OP – the governance token of Ethereum layer 2 scaling solution Optimism – surged by more than 30% over the past 24 hours from $2.23 to $2.92, hitting a fresh all-time high.

The price action comes after Optimism Foundation released a proposal regarding upgrading the Optimism mainnet to Bedrock.

• The proposal stated that the upgrade seeks to provide a “new level of modularity, simplicity, and Ethereum equivalence for Layer 2 solutions, providing unprecedented performance and functionality,” including transaction costs, throughput characteristics, and sync speeds.
• The Bedrock upgrade is being touted as a significant step towards the multi-chain future in the OP ecosystem.
• It is a new generation of decentralized Rollup architecture developed by Optimism Labs, expected to pave the war for a “Cambrian explosion” of aligned Layer2s.

“We are confident that the post-Bedrock experience will be a positive change for developers in the Optimism ecosystem and have received consistent excitement for the upgrade from our partners. We are committed to making this upgrade a success and are eager to see the results in the months and years to come.”

• If the proposal receives the necessary votes in its favor, the upgrade will be scheduled for execution in 2 weeks – on March 15, at 9:00 AM PST.
• Over the past year, the Ethereum-based scaling product, which enables users to transact on the network for under a few cents in fees and transacting times of a few seconds, took the center stage in terms of adoption and activity.
• The total value locked (TVL) has increased from a little over $500 million at the beginning of the year to $746.2 million – increasing by over 52% in just a month.