Connect with us

Quicktake

What’s Behind Optimism’s OP Token’s 75% Weekly Jump

mm

Published

on

VOC, Voice of Crypto, Crypto Market

In just two days, Ethereum layer-two scaling solution Optimism (OP) increased by about 95%, while the total value locked (TVL) in various DeFi protocols on the network also significantly increased.

The market capitalization for all cryptocurrencies has grown by more than $130 billion since last week.

With prices for just about everything skyrocketing, Bitcoin’s value has also pushed towards $24,000.

The last week has seen a decrease in Bitcoin’s dominance, which means that altcoins are currently performing better than bitcoin.

One of the more successful cryptocurrencies of the last week was OP – the token native to the Optimism ecosystem.

Advertisement

The cryptocurrency was up by nearly 95% over the weekend (on Binance).

The price of OP has nearly doubled in the last two days, trading at around $1.64 right now.

This is due to the newfound interest in the protocol, as reflected by the increasing total value locked within various DeFi projects building on Optimism.

The data from DeFi Llama shows that the total value locked in Optimism has exceeded $500 million, with Velodrome Finance (a liquidity protocol) seeing an increase of over 53% in TVL, exceeding $100M. 

 

Advertisement

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

Newsletter

Trending