{"id":550707,"date":"2023-09-11T08:45:30","date_gmt":"2023-09-11T08:45:30","guid":{"rendered":"https:\/\/wncen.com\/?p=550707"},"modified":"2024-06-11T14:29:08","modified_gmt":"2024-06-11T14:29:08","slug":"boosting-optimism-protocol-can-incentives-drive-op-prices-higher","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/boosting-optimism-protocol-can-incentives-drive-op-prices-higher\/","title":{"rendered":"Boosting Optimism Protocol: Can Incentives Drive OP Prices Higher?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Optimism (OP) has been at the forefront of the blockchain industry with its incentive program, which recently led to the protocol&#8217;s cumulative trading volume exceeding an impressive $3.8 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Analyst Ryan Holloway has <\/span><a href=\"https:\/\/twitter.com\/raholloway\/status\/08378718\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">shed light<\/span><\/a><span style=\"font-weight: 400\"> on the remarkable impact of Optimism&#8217;s incentive program. The availability of OP trading rewards and incentives on various platforms, including Polynomial, played a pivotal role in this surge in usage metrics.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/shiba-inu-tallies-77-accumulation-by-major-investors-good-for-shib-price\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Tallies 77% Accumulation By Major Investors \u2013 Good For SHIB Price?<\/a><\/div>\n<p><span style=\"font-weight: 400\">The incentivization strategy employed by Optimism has proven wildly successful, resulting in an astounding 23-fold increase in trading volume for the protocol. This achievement, however, comes with a caveat, as it raises questions about the composition of this newfound trading activity.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Just dropped an analysis with <a href=\"https:\/\/twitter.com\/t__norm?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@t__norm<\/a> on the impact of <a href=\"https:\/\/twitter.com\/PolynomialFi?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@PolynomialFi<\/a>&#8216;s OP incentive program that ultimately led to the protocol&#8217;s cumulative trading volume surpassing $3.8B<\/p>\n<p>\ud83e\uddf5 \ud83d\udc47 <a href=\"https:\/\/t.co\/UahucTcVJ0\" rel=\"nofollow\">pic.twitter.com\/UahucTcVJ0<\/a><\/p>\n<p>\u2014 Ryan Holloway (@raholloway) <a href=\"https:\/\/twitter.com\/raholloway\/status\/08378718?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 9, 2023<\/a><\/p><\/blockquote>\n<h2><strong>Rise In Trading Volume Masks Optimism\u2019s Growth In Daily Traders<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">While the surge in trading volume is undoubtedly impressive, a <\/span><a href=\"https:\/\/ambcrypto.com\/optimism-offers-incentives-to-coax-users-back-to-the-protocol-did-it-work\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">deep analysis<\/span><\/a><span style=\"font-weight: 400\"> reveals a more nuanced picture. The growth in daily traders has been relatively modest, suggesting the possibility of a significant rise in power users or, in a less favorable scenario, potential wash trading activities.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But what exactly is wash trading? Wash trading involves artificially inflating trading volumes by executing simultaneous buy and sell orders for the same asset, giving the illusion of increased demand and activity. This practice is illegal in traditional financial markets and is viewed negatively in the cryptocurrency space due to its potential to mislead investors.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/PmUcq5Vd\/\" width=\"2475\" height=\"1179\"><\/p>\n<pre style=\"text-align: center\">Optimism market cap currently at $1 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<h2><strong>Optimism Faces DeFi Sector Headwinds<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Optimism has faced its fair share of challenges in gaining a foothold in the competitive DeFi sector. Recent reports indicate a notable decrease in total value locked and decentralized exchange volumes on the network in recent weeks. This decline in activity is reflected in the network&#8217;s financials, with revenue plummeting by 37.5% in the last month, accompanied by an overall activity decrease of 19.7% over the same period.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite these setbacks, Optimism&#8217;s native token, OP, currently holds a price of $1.26 according to <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/optimism\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinGecko<\/span><\/a><span style=\"font-weight: 400\">, with a 0.9% gain in the last 24 hours. However, it has seen a 6.2% decline over the past week.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/massive-pepe-token-dump-whale-unloads-762-billion-at-loss-as-price-wobbles\/\" target=\"_blank\" rel=\"noopener \">Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles<\/a><\/div>\n<div class=\"group w-full text-token-text-primary border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\" data-testid=\"conversation-turn-5\">\n<div class=\"p-4 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 gap-4 text-base mx-auto md:gap-6 md:max-w-2xl lg:max-w-[38rem] xl:max-w-3xl }\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3 max-w-full\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-3 overflow-x-auto whitespace-pre-wrap break-words\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<h3><strong>Sustainability And Challenges In Optimism&#8217;s Post-Incentive Era<\/strong><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><span style=\"font-weight: 400\">The sustainability of Polynomial&#8217;s retention rates after the conclusion of the incentive program will be a crucial factor in determining its long-term impact on Optimism. As the network navigates the challenges posed by wash trading concerns and its struggles to establish a <\/span><a href=\"https:\/\/dailyhodl.com\/2023\/09\/09\/crypto-trader-details-setups-on-two-low-cap-altcoins-amid-explosive-moves-through-resistance\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">firm presence in DeFi<\/span><\/a><span style=\"font-weight: 400\">, the cryptocurrency community will be closely watching for signs of resilience and adaptability.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While Optimism&#8217;s incentive program has undeniably driven an astonishing surge in trading volume, the sustainability of this growth and the resolution of its challenges will determine the protocol&#8217;s long-term success in the highly competitive world of cryptocurrency.<\/span><\/p>\n<p><em>(This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Featured image from Insperity<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Optimism (OP) has been at the forefront of the blockchain industry with its incentive program, which recently led to the protocol&#8217;s cumulative trading volume exceeding an impressive $3.8 billion. Analyst Ryan Holloway has shed light on the remarkable impact of Optimism&#8217;s incentive program. The availability of OP trading rewards and incentives on various platforms, including Polynomial, played a pivotal role in this surge in usage metrics. Related Reading: Shiba Inu Tallies 77% Accumulation By Major Investors \u2013 Good For SHIB Price? The incentivization strategy employed by Optimism has proven wildly successful, resulting in an astounding 23-fold increase in trading volume for the protocol. This achievement, however, comes with a caveat, as it raises questions about the composition of this newfound trading activity. Just dropped an analysis with @t__norm on the impact of @PolynomialFi&#8216;s OP incentive program that ultimately led to the protocol&#8217;s cumulative trading volume surpassing $3.8B \ud83e\uddf5 \ud83d\udc47 pic.twitter.com\/UahucTcVJ0 \u2014 Ryan Holloway (@raholloway) September 9, 2023 Rise In Trading Volume Masks Optimism\u2019s Growth In Daily Traders While the surge in trading volume is undoubtedly impressive, a deep analysis reveals a more nuanced picture. The growth in daily traders has been relatively modest, suggesting the possibility of a significant rise in power users or, in a less favorable scenario, potential wash trading activities. But what exactly is wash trading? Wash trading involves artificially inflating trading volumes by executing simultaneous buy and sell orders for the same asset, giving the illusion of increased demand and activity. This practice is illegal in traditional financial markets and is viewed negatively in the cryptocurrency space due to its potential to mislead investors. Optimism market cap currently at $1 billion. Chart: TradingView.com Optimism Faces DeFi Sector Headwinds Optimism has faced its fair share of challenges in gaining a foothold in the competitive DeFi sector. Recent reports indicate a notable decrease in total value locked and decentralized exchange volumes on the network in recent weeks. This decline in activity is reflected in the network&#8217;s financials, with revenue plummeting by 37.5% in the last month, accompanied by an overall activity decrease of 19.7% over the same period. Despite these setbacks, Optimism&#8217;s native token, OP, currently holds a price of $1.26 according to CoinGecko, with a 0.9% gain in the last 24 hours. However, it has seen a 6.2% decline over the past week. Related Reading: Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles Sustainability And Challenges In Optimism&#8217;s Post-Incentive Era The sustainability of Polynomial&#8217;s retention rates after the conclusion of the incentive program will be a crucial factor in determining its long-term impact on Optimism. As the network navigates the challenges posed by wash trading concerns and its struggles to establish a firm presence in DeFi, the cryptocurrency community will be closely watching for signs of resilience and adaptability. While Optimism&#8217;s incentive program has undeniably driven an astonishing surge in trading volume, the sustainability of this growth and the resolution of its challenges will determine the protocol&#8217;s long-term success in the highly competitive world of cryptocurrency. (This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Insperity<\/p>\n","protected":false},"author":557,"featured_media":550710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[142,1144,8686,86529,11738,4735],"class_list":["post-550707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-op-price","tag-optimism","tag-price-action"],"acf":[],"yoast_head":"\n<title>Boosting Optimism: Can Incentives Drive OP Prices Higher?<\/title>\n<meta name=\"description\" content=\"Optimism (OP) has been at the forefront of the blockchain industry with its incentive program, which recently led to the protocol&#039;s cumulative trading\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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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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