- Optimism sees rising ERC-20 transactions, which might flip Polygon’s dominance in L2 house.
- Even so, Polygon maintains person market share dominance.
Layer 2 options within the crypto market have been exhibiting enhancements regardless of the market seeing turbulence.
One of many L2 options which have proven nice promise is Optimism. In line with Dune Analytics, transactions on Optimism grew considerably over the previous few days.
One of many key areas of development has been the variety of ERC-20 transactions on the platform. ERC-20 is a normal for creating tokens on the Ethereum blockchain and it’s a broadly used commonplace within the crypto business.
The expansion in ERC-20 transactions on Optimism implies that extra customers are turning to the platform as a approach to cut back charges on their transactions.
Life like or not, right here’s OP’s market cap in BTC phrases
A doable flip
This development in transactions on Optimism may be an indication that it’s beginning to flip Polygon’s dominance within the L2 house.
On the time of writing, Optimism’s transactions have been on the 1.7 billion mark whereas Polygon’s transaction rely was at round 2.4 billion.
Though Polygon continues to be forward, the hole between these two values has been lowering over time, which might be an indication that Optimism is catching up.
Supply: Dune Analytics
Nonetheless, when it comes to person market share, Polygon nonetheless displayed dominance because it occupied 67.9% of the general market share. This indicated that though Optimism’s transactions have been rising, it was not but attracting as many customers as Polygon.
Moreover, Ethereum saved by customers by choosing Optimism additionally decreased. This might influence the variety of customers on the Optimism protocol. As customers might go for different Layer 2 options that provide higher scalability or decrease charges.
Supply: Dune Analytics
Nonetheless, Optimism’s Quests NFTs might entice extra customers to the protocol. The day by day customers and NFTs minted on Optimism have seen a rise, as NFTs have gotten more and more standard within the crypto market.
The token has spoken
Nonetheless, Optimism’s token didn't garner the identical curiosity from the crypto market
OP, actually, witnessed a decline in community development. That is indicated by the variety of occasions OP was transferred for the primary time amongst new addresses.
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Moreover, the token’s exercise additionally fell. This was showcased by the declining day by day energetic addresses for the token and the token’s falling velocity. A declining velocity implied that the frequency with which OP was being exchanged amongst addresses decreased.
Supply: Santiment
In conclusion, Optimism‘s development in ERC-20 transactions and NFTs might be an indication that it’s beginning to flip Polygon’s dominance within the L2 house. Nonetheless, it nonetheless has an extended approach to go earlier than it could actually declare to be the main L2 resolution available in the market.
