Optimism’s local token OP, one of the best layer2 solutions, continues to remain in the red today. Current on-chain measurements send important signals about the price. Optimism, which made noise with the transfer of Worldcoin, shows that it attracts more users with the increase in network transactions.
Optimism vs. Arbitrum Comparison
Things are changing in the Layer2 space as Optimism surpasses Arbitrum as the dominant player in daily transactions. However, Arbitrum still holds the top position in terms of total value locked on the network. On July 27, on-chain data analyst Artemis announced that Optimism surpassed Arbitrum in terms of daily transactions.
This reversal of the trend is happening for the first time since January 2023. Artemis suggested that this could be the beginning of a new trend. According to the Optimism tracker, the network processed 944,668 transactions on July 27. In comparison, Arbitrum saw 658,103 during the same period.
Optimism (OP)
Furthermore, activities on Optimism increased during the past week. According to L2beat, the transactions per second (TPS) increased by 78% compared to the previous week, reaching 10.93. Optimism’s total value locked (TVL) also reached an all-time high of $2.8 billion, a 30% increase from the previous month. This gives it a 27.3% market share in the overall Layer 2 ecosystem.
The market leader is Arbitrum One with a TVL of $5.9 billion and a 57.8% market share. However, Arbitrum’s TVL has actually marginally decreased in the past two weeks.
Optimism and Arbitrum account for 85% of the total activity in the L2 ecosystem. The total TVL for all networks is $10.3 billion, which has increased by 150% since the beginning of 2023.
Optimism’s native token OP suffered a 3.8% blow, dropping to $1.47 during the day. However, the Layer 2 token gained 15% in value last month. The market capitalization of OP is just under $1 billion, and its price is 54% lower than its all-time high of $3.22 in February.
As the overall market recovers, it is likely that the movement in the network will push the OP Token price back above $2.5.
