- Declining lively customers and transactions on Optimism might have an effect on its future success.
- Excessive charges and lack of curiosity within the native token might contribute to the decline in lively customers.
Based mostly on information supplied by Token Terminal, Optimism’s [OP] market cap continued to develop regardless of a decline within the variety of each day lively customers. This discrepancy could possibly be a reason for concern for the layer 2 answer, because the decline in lively customers might negatively affect its utilization and adoption.
Supply: Token Terminal
How a lot are 1,10,100 OP value as we speak?
Optimism not “price”sible anymore
Together with the decline in lively customers, the variety of transactions on the layer 2 answer fell from 230,000 to 186,000 within the final week, based on Dune Analytics. This could possibly be attributed to the upper transaction charges on Optimism, in comparison with different layer 2 options like Arbitrum.
Nonetheless, the excessive charges could possibly be one cause why lively addresses moved away from Optimism. This might result in a lower in buying and selling quantity and total utilization of the protocol.
Supply: Dune Analytics
This affected the income generated by Optimism as effectively, which decreased throughout this era. Based mostly on data supplied by Token Terminal, the general income generated by Optimism decreased by 70.3% within the final week.
Nonetheless, its Complete Worth Locked (TVL) continued to point out development regardless of these elements. In line with DefiLlama, Optimism‘s TVL grew from 588.6 million to 641.98 million up to now week.
Supply: Defi Llama
Time for pessimism?
Nonetheless, despite the fact that the TVL of Optimism elevated, the curiosity in OP continued to say no. Furthermore, buying and selling quantity fell from 563 million to 263 million.
Learn Optimism’s [OP] Value Prediction 2023-2024
The speed of the OP token additionally decreased, which suggests that the frequency with which OP was being transferred amongst addresses diminished. This might counsel that the token holders weren’t actively buying and selling OP.
Supply: Santiment
The declining exercise on the Optimism protocol coupled with the reducing curiosity within the token might affect the protocol and OP holders negatively in the long term. On the time of writing, the worth of OP was $2.02. It decreased by 10.60% within the final 24 hours, based on CoinMarketCap.
