- Because the conclusion of the Optimism Quests program, every day transaction on Optimism has declined.
- This confirmed that many customers flocked to the community just for the rewards promised by this system.
Following a big surge in every day transactions on the layer 2 community, Optimism has seen a 70% decline in every day transaction depend for the reason that conclusion of its Optimism Quests program.
Practical or not, right here’s OP’s market cap in BTC’s phrases
In September 2022, Optimism launched a collection of 18 duties referred to as “Optimism Quests,” with a deadline set for 17 January 2023. These quests offered steerage for customers to navigate by totally different options on the community, equivalent to swapping, lending, staking, and many others. The purpose of the quests was to make the consumer expertise within the ecosystem extra seamless.
Participation in this system allowed folks to mint a commemorative NFT as a illustration of their completion of the respective quests.
The highs…
Upon the launch of this system in September 2022, Optimism skilled a rise in consumer numbers because the every day transaction depend on the community noticed a big spike.
Per knowledge from Dune Analytics, every day transactions on the layer 2 community climbed steadily to register a excessive of 760,000 transactions on 12 January, just a few days earlier than the top of this system. This represented the very best depend of every day transactions accomplished on the community since its launch two years in the past.
A pseudonymous Twitter consumer generally known as Dogetoshi found that through the Optimism Quests program, the every day transaction depend on Optimism surpassed that of Arbitrum.
Optimism tx depend down practically 70% since quest ended. Now under Arbitrum once more. pic.twitter.com/iI2pmS4QrY
— Steven (@Dogetoshi) January 22, 2023
Curiously, though the Optimism Quests program led to a rise within the variety of transactions on the community, knowledge from Dune Analytics revealed that the variety of new customers onboarded onto the layer 2 community from different sources exceeded the depend of customers introduced in by Quests.
Out of the 953,000 new customers on Optimism for the reason that launch of Optimism Quests, solely 39% of them had been introduced in by this system.
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Then, the lows
Whereas Optimism’s complete worth locked (TVL) rallied momentarily for just a few weeks after the launch of Optimism Quests, it proceeded on a downward pattern on 31 October 2022, knowledge from DefiLlama confirmed. Since then, it has fallen by 37%. At press time, Optimism’s TVL was $635.68 million.
Since Quests ended on 17 January, every day transactions on the optimistic roll-up platform have plummeted. In truth, for the reason that excessive recorded on 12 January, the transaction depend on the community has dropped by over 65%.