- The variety of transactions on Optimism reached an all-time excessive.
- Charges generated elevated together with the worth of the token.
Regardless of risky market circumstances, the variety of transactions on L2 platform Optimism [OP] reached a brand new all-time excessive, sitting at 590.67k at press time, in keeping with Dune Analytics’ picture beneath.
This growth indicated that an growing variety of customers had been utilizing L2s, similar to Optimism, to make transactions.
Learn Optimism’s [OP] Value Prediction 2023-2024
Reaching new highs throughout market lows
One cause for the rising variety of transactions can be the quantity of ETH that customers saved through the use of Optimism.Â
After September, the variety of transactions on Optimism was cheaper than any Layer 1 cryptocurrency. If this pattern continues, extra customers can be inclined to make use of Optimism for his or her transactions.Â
Now, because of the growing variety of transactions on the Optimism community, the charges collected by the community elevated as properly.
The variety of charges collected per day elevated by 62.6% within the final seven days, in keeping with Token Terminal. At press time, the quantity of charges generated by Optimism was $67.9k.
The state of HODLers on Optimism
This progress in Optimism had a constructive influence on the community’s on-chain metrics as properly. Notably, OP’s MVRV ratio soared. This implied that if most holders had been to promote their tokens, they might accomplish that at a revenue. This may occasionally create promote stress on holders.
Nevertheless, the rising lengthy/brief indicator recommended that almost all token holders who would revenue from promoting their tokens can be long-term HODLers of the OP token. In that case, it might be impossible that long-term traders of the OP token would exit their positions in such haste.
Though long-term holders supporting OP may present reduction to the token’s holders, the declining exercise on the chain may very well be alarming.
The day by day energetic addresses for OP fell sharply over the previous few days. Coupled with that, there was a decline in velocity throughout the identical interval. This implied that the frequency at which OP was being transferred had decreased.
One other indicator that offered a cynical outlook for Optimism can be a dip in community progress, which recommended that the variety of new addresses transferring OP tokens for the primary time decreased.
With a number of components at play, it’s troublesome to find out the path Optimism is headed for.
That stated, on the time of writing, OP was buying and selling at $1.07. Its value fell by 5.44% within the final 24 hours, in keeping with CoinMarketCap.