Optimism’s OP was not left behind as the remainder of the market registered double-digit value upticks over the previous week. In reality, in keeping with CoinMarketCap, the worth of the Layer 2 (L2) token rallied by 16% over the past seven days.
Designed as an optimistic rollup community to boost the scalability of the Ethereum Chain, Optimism ranks second as essentially the most used L2 answer supplier. It’s behind Arbitrum with a complete worth locked of $1.60 billion.
In a Twitter thread shared on 8 September, Optimism confirmed that the transition of the Ethereum Community to a PoS consensus mechanism wouldn’t have an effect on its operations, and deposits & withdrawals on the community will proceed to “work as typical.” It additional added that upon the completion of the merge, its transaction knowledge and state roots can be posted to the PoS chain. Additionally, its nodes would proceed to “learn knowledge from the post-Merge chain.”
OP-timistic traders
On the time of writing, 1 OP token was obtainable for $1.37. Over the previous week, buying and selling quantity for the cryptocurrency asset grew by 109% on the charts.
Higher liquidity was additionally pushed into the OP market throughout the interval below overview as key indicators rose above their respective impartial positions. At press time, the Cash Movement Index was 62. The asset’s Relative Energy Index was additionally positioned at 54. The dynamic line of the Chaikin’s Cash Movement was pegged at 0.02, above the 0.0 heart line indicating development in shopping for strain.
Supply: TradingView
On-chain efficiency
With the proposed launch of Optimism’s EIP-4844 and Optimism Bedrock forward of the Ethereum Merge, it’s no shock that improvement exercise on the community has grown over the previous few months. In line with Santiment, this has seen a 23% hike within the final 180 days.
With an expectation of appreciable development within the value of the L2 token post-merge, whales have step by step elevated their OP holdings too. Because of this, addresses holding between 1,000,000 to 10,000,000 OP tokens stood at 3.14% of all addresses holding the crypto-asset.
4 months in the past, this was 2.86%.
Supply: Santiment
With the L2 ecosystem turning into more and more aggressive, Optimism’s each day income has declined steadily within the final 180 days. In line with knowledge from Token Terminal, each day income on the community has dropped by 29% within the final 180 days, 76% within the final 90 days, and 26% prior to now 30 days.
In reality, when put next with different L2 answer suppliers comparable to dYdX and Loopring, Optimism’s each day income has been essentially the most inconsistent over the past 30 days.
Supply: Token Terminal
L2s post-merge
On the affect of the Ethereum Merge of L2 answer suppliers, many trade consultants consider that L2s will proceed to perform as typical. In a current interview, for example, the CTO of Bitfinex Paolo Ardoino opined that “It will likely be enterprise as typical for L2s.”
In line with Anton Gulin, International Enterprise Director at AAX Change, with the Merge, “the remainder of the L2s would both adapt or seize to exist.”
