© Reuters. Optimism (OP): Project Reviews, Recent Developments, Future Events, Community
- Layer 2 scaling solution, Optimistic, saw a lot of positive sentiment after the launch of Drippie was announced.
- Drippie is a trust-reducing Ethereum-based conditional trading system that will increase the efficiency of transactions on the network.
- Curve Finance submitted a funding proposal to increase the liquidity and utility of the Optimistic network.
- The positive sentiment has sent Optimism (OP) stock prices up significantly, up more than 85% in the last week.
Project overview
Optimism is one of the leading Layer 2 scaling solutions for the Ethereum network. Optimistic implements advanced data compression techniques called Optimistic rollups, to speed up and cut the cost of Ethereum transactions.
Optimism is towards a minimal number of moving parts while building a layer two solution for Ethereum. By keeping the codes as simple as possible, Optimism improves the efficiency and speed of Ethereum transactions.
Optimism is led by the Optimism Fund and is regulated by its eponymous token, OP for short. OP tokens are used to vote on governance proposals on the network.
Social media: Website | Twitter (NYSE:) | Twitch | Discord | Github | Blog
Recent developments and future events
Optimism recently announced the launch of Drippie, a trust-reducing Ethereum-based conditional trading system that allows users to execute trades under certain conditions.
Drippie is a programmable Web2 service that can associate different triggers with actions. According to Optimism, Drippie aims to solve automation problems with on-chain operations, increasing the performance of the Optimism blockchain.
In its July 24 update, Curve Finance submitted a funding proposal to increase the liquidity of the Optimistic network with the aim of influencing the network’s native Optimism (OP) token.
The proposal would see one million OP tokens worth approximately $1.56 million at current prices distributed over 20 weeks on the Curve pool. OP tokens will act as the driving force for liquidity providers (LPs).
These incentives are expected to increase the utility of the Optimistic network and attract more LPs to the Optimistic network. This could further increase the utility of the Optimist network and improve the OP’s price.
DeFiLlama data shows that the total locked value of Optimism (TVL) has increased. Over the past 24 hours, TVL in Optimism has grown by 13.6% and now stands at $568.8 million.
The increase in the TVL of Optimism is due to an increase in the use of Velodrome, a decentralized exchange deployed on the Optimistic blockchain. One of the key features of Velodrome is that it incentivizes transaction fees rather than just providing liquidity.
Update price
The positive development has led the Optimism (OP) price to rise along with the ascending support line since July 13.
Optimism has increased by 85% in the past 7 days, rising from a low of $0.75 to a trading high of $1.72.
7D price chart of Optimism (OP). Source: CoinMarketCap
In the past 24 hours, OP’s price has increased by more than 30%, making it the best performing cryptocurrency.
24-hour price chart of Optimism (OP). Source: CoinMarketCap
The rally has seen optimism into the top 100 cryptocurrencies as its market cap has skyrocketed above $341 million.
On Flipside
- The proposal is still being voted on by members of the Optimism community.
- Whether it’s adopted or not, the OP still holds a spot on the list of underperforming tokens, down 65% since the May 31 ATH.
Community
Optimism is a community-run project that tries to involve community members in the development of the project as much as possible.
The Optimism Team recently concluded its first Optimism Symbol Contest, which garnered over 450 total submissions. Winner, a tweet from @Freddmannen posted;
(,) #L222 #OPgov #Optimist #OPMemeSzn #OPMeamTeam https://t.co/yrjIwojuUP pic.twitter.com/XuOuZLvwPr
– Fred. (@Freddmannen) July 1, 2022
Members of the Optimist community remain optimistic about the future of Optimism (OP). One user, @Smartecio, wrote on Twitter:
$OP is indeed a success. Before TGE and the TVL airdrop was $300 million+, TVL today despite this bear market grew by almost $1.3 billion even after the token airdrop. P pic.twitter.com/9GGQedJVb6
– SmartecVitalik | (@Smartecio) July 29, 2022
With the development of TVL Optimistic, @ex0t1c_markets has launched a poll asking the community to predict what the trend will be.
@OptimismFND will there be over 1 billion TVLs per @DefiLlama at noon on 1 Nov 2022 UTC? What do you think? Markets are available at @ex0t1c_markets https://t.co/MxdmXPOo5K#Optimism #L222 $OP
– Exotic Markets (@ex0t1c_markets) July 29, 2022
Why should you care?
Optimism has become one of the most used Ethereum Layer 2 scaling solutions. The utility of Optimism could grow further if Curve Finance’s proposal goes through with the launch of Drippie. The price of Optimism’s governance token (OP) is expected to increase further with the protocol’s growing utility.
