{"id":514708,"date":"2023-01-04T06:30:01","date_gmt":"2023-01-04T11:30:01","guid":{"rendered":"https:\/\/wncen.com\/?p=514708"},"modified":"2023-03-08T07:26:26","modified_gmt":"2023-03-08T07:26:26","slug":"optimism-edges-other-l2s","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/optimism-edges-other-l2s\/","title":{"rendered":"Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue"},"content":{"rendered":"<p><span style=\"font-weight: 400\"> Optimism (OP) has opened the year on an optimistic note as it enjoys a <a href=\"https:\/\/coinmarketcap.com\/currencies\/optimism-ethereum\/\" target=\"_blank\" rel=\"noopener nofollow\">bull run<\/a>. On the flip side, it has suffered sluggishness in terms of total value locked (TVL).<\/span><\/p>\n<p>Here&#8217;s a quick snapshot of Optimism:<\/p>\n<ul>\n<li><span style=\"font-weight: 400\">\u00a0 OP price spikes by 5.76%<\/span><\/li>\n<li><span style=\"font-weight: 400\">\u00a0 OP down in terms of TVL; now only $500 million<\/span><\/li>\n<li><span style=\"font-weight: 400\">\u00a0 Users save as much as 99.4% on ETH<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/arbitrum.io\/\" target=\"_blank\" rel=\"noopener nofollow\">Arbitrum<\/a> is seen to have blazed past the other leading <a href=\"https:\/\/www.pcmag.com\/encyclopedia\/term\/layer-2-blockchain\" target=\"_blank\" rel=\"noopener nofollow\">Layer 2<\/a> blockchains including Optimism and Polygon when it comes to TVL. Regardless, the former remains unfazed as it still accelerates in tempo and dominates the L2 space.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udd25 THE TVL BETWEEN TOP LAYER 2 ON ETHEREUM \ud83d\udd25<\/p>\n<p>By overcoming <a href=\"https:\/\/twitter.com\/hashtag\/Polygon?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Polygon<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/Optimism?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Optimism<\/a>, <a href=\"https:\/\/twitter.com\/arbitrum?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@arbitrum<\/a> has naturally risen to the top 1 Layer 2 in TVL through 2022.<\/p>\n<p>Do you think <a href=\"https:\/\/twitter.com\/arbitrum?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@arbitrum<\/a> will become the new home of DeFi. (\ud83d\udc99,\ud83e\udde1)? Let&#8217;s comment below \ud83d\udc47<a href=\"https:\/\/twitter.com\/hashtag\/Arbitrum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Arbitrum<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/DeFi?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#DeFi<\/a> <a href=\"https:\/\/t.co\/AAtP0g8e2V\" rel=\"nofollow\">pic.twitter.com\/AAtP0g8e2V<\/a><\/p>\n<p>\u2014 Arbitrum Space (\ud83d\udc99,\ud83e\udde1) (@Arbitrum_Space) <a href=\"https:\/\/twitter.com\/Arbitrum_Space\/status\/17049602?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 1, 2023<\/a><\/p><\/blockquote>\n<h2><b>Optimism On A Bull Run<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to<\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/optimism-ethereum\/\" target=\"_blank\" rel=\"noopener nofollow\"> <span style=\"font-weight: 400\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400\">, OP price is up by 5.76% or trading at $1.02 as of press time. <\/span><span style=\"font-weight: 400\">On the contrary, its <\/span><a href=\"https:\/\/ambcrypto.com\/arbitrum-outperforms-optimism-in-this-key-area-can-op-stay-true-to-its-name\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">TVL<\/span><\/a><span style=\"font-weight: 400\"> isn\u2019t too impressive as it dwindled down $550 million to now only $511 million as seen in the past 30 days, which also negatively impacted revenue.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-514731 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-10.png?resize=860%2C245\" alt=\"\" width=\"860\" height=\"245\"><\/p>\n<pre style=\"text-align: center\">Chart: DeFi Llama<\/pre>\n<p>The term &#8220;Layer 2&#8221; is used to describe an additional framework or protocol that is implemented on top of an existing <a href=\"https:\/\/www.cnbctv18.com\/cryptocurrency\/what-is-a-layer-2-blockchain-13267932.htm\" target=\"_blank\" rel=\"noopener nofollow\">blockchain<\/a> system.<\/p>\n<p>These methods are designed to address the problems of transaction throughput and scalability being experienced by the most prominent bitcoin networks.<\/p>\n<pre style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter \" src=\"https:\/\/www.tradingview.com\/x\/UVaZyRz7\/\" width=\"865\" height=\"413\">Crypto total market cap at $778 billion on the daily chart | Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p><span style=\"font-weight: 400\">Optimism has been swinging and switching back and forth to higher lows and bullish highs. Evidently, <a href=\"https:\/\/www.coingecko.com\/en\/coins\/optimism\" target=\"_blank\" rel=\"noopener nofollow\">OP price<\/a> has spiked by as much as 15% overnight and is now green with the price range at $1.02.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the event that the bulls can hold on to its optimistic price momentum, Optimism could shoot to as much as $1.45 in the coming days.<\/span><\/p>\n<h2><b>Can OP Barrel Past Key Resistance?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">There is an increased positive price action seen with Optimism as it is predicted to rally to as much as $1.53 in the next couple of weeks, and barreling past the key resistance. OP is going through an obvious uptrend and could retest the key resistance zone at $1.45.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, Optimism has the ace in terms of gas efficiency compared to its rivals. O<\/span><span style=\"font-weight: 400\">ne of the perceived reasons behind the incrementing growth usage on Ethereum is that users can save more ETH whenever they use Optimism.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-514711 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-9.png?resize=583%2C404\" alt=\"\" width=\"583\" height=\"404\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-9.png?w=583 583w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-9.png?w=460 460w\" sizes=\"(max-width: 583px) 100vw, 583px\"><\/p>\n<pre style=\"text-align: center\">Chart: Dune Analytics<\/pre>\n<p>Optimism was able to use less gas than other L2s, despite having a lower TVL and lower income, as reported by Dune Analytics. Even when compared to Arbitrum, the Layer 2 solution performed better.<\/p>\n<p>Customers&#8217; aggregated savings from using Optimism for transactions also kept rising. As of this writing, the Ethereum scaling solution helped its customers save up to 98%.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/avalanche-recovery-for-the-ecosystem\/https:\/\/wncen.com\/news\/avalanche-recovery-for-the-ecosystem\/\" target=\"_blank\" rel=\"noopener \">Avalanche: Will 2023 Bring A Fruitful Recovery For The AVAX Ecosystem?<\/a><\/div>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-514714 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/aa-3.png?resize=625%2C264\" alt=\"\" width=\"625\" height=\"264\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/aa-3.png?w=625 625w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/aa-3.png?w=460 460w\" sizes=\"(max-width: 625px) 100vw, 625px\">Chart: Dune Analytics<\/pre>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/litecoin-up-by-7\/\" target=\"_blank\" rel=\"noopener \">Ol\u2019 Reliable Litecoin Up By 7% As LTC Flexes Muscles For 2023<\/a><\/div>\n<p><span style=\"font-weight: 400\">OP\u2019s network, on the other hand, is faltering in terms of growth which hints the plunge in transactions and new user addresses. More so, development activity has also declined which could get in the way of its chances to attract new users.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the brighter side, OP is spiking in terms of market capitalization as it is up by 6.74%.<\/span><\/p>\n<p><em>-Featured image: The Coin Republic<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Optimism (OP) has opened the year on an optimistic note as it enjoys a bull run. On the flip side, it has suffered sluggishness in terms of total value locked (TVL). Here&#8217;s a quick snapshot of Optimism: \u00a0 OP price spikes by 5.76% \u00a0 OP down in terms of TVL; now only $500 million \u00a0 Users save as much as 99.4% on ETH Arbitrum is seen to have blazed past the other leading Layer 2 blockchains including Optimism and Polygon when it comes to TVL. Regardless, the former remains unfazed as it still accelerates in tempo and dominates the L2 space. \ud83d\udd25 THE TVL BETWEEN TOP LAYER 2 ON ETHEREUM \ud83d\udd25 By overcoming #Polygon and #Optimism, @arbitrum has naturally risen to the top 1 Layer 2 in TVL through 2022. Do you think @arbitrum will become the new home of DeFi. (\ud83d\udc99,\ud83e\udde1)? Let&#8217;s comment below \ud83d\udc47#Arbitrum #DeFi pic.twitter.com\/AAtP0g8e2V \u2014 Arbitrum Space (\ud83d\udc99,\ud83e\udde1) (@Arbitrum_Space) January 1, 2023 Optimism On A Bull Run According to CoinMarketCap, OP price is up by 5.76% or trading at $1.02 as of press time. On the contrary, its TVL isn\u2019t too impressive as it dwindled down $550 million to now only $511 million as seen in the past 30 days, which also negatively impacted revenue. Chart: DeFi Llama The term &#8220;Layer 2&#8221; is used to describe an additional framework or protocol that is implemented on top of an existing blockchain system. These methods are designed to address the problems of transaction throughput and scalability being experienced by the most prominent bitcoin networks. Crypto total market cap at $778 billion on the daily chart | Chart: TradingView.com Optimism has been swinging and switching back and forth to higher lows and bullish highs. Evidently, OP price has spiked by as much as 15% overnight and is now green with the price range at $1.02. In the event that the bulls can hold on to its optimistic price momentum, Optimism could shoot to as much as $1.45 in the coming days. Can OP Barrel Past Key Resistance? There is an increased positive price action seen with Optimism as it is predicted to rally to as much as $1.53 in the next couple of weeks, and barreling past the key resistance. OP is going through an obvious uptrend and could retest the key resistance zone at $1.45. Meanwhile, Optimism has the ace in terms of gas efficiency compared to its rivals. One of the perceived reasons behind the incrementing growth usage on Ethereum is that users can save more ETH whenever they use Optimism.\u00a0 Chart: Dune Analytics Optimism was able to use less gas than other L2s, despite having a lower TVL and lower income, as reported by Dune Analytics. Even when compared to Arbitrum, the Layer 2 solution performed better. Customers&#8217; aggregated savings from using Optimism for transactions also kept rising. As of this writing, the Ethereum scaling solution helped its customers save up to 98%. Related Reading: Avalanche: Will 2023 Bring A Fruitful Recovery For The AVAX Ecosystem? Chart: Dune Analytics Related Reading: Ol\u2019 Reliable Litecoin Up By 7% As LTC Flexes Muscles For 2023 OP\u2019s network, on the other hand, is faltering in terms of growth which hints the plunge in transactions and new user addresses. More so, development activity has also declined which could get in the way of its chances to attract new users. On the brighter side, OP is spiking in terms of market capitalization as it is up by 6.74%. -Featured image: The Coin Republic<\/p>\n","protected":false},"author":557,"featured_media":514724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,86072,86529,11738,87651],"class_list":["post-514708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-op","tag-op-price","tag-optimism","tag-optimism-price"],"acf":[],"yoast_head":"\n<title>Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue<\/title>\n<meta name=\"description\" content=\"Optimism (OP) has opened the year on an optimistic note as it enjoys a bull run. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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