Optimism: What surging transactions mean for OP holders
- There has been an uptick in Optimism’s network activity.
- This has led to a growth in network fees and revenue.
Leading Layer 2 (L2) network Optimism [OP] has witnessed a surge in daily transactions, hitting a new monthly high, according to data from Artemis.
According to the data provider, daily transactions count on Optimism totaled 512,770, having grown by 42% in the last 30 days.
This upswing is attributed to a significant increase in user activity on the chain over the past week.
AMBCrypto found that in the last seven days, the daily count of unique addresses that completed at least one transaction on Optimism was up by 45%.
As of 19th December, Optimism recorded a daily active address count of 77,470 addresses.
Interestingly, the recent growth in demand for Optimism comes amid a surge in transaction fees on the network.
In fact, on 18th December, the total gas fees paid by network users reached a year-to-date (YTD) high of $367,220, according to data from Artemis.
Optimism in the last 30 days
Due to the growth in its user activity in the last month, Optimism’s decentralized finance (DeFi) vertical has also witnessed a rally in its total value locked (TVL).
At $838.77 million at press time, the network’s TVL has increased by 7% in the last 30 days.
With the surge in demand for L2 solutions this year, Optimism has registered a 65% YTD rally in TVL, according to data from DefiLlama.
Due to the increase in transaction fees on the chain, Optimism’s revenue has also gone up.
Data from Token Terminal showed that the L2 has recorded a 47% growth in network revenue derived from fees. Totaling $53.95 million in the last 12 months, Optimism’s annualized revenue has climbed by almost 90%.
However, the last week has been marked by a decline in the total volume of transactions executed through the decentralized exchanges (DEXes) on the network.
How much are 1,10,100 OPs worth today?
This may have been due to the rising network fees, as the demand for the L2 network continues to grow.
Data from Artemis showed that since the 11th of December, Optimism’s DEX volume has fallen by 56%.