Optimism displays bullishness as major announcements uplift trading activity
- Optimism’s weekly growth in DEX trading volume was the highest among major chains.
- The daily active users on the chain almost tripled over the past four days.
Optimism [OP] recorded notable growth in the trading activity of decentralized exchanges (DEXs) on its chain. As per a tweet, Optimism DEXs generated $203.89 million in volume over the past 24 hours, a weekly jump of more than 30%.
Optimism volume up significantly on the back of the Coinbase announcement.
Over the past 24 hours, Optimism DEXs processed over $200M in swaps. pic.twitter.com/9Jpci8iCS0
— Patrick | Dynamo DeFi (@Dynamo_Patrick) February 26, 2023
A further drill down of the data highlighted that Optimism’s weekly growth in DEX trading volume was the highest among major chains, including Ethereum [ETH] and Arbitrum.
Realistic or not, here’s OP market cap in BTC’s terms
Optimism gets the ‘Base’
The surge in trading activity comes on the heels of major technological upgrades announced by the Optimism ecosystem in the last week.
Coinbase announced the launch of a new Ethereum layer-2 solution called Base, which would be powered by Optimism.
On top of this, Optimism stated that rather than building multiple L2 solutions, it would focus on unifying all of them in a single, cohesive unit called ‘Superchain’.
These big-ticket announcements have reenergized the Optimism network. As per data from Token Terminal, the daily active users on the chain almost tripled over the past four days.
With a surge in the number of users, the transaction fees paid on the network rose sharply, jumping 143% since 21 February.
Source: Token Terminal
OP heading towards gains?
Optimism’s total value locked (TVL) showed significant gains, growing by more than 8% over the previous week, as per DeFiLlama. This was the highest weekly growth in TVL for any chain in the crypto space.
Source: DeFiLlama
How much are 1,10,100 OPs worth today?
OP dropped 1.45% over the last 24 hours to be valued at $2.88, as per CoinMarketCap. The network’s native token recorded a gain of 3% over the last week.
The market indicators sided with a further price rise. The Relative Strength Index (RSI) was in the bullish zone above the neutral 50 level while the On Balance Volume (OBV) started an upward trajectory.
The Moving Average Convergence Divergence (MACD) indicated that a bullish crossover was on the cards, pushing OP’s price northwards.
Source: Trading View OP/USD
