Optimism displays bullishness as major announcements uplift trading activity

ambcrypto.com:

Optimism [OP] recorded notable growth in the trading activity of decentralized exchanges (DEXs) on its chain. As per a tweet, Optimism DEXs generated $203.89 million in volume over the past 24 hours, a weekly jump of more than 30%.

Over the past 24 hours, Optimism DEXs processed over $200M in swaps. pic.twitter.com/9Jpci8iCS0

— Patrick | Dynamo DeFi (@Dynamo_Patrick) February 26, 2023

A further drill down of the data highlighted that Optimism’s weekly growth in DEX trading volume was the highest among major chains, including Ethereum [ETH] and Arbitrum.

Realistic or not, here’s OP market cap in BTC’s terms

The surge in trading activity comes on the heels of major technological upgrades announced by the Optimism ecosystem in the last week.

Coinbase announced the launch of a new Ethereum layer-2 solution called Base, which would be powered by Optimism.

On top of this, Optimism stated that rather than building multiple L2 solutions, it would focus on unifying all of them in a single, cohesive unit called ‘Superchain’.

These big-ticket announcements have reenergized the Optimism network. As per data from Token Terminal, the daily active users on the chain almost tripled over the past four days.

With a surge in the number of users, the transaction fees paid on the network rose sharply, jumping 143% since 21 February.

Source: Token Terminal

Optimism’s total value locked (TVL) showed significant gains, growing by more than 8% over the previous week, as per DeFiLlama. This was the highest weekly growth in TVL for any chain in the crypto space.

Source: DeFiLlama

How much are 1,10,100 OPs worth today?

OP dropped 1.45% over the last 24