{"id":634890,"date":"2024-08-12T14:00:23","date_gmt":"2024-08-12T14:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=634890"},"modified":"2024-08-12T12:02:18","modified_gmt":"2024-08-12T12:02:18","slug":"optimism-suffers-21-loss-will-on-chain-activity-regain-investor-trust","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/optimism-suffers-21-loss-will-on-chain-activity-regain-investor-trust\/","title":{"rendered":"Optimism Suffers 21% Loss – Will On-Chain Activity Regain Investor Trust?"},"content":{"rendered":"

Losses mount for Optimism as the market suddenly flips from bullish to bearish, wiping significant gains made after it rebounded last week. According to <\/span>CoinMarketCap<\/span><\/a>, the token is down over 21% since last month, putting significant pressure on investors as the market continues with its choppy trading days.\u00a0<\/span><\/p>\n

Related Reading: XRP Breakout: Could It Skyrocket To $100? Analysts Share Their Predictions<\/a><\/div>\n

Despite the market\u2019s hostility in the past 24 hours, on-chain news still reinforces investor confidence as the platform\u2019s Superchain continues to grow. But questions remain as to how this can affect the token\u2019s price in the coming days and weeks.\u00a0<\/span><\/p>\n

Conduit, Mode, And Zora Join Optimism Collective Security Council<\/span><\/h2>\n

Last Saturday, the official Optimism X account <\/span>revealed<\/span><\/a> that Conduit, along with Zora and the Mode Network, gave their L1 contract upgrade keys to the Optimism Collective Security Council. According to Optimism, this is \u201ca significant step for these chains to progress towards Stage 1 Decentralization.\u201d\u00a0<\/span><\/p>\n

\n

\ud83e\udd29Heading to Stage 1!<\/p>\n

Today, @modenetwork<\/a> @zora<\/a> and @metal_l2<\/a> officially transferred their keys to the Optimism Collective Security Council.<\/p>\n

This is a significant step for these chains to progress towards Stage 1 Decentralization.<\/p>\n

Read more\ud83d\udc47 https:\/\/t.co\/c1yRLQrQyN<\/a><\/p>\n

\u2014 Optimism (@Optimism) August 8, 2024<\/a><\/p><\/blockquote>\n

Conduit <\/span>released<\/span><\/a> a post detailing the reasoning why the move is significant for the participating platforms\u2019 decentralization.\u00a0<\/span><\/p>\n

\u201cRollups must be decentralized in order to be secure and censorship-resistant. But that isn\u2019t feasible from day one. Optimism has a 3-stage process for Superchain rollup teams to gradually transition their chains to full decentralization\u2026,\u201d stated Conduit on their thread.\u00a0<\/span><\/p>\n

\n

Rollups must be decentralized in order to be secure and censorship-resistant. But that isn\u2019t feasible from day one. Optimism has a 3-stage process for Superchain rollup teams to gradually transition their chains to full decentralization, inspired by @VitalikButerin<\/a>:\u2026<\/p>\n

\u2014 Conduit (@conduitxyz) August 8, 2024<\/a><\/p><\/blockquote>\n

This is in line with what the Optimism Collective Security Council is about. In its proposal <\/span>stages<\/span><\/a>, the Security Council will effectively hinder any attempt at one-party control over the network and the systems beneath it. The move will help keep the network secure while keeping scalability on the table for developers.\u00a0<\/span><\/p>\n

The scalability half is Optimism\u2019s greatest strength. Optimism <\/span>said<\/span><\/a> that the first half of the year saw open-source contributors push over half of the platform\u2019s current features in the OP stack. This commitment to decentralization along with network features helps it to be flexible and scalable making Optimism a viable investment for the long term.<\/span><\/p>\n

\"\"
OP market cap currently at $6.8 billion. Chart: TradingView.com<\/a><\/figcaption><\/figure>\n

Optimism Still Looking At Minor Hurdles In The Long Run<\/span><\/h3>\n

The market rebound created gains for investors while this week\u2019s opening moves wiped the majority of it to the ground. This created an atmosphere of fear, uncertainty, and doubt for the token\u2019s future movement. As of writing, the token remains on the $1.2-$1.6 price range which it entered last week because of the market retreat.<\/span><\/p>\n

Related Reading: Solana Rockets Up 23% As Developments Spark Investor Interest<\/a><\/div>\n

\"\"<\/p>\n

The slight uptick in price by the tailend of last week has exhausted the bears, putting OP into consolidation mode for the coming weeks. If the bulls are successful in defending this position, the token will see itself trading on a narrower range before shooting up toward the $2 mark.\u00a0<\/span><\/p>\n

But this can only happen if the market recovers from its 5% downward move today. If they can weather the coming FUD within the next two weeks, OP has a chance to regain lost ground pushing its price upward.\u00a0<\/span><\/p>\n

Featured image from KuCoin, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Losses mount for Optimism as the market suddenly flips from bullish to bearish, wiping significant gains made after it rebounded last week. According to CoinMarketCap, the token is down over 21% since last month, putting significant pressure on investors as the market continues with its choppy trading days.\u00a0 Related Reading: XRP Breakout: Could It Skyrocket To $100? Analysts Share Their Predictions Despite the market\u2019s hostility in the past 24 hours, on-chain news still reinforces investor confidence as the platform\u2019s Superchain continues to grow. But questions remain as to how this can affect the token\u2019s price in the coming days and weeks.\u00a0 Conduit, Mode, And Zora Join Optimism Collective Security Council Last Saturday, the official Optimism X account revealed that Conduit, along with Zora and the Mode Network, gave their L1 contract upgrade keys to the Optimism Collective Security Council. According to Optimism, this is \u201ca significant step for these chains to progress towards Stage 1 Decentralization.\u201d\u00a0 \ud83e\udd29Heading to Stage 1! Today, @modenetwork @zora and @metal_l2 officially transferred their keys to the Optimism Collective Security Council. This is a significant step for these chains to progress towards Stage 1 Decentralization. Read more\ud83d\udc47 https:\/\/t.co\/c1yRLQrQyN \u2014 Optimism (@Optimism) August 8, 2024 Conduit released a post detailing the reasoning why the move is significant for the participating platforms\u2019 decentralization.\u00a0 \u201cRollups must be decentralized in order to be secure and censorship-resistant. But that isn\u2019t feasible from day one. Optimism has a 3-stage process for Superchain rollup teams to gradually transition their chains to full decentralization\u2026,\u201d stated Conduit on their thread.\u00a0 Rollups must be decentralized in order to be secure and censorship-resistant. But that isn\u2019t feasible from day one. Optimism has a 3-stage process for Superchain rollup teams to gradually transition their chains to full decentralization, inspired by @VitalikButerin:\u2026 \u2014 Conduit (@conduitxyz) August 8, 2024 This is in line with what the Optimism Collective Security Council is about. In its proposal stages, the Security Council will effectively hinder any attempt at one-party control over the network and the systems beneath it. The move will help keep the network secure while keeping scalability on the table for developers.\u00a0 The scalability half is Optimism\u2019s greatest strength. Optimism said that the first half of the year saw open-source contributors push over half of the platform\u2019s current features in the OP stack. This commitment to decentralization along with network features helps it to be flexible and scalable making Optimism a viable investment for the long term. Optimism Still Looking At Minor Hurdles In The Long Run The market rebound created gains for investors while this week\u2019s opening moves wiped the majority of it to the ground. This created an atmosphere of fear, uncertainty, and doubt for the token\u2019s future movement. As of writing, the token remains on the $1.2-$1.6 price range which it entered last week because of the market retreat. Related Reading: Solana Rockets Up 23% As Developments Spark Investor Interest The slight uptick in price by the tailend of last week has exhausted the bears, putting OP into consolidation mode for the coming weeks. If the bulls are successful in defending this position, the token will see itself trading on a narrower range before shooting up toward the $2 mark.\u00a0 But this can only happen if the market recovers from its 5% downward move today. If they can weather the coming FUD within the next two weeks, OP has a chance to regain lost ground pushing its price upward.\u00a0 Featured image from KuCoin, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":634908,"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":[142,5687,6664,86072,11738],"class_list":["post-634890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bear-market","tag-crypto","tag-op","tag-optimism"],"acf":[],"yoast_head":"\nOptimism Suffers 21% Loss - Will On-Chain Activity Regain Trust?<\/title>\n<meta name=\"description\" content=\"Losses mount for Optimism as the market suddenly flips from bullish to bearish, wiping significant gains made after it rebounded last week. 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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. 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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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