I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto related. In this post I will be looking at how the price of $OP has been soaring and what the reasoning behind this is. With PUBLISH0X using $OP as a tipping token, alongside $ETH, this may be one of the best token changes to have happened on the site.
Optimism Rising
The prominent Ethereum layer-two scaling solution Optimism has been going from strength to strength during 2023, and not just its addition to the Publish0x tokens. The popularity of the token has been attributed to the demand for better alternatives to the traditional layer-1 blockchains. The network has seen an increase in users, with a total of 5.9 million addresses now holding a balance on the Optimism network. This marks an increase of 391% from the 1.2 million recorded in January 2023.
On the 22nd of December 2023 the overall number of addresses on the Optimism Layer 2 network sat at roughly 84.38 million. This number has been steadily growing but it was in September that the network began to experienced significant growth. It was back in mid-November that Publish0x made the swap from the previous token ($SPOT & $AMPL) into $OP. The growth of the network since September has seen an increase of 843% over those three months.
A major reason for this was the successful third airdrop by Optimism back on the 18th of September, where the protocol’s community incentivization and governance plan saw users receive their free crypto tokens. During the event a total of 19,411,313 OP tokens, valued at over $26 million, were distributed to 31,870 unique addresses.
With the increase in addresses on the network there has also been a spike in transactions as user activity has shown a significant increase. The competitions between Layer 2s has been heating up, and as things stand Optimism has around $5.19 billion in total value locked (TVL). This makes it the second largest Layer 2 behind Arbitrum. In terms of market share, Optimism sits at just over 30%.
With such increases in activity there has been a knock on effect for the token $OP, which has risen by 40% over the course of the last week and now sits at a trading price of around $3.41 at the time of writing. For Publish0x users who allowed their existing $SPOT & $AMPL tokens to convert into $OP, it may end up being a stroke of genius as the value of their tokens continues to increase.
With the upcoming Proto-dank sharding upgrade expected in the first half of 2024 by the Layer 1 Ethereum Blockchain, Optimism will be hoping for even more growth as the upgrade will hold significant importance for improving Ethereum’s scalability and efficiency. This will be especially beneficial to Layer 2 networks such as Arbitrum and Optimism. Therefore any users sitting on a stack of $OP might be about to receive a large increase in value over the course of the next few months and therefore should seriously considering holding onto their tokens for as long as possible. Don't paper hand $OP as it is likely to increase much, much further.
Have a great day,
CryptoGod-1.
Referral Links and Follow Me:
