2024-05-04 16:02:35
- The Optimism Superchain raised massive amounts of revenue for the protocol over the past few weeks
- Despite protocol performance, interest in the OP token fell
Despite increasing competition in the Tier 2 sector, Optimism[OP] has continued to show growth on several fronts.
Super chain brings the dough
One of the reasons for the same is the Optimism Superchain. The Optimism Superchain recently became a magnet for capital, attracting over $6 billion in Ethereum L1 deposits. This rise in popularity can be further emphasized by the fact that assets linked to the Superchain represent a significant portion (25%) of the total value locked (TVL) linked from Ethereum L1.
For context, Optimism Superchain is like a collection of L2s. It brings together several L2s, both technologically and economically. This combined approach offers several benefits, including streamlined operations and potential cost efficiencies.
As an incentive to participate in Superchain, Optimism gives developers access to a valuable toolset, the OP Stack & Governance framework. This common set of tools simplifies development and streamlines management processes for L2s in the Superchain.
In April 2024, Base demonstrated its commitment to Superchain by paying $1.86 million in Superchain membership fees to Optimism. This financial contribution helps to ensure continued development and maintenance of the Superkjeden.
However, some concerns were raised when Base was seen to have a higher number of monthly active users than OP’s main network. In fact, Token Terminal data indicated that despite Base having a higher number of monthly active users, Base does not necessarily undermine OP Mainnet’s position in the Optimism Superchain.
The OP Mainnet can retain its role as a Superchain hub by providing a common governance framework for all member chains. The good performance of individual member chains, such as Base, can be beneficial to the entire ecosystem. This is because high performing chains bring more fees to OP, further supporting the development of the Super Chain.
How is the OP doing?
Despite the progress of the Optimism network, overall interest in the OP token declined. Furthermore, OP’s price has fallen 5.59% in just 24 hours. At press time, OP traded at $2.96. OP’s trading volume also fell by 22.75%.
Realistically, here it is OP market value in BTC terms
Furthermore, network growth around the OP token decreased significantly, indicating that the number of new addresses showing interest in OP decreased.
If the waning interest from new addresses continues, OP price may see a correction in the near future.
This is an automatic translation of our English version.
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