Optimism (OP), the promising blockchain protocol, has gained momentum as its activity recently surged. One of the contributing factors to this growth has been the interest in Worldcoin, attracting a significant number of investors and users to the network. However, it wasn’t just Worldcoin driving activity to Optimism; Coinbase also played a crucial role. The launch of Coinbase’s BASE chain, built on top of the OP Stack, saw a remarkable surge in deployed contracts when its development network (devnet) went live. During the launch week, newly deployed contracts increased by an impressive 400%, showcasing the growing activity and adoption of Coinbase’s BASE chain.
The increased activity on Optimism has also benefited other decentralized applications (dApps) on the protocol, witnessing significant growth. Velodrome Finance, a central trading and liquidity marketplace on Optimism, experienced a remarkable 63.8% increase in market capitalization during this period. Moreover, the fees generated on the platform surged impressively by 364.7%. Despite these gains, VelodromeFi still had some ground to cover to reach its all-time high (ATH). However, with its current fee generation indicating even higher potential, the platform shows promise for further growth and profitability.
Thanks to these factors, Optimism’s Total Value Locked (TVL) has experienced substantial growth, surpassing the $900 million milestone and inching closer to the coveted $1 billion mark. This growth signals increased confidence and interest in the platform. However, it’s worth noting that despite the rising TVL, the volumes of decentralized exchanges (DEX) on Optimism have been declining. This suggests that the protocol may still have room for improvement in the DeFi sector. Addressing the challenges DEX volumes face will further enhance Optimism’s position in the decentralized finance space.
The OP token, the native cryptocurrency of the Optimism protocol, has also seen positive movement in the market. The OP token traded at $1.58 when writing, with a notable 5.83% appreciation in the last 24 hours. As the platform continues to witness increased adoption and activity, the future looks promising for Optimism and its native token, OP, in the dynamic and rapidly evolving world of blockchain and decentralized finance.