39%. However, the token’s recent trajectory remains positive, with a 6.9% increase over the past fortnight and a phenomenal 76.8% surge in the last 30 days. Looking back further, Optimism has delivered an impressive 189.1% return over the year, solidifying its position as a high-growth player in the crypto market.

Optimism is not only outperforming the global cryptocurrency market, which has seen a 5.80% increase, but it is also surpassing other cryptocurrencies within the Optimism Ecosystem, boasting a 6.90% price increase in the last seven days.

In conclusion, Optimism’s recent developments, highlighted by the Canyon upgrade, ongoing Fraud Proof testing, and the impactful RetroPGF program, underscore its commitment to growth, innovation, and community building. As the platform navigates the intricate landscape of blockchain technology, its focus on sustainability and community-driven initiatives positions it as a formidable player in the blockchain space. With an optimistic outlook and a trail of successful upgrades and programs, Optimism is undoubtedly shaping the future of decentralized finance and blockchain technology. 

Important notice: This article is purely informational and doesn’t offer trading or financial advice. Its content is not intended to be investment advice. We do not guarantee the validity of the information, especially when it pertains to third-party references or hyperlinks.

 

Contact Info: 

Name: BitPlus Capital 

Organization: BitPlus Capital 

Email: support@Bitpluscapital.com

Website: https://bitpluscapital.com/

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