Dwindling Optimism (OP) Value May Be A Result Of This Factor

Optimism (OP), a prominent Layer 2 network, is experiencing a noticeable decline in network activity as the hype surrounding meme coins takes a dip. Once bustling with vibrant transactions and a fervent community, Optimism now faces a subdued atmosphere as users shift their attention away from these speculative assets.

Timeline of Optimism-ethereum

The Optimism network witnessed some growth over the last 30 days, however, OP failed to share the enthusiasm of the network. Additionally, OP's current state would need more than just investor confidence to step out of its slumber.

Twitter users noticed thousands of Safe deployments to Optimism, leading to speculation that it may be an attack, but the developer of Worldcoin confirmed that this activity was merely an app migration.

Optimism (OP) is a layer 2 scaling solution that operates on top of the Ethereum mainnet, providing faster and cheaper transactions for Ethereum users. It was launched in 2020 and has quickly become one of the most popular scaling solutions for the Ethereum network.

The team behind zkSync Era, an Ethereum-compatible layer-2 zk-rollup, is launching an open-source framework for building zk-rollups and layer-3s, which they call “hyperchains,” based on its code.

Layer-2 scaling solution Optimism Labs has announced the renaming of its blockchain to “OP Mainnet.” The name change “makes clear the the delineation between the OP Mainnet blockchain and the Collective, vibe, and ethos that “Optimism” encompasses.

Optimism, a layer-2 solution on the Ethereum blockchain, has gained traction with a TVL exceeding $1.22 billion. The OP price is currently forming a bullish cup pattern, indicating a potential recovery.

The Optimism protocol had a week full of noteworthy developments. However, it would take a while for OP to follow the sentiment as it still traded significantly lower than its price action seven days ago.

The Optimism Bedrock marks a significant milestone in the network's evolution. This groundbreaking upgrade, successfully launched on June 7, ushers in a plethora of major advancements, most notably an impressive reduction in network costs.

Optimism's groundbreaking Bedrock upgrade brings efficiency, security, and a vision for a Superchain. Despite a pre-upgrade surge, the OP token faces a bearish trend post-upgrade.

Optimism ushers in a new era with the successful completion of its highly anticipated “Bedrock” upgrade. This transformative enhancement, announced by OP Labs, the network's developer, brings forth accelerated deposit times, decreased layer-1 fees, and fortified security measures.