Because to its NFT search efforts, Optimism, a DeFi protocol, has seen a huge rise in activity. With an average growth rate of 32%, the initiatives have resulted in tremendous growth for all participants.
The success of these NFT quests aided the overall growth of the Optimism protocol, which rose in value by 56%.
Optimism Quests is a campaign that guides users through the platform’s many apps, teaching them how to use them in exchange for commemorative NFTs.
Despite this rise, Optimism remained behind Arbitrum, another decentralized financial system, in terms of TVL. According to Dune Analytics, the explanation for this might be that consumers are conserving more ETH while utilizing Arbitrum.
However, there was an increase in Optimism’s TVL, and it may ultimately overtake Arbitrum. According to DefiLlama statistics, the TVL of Optimism increased by 36%, rising from $516 million to $705.29 million.
While the price of the OP token continued to rise, everyday activity decreased.
Notably, the number of daily active addresses with OP has decreased from 11,246 to 6,802 in the last month.
Furthermore, development activity on Optimism has decreased in the recent week, implying that developer contributions have decreased. This decrease in development efforts sparked worries about impending platform upgrades and updates.
Despite these hurdles, Optimism has formed various strategic alliances that give reasons to be optimistic about the OP token. Optimism recently collaborated with Sherlock DeFi and ArkhamIntel, two major decentralized money protocols.
These collaborations have the potential to expand the distribution and utilization of the Optimism protocol, resulting in future growth.
According to CoinMarketCap, the OP token was worth $2.25 at the time of writing and had dropped by 3.21% in the previous 24 hours.
