- Optimism Superchain collected huge quantities of income for the protocol over the previous couple of weeks
- Regardless of the protocol’s efficiency, curiosity within the OP token tanked
Regardless of the rising competitors within the Layer 2 sector, Optimism[OP] has continued to exhibit progress throughout numerous fronts.
Tremendous chain brings within the dough
One of many causes for a similar is the Optimism Superchain. Optimism Superchain not too long ago turn into a magnet for capital, attracting over $6 billion in deposits from Ethereum L1. This surge in reputation will be additional underlined by the truth that property bridged to the Superchain account for a good portion – 25%, of the whole worth locked (TVL) bridged from Ethereum L1.
For context, the Optimism Superchain is sort of a assortment of L2s. It bundles a number of L2s collectively, each technologically and economically. This mixed method gives a number of benefits, together with streamlined operations and potential value efficiencies.
As an incentive for taking part within the Superchain, Optimism furnishes builders with entry to a useful toolkit, the OP Stack & Governance framework. This frequent set of instruments simplifies improvement and streamlines governance processes for L2s throughout the Superchain.
In April 2024, Base demonstrated its dedication to the Superchain by paying $1.86 million in Superchain membership charges to Optimism. This monetary contribution helps to make sure the continued improvement and upkeep of the Superchain.
Nonetheless, there have been some issues that arose when it was seen that Base had the next variety of month-to-month lively customers than the OP mainnet. The truth is, Token Terminal’s knowledge indicated that regardless of having the next variety of month-to-month lively customers, Base doesn’t essentially undermine OP Mainnet’s place throughout the Optimism Superchain.
OP Mainnet can retain its position because the Superchain’s Hub by offering a shared governance framework for all member chains. Sturdy efficiency by particular person member chains, like Base, will be useful for the complete ecosystem. This, as a result of high-performing chains contribute extra charges again to OP, additional supporting the Superchain’s improvement.
How is OP doing?
Regardless of Optimism community’s progress, general curiosity within the OP token declined. Moreover, the value of OP has fallen by 5.59% in simply 24 hours. At press time, OP was buying and selling at $2.96. The amount at which OP was buying and selling additionally fell by 22.75%.
Lifelike or not, right here’s OP market cap in BTC’s phrases
Additionally, community progress across the OP token declined considerably, indicating that the variety of new addresses displaying curiosity in OP fell.
If the waning curiosity from new addresses continues, the value of OP may see a correction within the close to future.