Journalist
Posted:
- There has been an increase in Optimism’s network activity.
- This has led to growth in network rates and revenues.
Industry leading Layer 2 (L2) network optimism [OP] has witnessed a rise in the number of daily transactions, hitting a new monthly high, according to data from Artemis.
According to the data provider, the number of daily transactions based on Optimism totaled 512,770, up 42% in the past 30 days.
Source: Artemis
This uptick is attributed to a significant increase in user activity on the chain over the past week.
AMBCrypto found that in the past seven days, the daily number of unique addresses completing at least one transaction on Optimism increased by 45%.
As of December 19, Optimism recorded a daily active address count of 77,470 addresses.
Interestingly, the recent growth in demand for optimism comes from an increase in transaction costs on the network.
In fact, total gas fees paid by network users reached a year-to-date (YTD) high of $367,220 on December 18, according to Artemis data.
Source: Artemis
Optimism in the past 30 days
Reflecting the growth in user activity over the past month, Optimism’s decentralized finance (DeFi) arm has also witnessed a rally in total value locked (TVL).
At $838.77 million at the time of writing, the network’s TVL is up 7% over the past 30 days.
With the surge in demand for L2 solutions this year, Optimism has recorded a 65% YTD rally in TVL, according to data from DefiLlama.
Source: DefiLlama
Due to the increase in transaction costs in the chain, Optimism’s income has also increased.
Dates of Token terminal showed that the L2 has recorded a 47% growth in network fee revenue. With a total of $53.95 million in the last twelve months, Optimism’s revenue is up almost 90% year over year.
However, the past week was marked by a decline in the total number of transactions executed through the decentralized exchanges (DEXs) on the network.
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This may be due to rising network rates as demand for the L2 network continues to grow.
Artemis data shows that Optimism’s DEX volume has fallen 56% since December 11.