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According to data provided by L2BEAT, the value of locked assets (TVL) in the Optimism (OP) network has surpassed the $5 billion milestone. With the TVL exceeding the $5 billion threshold, the price of the network’s native asset, OP, increased by over 25%. This achievement represents a significant step for the Layer 2 network of the Ethereum (ETH) ecosystem.
Optimism’s TVL Reaches $5.31 Billion
Current data shows that the TVL of the Optimism network has increased by a notable 16.76%, reaching $5.31 billion. This success is particularly significant as it demonstrates the growing recognition and trust in the Layer 2 network Optimism within the Ethereum community.
Simultaneously, the market value of OP has also seen a significant rise, currently sitting at $2.97. The data indicates that the price of the altcoin has increased by 25.36% in the last 24 hours. During the same period, the trading volume of OP surged by 167.86%, reaching $615.73 million.
According to CoinMarketCap’s data, OP’s price is currently only 35.71% below its all-time high of $4.57, reached on May 31, 2022. Market observers consider that OP could refresh its record soon if the general market uptrend continues.
Optimism Stands Out in Addressing Ethereum Network Issues
At the heart of this success story is the OP token, a vital component of the Optimism network, serving as a means for transaction fee payments. The Optimism network is renowned for its speed, stability, and scalability features, developed by Ethereum developers for Ethereum developers as a Layer 2 solution.
Optimism stands out with its minimal additions to the current Ethereum software and has adopted an architecture equivalent to the EVM, seamlessly scaling Ethereum applications without unforeseen difficulties. According to developers, one of the main advantages of the network is that running an application on the Optimism network is much less costly than on the Ethereum network.
The recent increase in both the value of OP and the TVL of the Optimism network underscores the growing importance of Layer 2 solutions in the Ethereum ecosystem. As scalability and transaction fee issues persist on the Ethereum network, Optimism’s success offers hope for the future of Blockchain technology by providing efficient and cost-effective solutions for both developers and users.
