- Optimism sees rising ERC-20 transactions, which might flip Polygon’s dominance in L2 area.
- Even so, Polygon maintains consumer market share dominance.
Layer 2 options within the crypto market have been exhibiting enhancements regardless of the market seeing turbulence.
One of many L2 options which have proven nice promise is Optimism. Based on Dune Analytics, transactions on Optimism grew considerably over the previous few days.
One of many key areas of progress has been the variety of ERC-20 transactions on the platform. ERC-20 is a regular for creating tokens on the Ethereum blockchain and it’s a broadly used commonplace within the crypto business.
The expansion in ERC-20 transactions on Optimism implies that extra customers are turning to the platform as a strategy to cut back charges on their transactions.
Reasonable or not, right here’s OP’s market cap in BTC phrases
A potential flip
This progress in transactions on Optimism is also an indication that it’s beginning to flip Polygon’s dominance within the L2 area.
On the time of writing, Optimism’s transactions had been on the 1.7 billion mark whereas Polygon’s transaction rely was at round 2.4 billion.
Though Polygon continues to be forward, the hole between these two values has been decreasing over time, which could possibly be an indication that Optimism is catching up.
Supply: Dune Analytics
Nevertheless, when it comes to consumer market share, Polygon nonetheless displayed dominance because it occupied 67.9% of the general market share. This indicated that though Optimism’s transactions had been rising, it was not but attracting as many customers as Polygon.
Moreover, Ethereum saved by customers by choosing Optimism additionally decreased. This might influence the variety of customers on the Optimism protocol. As customers might go for different Layer 2 options that supply higher scalability or decrease charges.
Supply: Dune Analytics
Nevertheless, Optimism’s Quests NFTs might entice extra customers to the protocol. The every day customers and NFTs minted on Optimism have seen a rise, as NFTs have gotten more and more widespread within the crypto market.
The token has spoken
Nevertheless, Optimism’s token didn’t garner the identical curiosity from the crypto market
OP, the truth is, witnessed a decline in community progress. That is indicated by the variety of occasions OP was transferred for the primary time amongst new addresses.
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Moreover, the token’s exercise additionally fell. This was showcased by the declining every day energetic addresses for the token and the token’s falling velocity. A declining velocity implied that the frequency with which OP was being exchanged amongst addresses decreased.
Supply: Santiment
In conclusion, Optimism‘s progress in ERC-20 transactions and NFTs could possibly be an indication that it’s beginning to flip Polygon’s dominance within the L2 area. Nevertheless, it nonetheless has a protracted strategy to go earlier than it could actually declare to be the main L2 resolution available in the market.
