- Optimism Superchain Raised Huge Amounts of Revenue for the Protocol Over the Past Weeks
- Despite Protocol Performance, Interest in OP Token Plummeted
Despite increasing competition in the Layer 2 sector, Optimism[OP] has continued to show growth on several fronts.
Super chain brings the dough
One of the reasons for the same is Optimism Superchain. Optimism Superchain recently became a magnet for capital, attracting over $6 billion in Ethereum L1 deposits. This rise in popularity can be further underlined by the fact that assets connected to the Superchain represent a significant portion (25%) of the total value locked (TVL) bridged from Ethereum L1.
For context, Optimism Superchain is like a collection of L2s. It brings together multiple L2s, both technologically and economically. This combined approach offers several advantages, including streamlined operations and potential cost efficiencies.
As an incentive for participating in Superchain, Optimism provides developers with access to a valuable toolset, the OP Stack & Governance framework. This common set of tools simplifies development and streamlines governance processes for L2s within the Superchain.
In April 2024, Base demonstrated its commitment to Superchain by paying $1.86 million in Superchain membership fees to Optimism. This financial contribution helps ensure the continued development and maintenance of the Superchain.
However, some concerns were raised when Base was seen to have a higher number of monthly active users than OP’s mainnet. In fact, Token Terminal data indicated that despite having a higher number of monthly active users, Base does not necessarily undermine OP Mainnet’s position within the Optimism Superchain.
OP Mainnet can retain its role as a Superchain hub by providing a shared governance framework for all member chains. The good performance of individual member chains, such as Base, can be beneficial for the entire ecosystem. This is because high-performing chains bring more fees to OP, further supporting the development of the Superchain.
How is OP doing?
Despite the progress of the Optimism network, overall interest in the OP token declined. Furthermore, the OP’s price has fallen 5.59% in just 24 hours. At press time, OP was trading at $2.96. OP’s trading volume also fell by 22.75%.
Realistic or not, here is OP’s market cap in BTC terms
Furthermore, the network growth around the OP token decreased significantly, indicating that the number of new addresses showing interest in OP decreased.
If the waning interest from new addresses continues, OP price could see a correction in the near future.
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