Layer 2 tasks corresponding to Optimism [OP] managed to outshine their sidechain counterparts within the L2 race. Nevertheless, compared with the second-largest cryptocurrency, the hole between the 2 was extraordinarily evident. However has the L2 platform doing its bits to shut that distance?
A protracted street forward…
The OP token slipped beneath the important thing help stage of $1.0. Thus, it struggled into the slender consolidating sample since final week. As per CoinMarketCap, OP, the native token suffered a contemporary 5% correction because it traded across the $0.85 mark.
Supply: CoinMarketCap
So as to add to this, when in comparison with Ethereum [ETH], Optimism’s transaction sport was an insignificant one. As can seen on the graph beneath, the sheer distinction within the transaction depend was an unlimited one. Moreover, Optimism’s transactions depend fell considerably in comparison with ETH.
Right here’s an occasion of the transaction hole between Ethereum vs Optimism on Nansen.
Supply: Nansen
Even so, the fundamentals appeared to look sturdy than ever given the sheer developments inside the area.
No matter it takes to…
Firstly, market OpenSea launched help for the Optimism blockchain, enabling the mixing of fashionable collections, corresponding to Apetimism, Bored City, MotorHeadz, and OptiChads inside the platform.
As well as, OP holders additionally had Optimism Kovan testnet to think about as it might fully decommissioned on 5 October. One more improvement to stay up for for the platform.
Such bullish developments did certainly assist the neighborhood acquire set of traction. For example, Optimism accomplished 5 million month-to-month transactions in September.
Supply: Dune Analytics
Certainly an incline from the entire 4.3 million transactions was registered by Optimism in August. Would this be ample for the flagship platform to compete with ETH?
Not but. Regardless of the glam and glitter, the OP neighborhood nonetheless had some considerations to think about. Primarily based on the on-chain information, OP’s lively addresses had decreased to 7,180 round 4 days in the past. A transparent analysis of its network growth additionally didn’t go for an awe-inspiring look.
Effectively, take into account this primary. In response to information from DefiLlama, Arbitrum remained the biggest L2 scaling resolution with a complete worth locked (TVL) of $985.77 million. Optimism got here in second place with a TVL of $842.59 million. Even right here the hole between the 2 was big.
Evidently, Optimism must compete with Arbitrum first. After which the platform may goal for this huge battle.
