Tag Archives: OPUSDT

Bitcoin

Optimism Network Activity Metrics Approach Record Levels, Propelling OP 9% Higher

Layer 2 (L2) scaling resolution Optimism reported a collection of robust community metrics within the first quarter (Q1) 2024, with its native OP token surging 9% on the again of this bullish momentum.

Optimism Sees Larger Exercise And Rising Transaction Charges

In line with a current Messari report, Optimism’s circulating market cap elevated 11% quarter-over-quarter (QoQ) to $3.7 billion, whereas its totally diluted market cap rose 1% to $15.7 billion. 

Regardless of the broader crypto market rally, with Bitcoin (BTC) and Ethereum (ETH) gaining 69% and 53% QoQ, respectively, OP’s market cap rating slipped from twenty sixth to thirty ninth amongst all blockchain networks. Nonetheless, inside the Ethereum ecosystem, OP stays one of many prime 4 rollups by market capitalization.

OP’s circulating market cap development throughout Q1. Supply: Messari

Driving this development was a big uptick in Optimism community exercise. Day by day energetic addresses reached 89,000 in Q1 2024, a 23% QoQ improve, whereas day by day transactions surged 39% to 470,000 over the identical interval. These metrics approached, however didn’t fairly attain, their all-time highs in Q3 2023.

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The community’s income additionally noticed a considerable 78% QoQ improve to $16 million, pushed by larger exercise and a 48% rise within the common transaction payment to $0.42. Nonetheless, this common payment dropped considerably within the latter half of March because of the implementation of Ethereum Enchancment Proposal (EIP) 4844, which diminished L1 submission prices by 99%.

Complete Worth Locked Jumps 18% In Q1

Regardless of the payment discount, Optimism’s on-chain revenue for Q1 2024 elevated 14% QoQ to $2 million. The community’s Complete Worth Locked (TVL) additionally grew by 18% to $1.2 billion, although its TVL rating amongst all networks fell to eleventh place.

Inside Optimism’s TVL, the DeFi sector dominated, accounting for 86% of energetic addresses. In line with Messari, non-fungible token (NFT) functions and gaming adopted with 6.9% and 6.7%, respectively. 

TVL’s main protocols included Synthetix ($307 million, +4% QoQ), Aave ($270 million, +52% QoQ), and Velodrome ($171 million, +10% QoQ).

Optimism’s stablecoin market capitalization additionally grew considerably, reaching $809 million (+32% QoQ) by the top of Q1 2024. Circle’s USDC stablecoin and Tether’s USDT made up most of this, with USDT seeing a 64% QoQ surge to $512 million, or 63% of the entire stablecoin market cap on Optimism.

Optimism
OP’s stablecoin market cap efficiency. Supply: Messari

OP Rebounds Alongside Crypto Market Resurgence

Regardless of Optimism’s robust efficiency throughout key metrics in Q1 2024, the community’s native token, OP, didn’t see a corresponding value improve on the finish of Q1. As an alternative, OP adopted the broader market downtrend, hitting an annual low of $1.80 only one month after hitting an all-time excessive of $4.84 in March. 

Nonetheless, OP has adopted go well with as the general cryptocurrency market has seen a resurgence of bullish momentum prior to now few days. Previously 24 hours, the token has recorded a 9% value improve and a 3% uptick prior to now week, at present buying and selling at $2.56. 

Moreover, CoinGecko information reveals a 19% improve in OP’s buying and selling quantity over the previous 48 hours, reaching $290 million.

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Optimism
The day by day chart reveals OP’s value trending upwards. Supply: OPUSD on TradingView.com

Whereas this renewed bullish sentiment is encouraging, OP nonetheless trades 46% under its all-time excessive and faces important resistance ranges quickly earlier than a possible retest of this milestone. 

The primary key resistance is at $2.65, adopted by $2.90, which should be overcome earlier than the token can push in the direction of the $3.00 stage. Conversely, the $2.34 help stage has confirmed essential and should be monitored carefully in case of any bearish resurgence. 

Featured picture from Shutterstock, chart from TradingView.com

Bitcoin

A16z’s Major OP Purchase Sends Price Skyrocketing By 9%

In a month marked by a difficult correction within the crypto market, Layer 2 (L2) blockchain protocol Optimism has emerged as a standout performer. Inside the previous 24 hours, Optimism’s native OP token skyrocketed by 9%, positioning it because the best-performing token among the many high 100 cryptocurrencies. 

Behind this surge lies enterprise capital agency a16z, which has reportedly invested round $90 million in Optimism’s OP token, signaling additional institutional help for the layer 2 protocol. 

OP Receives Main Funding

Sources accustomed to the matter have revealed to Unchained that a16z has acquired a big stake in Optimism’s OP token. 

The funding, which comes with a two-year vesting interval, underscores a16z’s curiosity within the Layer 2 protocol and aligns with its rising involvement in crypto. Notably, a16z’s portfolio already contains crypto trade Coinbase. 

The funding by a16z comes amidst notable exercise and progress inside the Optimism ecosystem. Optimism’s OP Stack has skilled elevated utilization, additional validating its worth proposition. The protocol’s potential to extend scalability and scale back charges on the Ethereum blockchain has additionally garnered vital consideration. 

Optimism’s spokesperson expressed enthusiasm for the funding, acknowledging the vitality and momentum surrounding the protocol. The partnership with a enterprise capital agency like a16z is predicted to gas additional growth and innovation inside the Optimism ecosystem.

On March 7, the Optimism Basis disclosed the sale of roughly 19.5 million OP tokens, valued at almost $90 million, to an undisclosed purchaser. 

These tokens have been reportedly sourced from a 30% pool of OP’s authentic treasury, devoted to the muse’s working price range. Studies indicated that the customer may delegate their tokens to 3rd events, enabling them to take part in Optimism’s governance.

The muse clarified that, because of the non-public nature of the sale, particular particulars concerning the phrases and purchaser weren’t disclosed. 

Key Ranges To Watch For Optimism

Regardless of the latest surge within the Optimism ecosystem and its native token OP, the token nonetheless trades properly under its all-time excessive (ATH) reached on March 6, 2024, at present down over 47% from that degree.

Nonetheless, OP’s buying and selling quantity has skilled a notable surge, indicating continued curiosity within the token. Based on CoinGecko information, the OP buying and selling quantity has elevated by over 113% in comparison with the earlier buying and selling day on April 30, amounting to just about $600 billion in 24 hours.

Optimism
The 1-D chart exhibits OP’s worth restoration over the previous 24 hours. Supply: OPUSD on TradingView.com

Key ranges to watch for the token quickly embrace OP’s vital resistance on the $2.62 worth mark and a possible retest of the $3 zone. 

Nonetheless, a transparent indication of a optimistic pattern for the Optimism token would require a profitable consolidation above the $3.92 zone, marking the tip of the month-and-a-half downtrend construction.

Conversely, the $2.37 zone has confirmed to be a vital help degree for OP, because it has held for the previous 5 days and prevented additional worth decline for the token. 

Digging deeper, the $2.25 mark can also be a key help, with probably the most crucial help degree at $2.11. This degree holds the important thing to Optimism’s macro bullish construction, because it initiated the token’s present uptrend.

Featured picture from Shutterstock, chart from TradingView.com 

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding selections. Use info offered on this web site fully at your individual threat.

Bitcoin

Optimism Soars By 17% Despite Recent Security Revelations.

Optimism (OP) has grabbed traders’ consideration within the final day following an intriguing constructive worth efficiency. Curiously, OP’s market acquire has occurred following a latest disclosure of sure safety flaws related to the favored layer-2 platform.

OP Bounces Again Amidst Optimism Safety Considerations

On April 26, Offchain Labs, the preliminary builders of the outstanding Ethereum L2 resolution Arbitrum, highlighted sure safety flaws discovered within the Optimism Stack fault-proof system. By way of a weblog publish, the group at Offchain disclosed that they found two main systemic vulnerabilities within the newly launched safety program presently working on the Optimism testnet.

In communication with OP Labs, they acknowledged that these safety flaws might allow a nasty actor to bypass the prevailing safety measures of the Optimism community by implementing the acceptance of a malicious declare or the rejection of a proper declare. By exploiting these flaws, OffChain Labs acknowledged these hackers might provoke a community dispute that’s irresolvable.

The character of those vulnerabilities is alleged to originate from the timers within the OP stack fault-proof system. If this program have been launched on the Optimism mainnet with such defects, customers’ funds can be uncovered to a “very excessive” degree of threat. 

Nonetheless, these vulnerabilities have been revealed to OP Labs a couple of month in the past, which has now up to date the Optimism testnet to deal with these safety flaws. Interestingly, following these revelations, OP’s worth took a nosedive, falling by nearly 5% to commerce at $2.274 on April 27. Nonetheless, within the final day, Buyers expressed stable confidence in Optimism’s safety and future sustainability.

In response to knowledge from CoinMarketCap, OP has gained by 17.16% previously 24 hours attaining a market worth of $2.69. In tandem, the token’s day by day buying and selling quantity is up by 110.64% and is valued at $402.77 million.

Maintain Your Altcoins, Analyst Says Why

Within the week following the Bitcoin Halving occasion, standard crypto analyst Michaël van De Poppe has suggested customers to take a position closely in altcoins. By way of an X publish on April 27, van De Poppe acknowledged that the catalyzing impact of the Halving and the introduction of spot ETFs on Bitcoin are probably over, with momentum now shifting to the altcoin market.

Compared to BTC, the crypto analyst notes that the majority altcoins are undervalued and set for enormous good points within the present bull cycle. Moreover, van de Poppe predicted that the upcoming crypto bull run might last more than the earlier cycle, primarily based on the present prolonged bear market.

Significantly, van de Poppe recognized Optimism (OP) as a promising altcoin with the potential to realize 3 times the market development in comparison with Bitcoin on this bullish cycle. Moreover, the analyst highlighted different tokens, together with Chainlink (LINK), Woo (WOO), Celestia (TIA), and Skale (SKL), as doubtlessly worthwhile investments.


OptimismOP buying and selling at $2.693 on the day by day chart | Supply: OPUSDT chart on Tradingview.com

Featured picture from Moneycontrol, chart from Tradingview

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site completely at your personal threat.