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.