- Optimism’s TVL and income declined, although the fuel charges used on the platform elevated.
- The speed and community progress of Optimism plummeted.
Based on a tweet on 1 January, it was noticed that Arbitrum managed to out-compete different L2s, comparable to Polygon and Optimism when it comes to TVL. Nevertheless, Optimism nonetheless managed to dominate the L2 house in different areas.
Are your OP holdings flashing inexperienced? Test the revenue calculator
🔥 THE TVL BETWEEN TOP LAYER 2 ON ETHEREUM 🔥
By overcoming #Polygon and #Optimism, @arbitrum has naturally risen to the highest 1 Layer 2 in TVL via 2022.
Do you assume @arbitrum will turn into the brand new residence of DeFi. (💙,🧡)? Let’s remark under 👇#Arbitrum #DeFi pic.twitter.com/AAtP0g8e2V
— Arbitrum Area (💙,🧡) (@Arbitrum_Space) January 1, 2023
Â
Furthermore, in line with DeFi Llama, Optimism’s TVL declined from $540 million to $500 million within the final 30 days. This decline in TVL affected Optimism’s income as nicely, which fell by 3.3% in the identical interval, as per information from Token Terminal.
Gasoline me up, Scottie
Regardless that Optimism’s TVL and income continued to say no, it was capable of outperform different L2s when it comes to fuel utilization, in line with Dune Analytics. The Layer 2 answer was even capable of outpace Arbitrum on this regard.Â
Supply: Dune Analytics
One cause for the rising fuel utilization on Ethereum [ETH] may very well be attributed to the truth that customers have been capable of save loads of ETH through the use of Optimism.Â
As evidenced by the chart under, the quantity of financial savings that customers have been making on their transactions through the use of Optimism continued to develop. On the time of writing, Optimism supplied financial savings of as much as 98.6% to its customers.
Supply: Dune Analytics
Nevertheless, these developments didn’t support Optimism’s on-chain exercise. During the last 30 days, Optimism’s velocity and community progress declined. This indicated that the variety of instances OP was being exchanged had diminished considerably.
The falling community progress, alternatively, steered that the variety of new addresses transferring OP had fallen.
 What number of OPs are you able to get for $1?
Optimism: State of the tokenÂ
Optimism would want to garner curiosity from new addresses to assist prop up its value. Nevertheless, that appeared unlikely, as Optimism’s growth exercise declined. This indicated that there can be fewer probabilities of new updates or upgrades that would appeal to new addresses.
Supply: Santiment
On the time of writing, Optimism was being traded at $0.946. Its value had fallen by 8.87% during the last 30 days.
This induced a decline in Optimism’s market cap dominance throughout the identical interval. At press time, OP had captured 0.02% of the general crypto market.
Supply: Messari