- Optimism’s new Superchain can positively influence the growth of the protocol.
- Polygon and Arbitrum outperformed Optimism in several areas. However, the price of OP continued to grow.
Arbitrum’s recent success and Polygon’s rapid growth have greatly outpaced Optimism[OP] protocol in the Layer 2 race. Nevertheless, Optimism’s recent developments have the potential to strengthen the protocol’s position and give it a competitive advantage over other Layer 2 solutions.
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New developments
The Optimism protocol will soon introduce Superchain, which consists of a unified network of chains built using the OP Stack. These OP chains are interconnected, share a security and communication layer, and use the same open-source standardized technology stack.
According to Messari’s data, Superchain aims to enable atomic and trust-minimized cross-chain rollup communications, reducing the attack surface and eliminating chain reorganizations. In addition, it promises lower costs by eliminating cross-chain consensus verification.
The low cost and improved security of may drive users to the Optimism protocol in the future. At the time of writing, OP lagged behind its competitors in terms of day-to-day operations.
Polygon is number one in this regard, with 432,000 active addresses on the protocol. Arbitrum ranked second, with 170,290 daily active addresses on the protocol. Optimism finished last with 116.20 active addresses on the network.
The same pattern was also observed in terms of the number of transactions, with OP lagging behind the rest of the L2 solutions.
Source: Artemis
Optimism was also ranked last in the DeFi sector. The TVL collected on the network was significantly lower than the other two protocols. This can be attributed to declining DEX volumes on the Optimism network, suggesting that the protocol may need to work on improving the status of DeFi on its protocol.
Source: Artemis
Only time will tell if new developments in the Optimism protocol related to the Superchain can help improve the state of affairs on the network going forward.
Realistic or not, here is Optimism’s market cap in terms of BTC
Looking at the price
However, the OP token fared much better. The price has risen significantly in recent weeks and at the time of writing, the OP token was trading at $1,452.
Network growth for OP has increased significantly over the past week, implying that new addresses showed interest in the token. In addition, the token’s velocity also improved, indicating that the frequency with which the OP token was traded had increased.
Source: Sentiment