{"id":608678,"date":"2024-05-18T02:00:48","date_gmt":"2024-05-18T02:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=608678"},"modified":"2024-06-11T08:38:36","modified_gmt":"2024-06-11T08:38:36","slug":"optimism-network-activity-metrics-approach-record-levels-propelling-op-9-higher","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/optimism-network-activity-metrics-approach-record-levels-propelling-op-9-higher\/","title":{"rendered":"Optimism Network Activity Metrics Approach Record Levels, Propelling OP 9% Higher"},"content":{"rendered":"

Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics in the first quarter (Q1) 2024, with its native OP token surging 9% on the back of this bullish momentum.<\/span><\/p>\n

Optimism Sees Higher Activity And Rising Transaction Fees<\/span><\/h2>\n

According to a recent Messari <\/span>report<\/span><\/a>, Optimism’s circulating market cap increased 11% quarter-over-quarter (QoQ) to $3.7 billion, while its fully diluted market cap rose 1% to $15.7 billion.\u00a0<\/span><\/p>\n

Despite the broader <\/span>crypto market rally<\/span><\/a>, with Bitcoin (BTC) and Ethereum (ETH) gaining 69% and 53% QoQ, respectively, OP’s market cap ranking slipped from 26th to 39th among all blockchain networks. However, within the Ethereum ecosystem, OP remains one of the top four rollups by market capitalization.<\/span><\/p>\n

\"Optimism\"
OP’s circulating market cap growth during Q1. Source: Messari<\/a><\/figcaption><\/figure>\n

Driving this growth was a significant uptick in Optimism network activity. Daily active addresses reached 89,000 in Q1 2024, a 23% QoQ increase, while daily transactions surged 39% to 470,000 over the same period. These metrics approached, but did not quite reach, their <\/span>all-time highs<\/span><\/a> in Q3 2023.<\/span><\/p>\n

Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000<\/a><\/div>\n

The network’s revenue also saw a substantial 78% QoQ increase to $16 million, driven by higher activity and a 48% rise in the average transaction fee to $0.42. However, this average fee dropped significantly in the latter half of March due to the implementation of Ethereum Improvement Proposal (EIP) 4844, which reduced L1 submission costs by 99%.<\/span><\/p>\n

Total Value Locked Jumps 18% In Q1<\/span><\/h2>\n

Despite the fee reduction, Optimism’s on-chain profit for Q1 2024 increased 14% QoQ to $2 million. The network’s Total Value Locked (TVL) also grew by 18% to $1.2 billion, though its TVL ranking among all networks fell to 11th place.<\/span><\/p>\n

Within Optimism’s TVL, the <\/span>DeFi sector <\/span><\/a>dominated, accounting for 86% of active addresses. According to Messari, non-fungible token (NFT) applications and gaming followed with 6.9% and 6.7%, respectively.\u00a0<\/span><\/p>\n

TVL’s leading protocols included Synthetix ($307 million, +4% QoQ), Aave ($270 million, +52% QoQ), and Velodrome ($171 million, +10% QoQ).<\/span><\/p>\n

Optimism’s stablecoin market capitalization also grew significantly, reaching $809 million (+32% QoQ) by the end of Q1 2024. Circle\u2019s USDC stablecoin and Tether\u2019s USDT made up most of this, with USDT seeing a 64% QoQ surge to $512 million, or 63% of the total <\/span>stablecoin market cap <\/span><\/a>on Optimism.<\/span><\/p>\n

\"Optimism\"
OP’s stablecoin market cap performance. Source: Messari<\/a><\/figcaption><\/figure>\n

OP Rebounds Alongside Crypto Market Resurgence<\/span><\/h3>\n

Despite Optimism’s strong performance across key metrics in Q1 2024, the network’s native token, OP, did not see a corresponding price increase at the end of Q1. Instead, OP followed the broader <\/span>market downtrend<\/span><\/a>, hitting an annual low of $1.80 just one month after hitting an all-time high of $4.84 in March.\u00a0<\/span><\/p>\n

However, OP has followed suit as the overall cryptocurrency market has seen a resurgence of bullish momentum in the past few days. In the past 24 hours, the token has recorded a 9% price increase and a 3% uptick in the past week, currently trading at $2.56.\u00a0<\/span><\/p>\n

Furthermore, CoinGecko <\/span>data <\/span><\/a>shows a 19% increase in OP’s trading volume over the past 48 hours, reaching $290 million.<\/span><\/p>\n

Related Reading: Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally<\/a><\/div>\n
\"Optimism
The daily chart shows OP’s price trending upwards. Source: OPUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

While this <\/span>renewed bullish sentiment<\/span><\/a> is encouraging, OP still trades 46% below its all-time high and faces significant resistance levels soon before a potential retest of this milestone.\u00a0<\/span><\/p>\n

The first key resistance is at $2.65, followed by $2.90, which must be overcome before the token can push towards the $3.00 level. Conversely, the $2.34 support level has proven crucial and must be monitored closely in case of any bearish resurgence.\u00a0<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics in the first quarter (Q1) 2024, with its native OP token surging 9% on the back of this bullish momentum. Optimism Sees Higher Activity And Rising Transaction Fees According to a recent Messari report, Optimism’s circulating market cap increased 11% quarter-over-quarter (QoQ) to $3.7 billion, while its fully diluted market cap rose 1% to $15.7 billion.\u00a0 Despite the broader crypto market rally, with Bitcoin (BTC) and Ethereum (ETH) gaining 69% and 53% QoQ, respectively, OP’s market cap ranking slipped from 26th to 39th among all blockchain networks. However, within the Ethereum ecosystem, OP remains one of the top four rollups by market capitalization. Driving this growth was a significant uptick in Optimism network activity. Daily active addresses reached 89,000 in Q1 2024, a 23% QoQ increase, while daily transactions surged 39% to 470,000 over the same period. These metrics approached, but did not quite reach, their all-time highs in Q3 2023. Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000 The network’s revenue also saw a substantial 78% QoQ increase to $16 million, driven by higher activity and a 48% rise in the average transaction fee to $0.42. However, this average fee dropped significantly in the latter half of March due to the implementation of Ethereum Improvement Proposal (EIP) 4844, which reduced L1 submission costs by 99%. Total Value Locked Jumps 18% In Q1 Despite the fee reduction, Optimism’s on-chain profit for Q1 2024 increased 14% QoQ to $2 million. The network’s Total Value Locked (TVL) also grew by 18% to $1.2 billion, though its TVL ranking among all networks fell to 11th place. Within Optimism’s TVL, the DeFi sector dominated, accounting for 86% of active addresses. According to Messari, non-fungible token (NFT) applications and gaming followed with 6.9% and 6.7%, respectively.\u00a0 TVL’s leading protocols included Synthetix ($307 million, +4% QoQ), Aave ($270 million, +52% QoQ), and Velodrome ($171 million, +10% QoQ). Optimism’s stablecoin market capitalization also grew significantly, reaching $809 million (+32% QoQ) by the end of Q1 2024. Circle\u2019s USDC stablecoin and Tether\u2019s USDT made up most of this, with USDT seeing a 64% QoQ surge to $512 million, or 63% of the total stablecoin market cap on Optimism. OP Rebounds Alongside Crypto Market Resurgence Despite Optimism’s strong performance across key metrics in Q1 2024, the network’s native token, OP, did not see a corresponding price increase at the end of Q1. Instead, OP followed the broader market downtrend, hitting an annual low of $1.80 just one month after hitting an all-time high of $4.84 in March.\u00a0 However, OP has followed suit as the overall cryptocurrency market has seen a resurgence of bullish momentum in the past few days. In the past 24 hours, the token has recorded a 9% price increase and a 3% uptick in the past week, currently trading at $2.56.\u00a0 Furthermore, CoinGecko data shows a 19% increase in OP’s trading volume over the past 48 hours, reaching $290 million. Related Reading: Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally While this renewed bullish sentiment is encouraging, OP still trades 46% below its all-time high and faces significant resistance levels soon before a potential retest of this milestone.\u00a0 The first key resistance is at $2.65, followed by $2.90, which must be overcome before the token can push towards the $3.00 level. Conversely, the $2.34 support level has proven crucial and must be monitored closely in case of any bearish resurgence.\u00a0 Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":566899,"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":[6664,14690,54512,11738,86817,87922,91231,91232,87650,89428,87651,88289,86141],"class_list":["post-608678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-crypto-news","tag-defi","tag-optimism","tag-optimism-op","tag-optimism-analysis","tag-optimism-blockchain","tag-optimism-defi","tag-optimism-network","tag-optimism-news","tag-optimism-price","tag-opusd","tag-opusdt"],"acf":[],"yoast_head":"\nOptimism Network Activity Metrics Approach Record Levels, 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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