Optimism (OP) Continues Market Recovery As Network Whales Triple Holdings

Ethereum layer 2 network Optimism (OP) has maintained its market recovery in the last few days, recording a 5.57% gain over the last 24 hours, based on data from CoinMarketCap. Since hitting the $1.31 price mark, Optimism has embarked on an upward curve, looking set to return to the high price levels seen at the start of August.

Timeline of Optimism-ethereum

DeBank's “Asset Layer for Social” blockchain looks to tackle costly transaction fees and safeguard layer 1 assets on EVM-compatible chains. The DeFi aggregator said its chain would implement account abstraction at chain level to offer a web2-like experience for users.

Although the crypto market on the whole witnessed some turbulence, the same couldn't be said about OP tokens. This was because OP emerged as a standout performer, gaining 42% in the past month.

Layer-2 blockchain Optimism is set to unlock $36 million worth of tokens on Sunday, and the anticipated increase in supply spurred a 3.5% slump in the blockchain's native token (OP) on Tuesday.

Worldcoin, the decentralized ID and wallet protocol, has migrated its operations to Optimism, an Ethereum L2 scaling layer. With this move, Worldcoin aims to prepare for its future launch, taking advantage of the scalability features that its deployment on Optimism brings, including migrating user accounts and bringing Uniswap support to the World App.

Optimism is seeing an uptick in transaction volume after Worldcoin revealed plans to migrate to its mainnet. According to Etherscan data, the daily transaction count on Optimism Mainnet surpassed 600,000 twice in July.

Sam Altman-founded Worldcoin has completed its migration to the Optimism ecosystem, with critical components such as the World ID and World App technology stack already migrated to the OP mainnet. The project announced the news on Twitter, adding that user migration is currently ongoing.

If you look at the information regarding Messari, Superchain has plans to enable atomic and trust-minimized cross-chain rollup communications hence managing to reduce the size of the attack surface and removing chain reorganizations. It will also reduce the costs by canceling out cross-chain consensus verification.

Optimism (OP), alongside major cryptocurrencies, has witnessed a remarkable surge in value amidst a wave of positive momentum sweeping through the broader crypto market. The recent victory of Ripple against the US Securities and Exchange Commission has sparked a sea of green, with investors expressing renewed confidence in the industry.

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.

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.