Optimism holds strong, price spikes more than 50% this week

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Optimism (OP) witnessed a ten% worth enhance and an over 50% rise on the day by day and weekly timeframes, respectively.

The spike is underscored by progress in consumer exercise, plus strategic collaborations with Lisk and Gelato, in addition to a stable place because the second-largest Ethereum layer-2 community. 

In keeping with current information compiled by IntoTheBlock, the Optimism L2 blockchain now boasts over 5.9 million addresses with a steadiness — a considerable 391% enhance from January’s 1.2 million. This progress displays a rising curiosity in Optimism’s decentralized ecosystem, pushed by the Optimism Collective’s experiment in digital democratic governance.

By Dec. 22, the entire variety of addresses on the Optimism Layer 2 community had reached over 84.9 million, an 843% enhance in simply three months. A serious a part of this surge is as a result of Optimism’s third airdrop went easily on Sept. 18, with over $26 million price of OP tokens distributed to 31,870 distinctive addresses.

Optimism’s constructive transfer is additional bolstered by Lisk’s collaboration with Optimism and Gelato, signalling a strategic transfer from Layer 1 to Ethereum layer-2. This transition entails migrating Lisk’s LSK tokens onto the Ethereum platform, contributing to Optimism’s rising ecosystem.

Concurrently, the transaction rely on the Optimism community has seen a notable spike, indicating elevated consumer exercise. This uptick aligns with the heightened competitors amongst layer-2 options vying for prominence within the Ethereum ecosystem.

In keeping with L2Beat, Optimism at present has a large $5.2 billion in complete worth locked (TVL), clinching second place amongst layer 2 networks, dwarfed by solely Arbitrum. The OP token worth has elevated by an honest 45% this week, in line with CoinGecko

Optimism holds strong as price spikes 50% this week - 1

Optimism holding robust

Optimism got here out of Optimism Labs, a startup based by entrepreneurs Jinglan Wang, Kevin Ho, and Karl Floersch in 2019.

The digital asset didn’t emerge all of the sudden into the crypto market with none challenges. Recall that it confronted a setback in June 2022 when an attacker stole shut to twenty million OP tokens, disrupting the token restoration course of involving Wintermute. The incident confirmed that there might be challenges related to sustaining safety within the crypto realm.

Ethereum Layer 2s demonstrated substantial progress, with options like Arbitrum and zkSync offering options for builders searching for cost-effective choices on the Ethereum community. These Layer 2 instruments alleviate the monetary burden on builders related to constructing on the mainnet.

JPMorgan expressed optimism for the Ethereum community, pointing to the significance of Sharding in Proto-dank which is scheduled for the primary half of 2024. This newly launched improve will improve Ethereum’s scalability and effectivity, benefiting Layer 2 networks together with Arbitrum and Optimism

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