- Optimism Superchain collected huge quantities of income for the protocol over the previous few 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 development throughout varied fronts.
Tremendous chain brings within the dough
One of many causes for a similar is the Optimism Superchain. Optimism Superchain just lately develop into a magnet for capital, attracting over $6 billion in deposits from Ethereum L1. This surge in recognition may be additional underlined by the truth that property bridged to the Superchain account for a good portion – 25%, of the full 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 presents 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 precious toolkit, the OP Stack & Governance framework. This frequent set of instruments simplifies growth and streamlines governance processes for L2s inside 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 growth and upkeep of the Superchain.
Supply: X
Nonetheless, there have been some issues that arose when it was seen that Base had a better variety of month-to-month lively customers than the OP mainnet. In actual fact, Token Terminal’s knowledge indicated that regardless of having a better variety of month-to-month lively customers, Base doesn’t essentially undermine OP Mainnet’s place inside the Optimism Superchain.
OP Mainnet can retain its position because the Superchain’s Hub by offering a shared governance framework for all member chains. Robust efficiency by particular person member chains, like Base, may be helpful for the complete ecosystem. This, as a result of high-performing chains contribute extra charges again to OP, additional supporting the Superchain’s growth.
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%.
Sensible or not, right here’s OP market cap in BTC’s phrases
Additionally, community development 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 might see a correction within the close to future.
Supply: Santiment