OP Skyrockets 95% in 2 Days as TVL in Optimism Soars Above $500 Million

Ethereum layer-two scaling answer Optimism (OP) has soared by as a lot as 95% prior to now two days as the full worth locked in numerous DeFi protocols on the community additionally skyrockets.

• Over the previous couple of days, the full cryptocurrency market capitalization has elevated by round $130 billion, in keeping with knowledge from CoinGecko.
• This comes on the again of hovering costs throughout the board, together with Bitcoin’s push in direction of $24,000.
• Within the final week, nevertheless, BTC’s dominance – the metric used to gauge its share relative to that of all the market – has decreased, which alerts that altcoins are performing higher relative to Bitcoin.
• One of many better-performing cryptocurrencies is OP – the native token of the Optimism ecosystem.
• The cryptocurrency is up some 95% prior to now two days alone (on Binance).

• On the time of this writing, OP trades at round $1.64, virtually doubling its value in two days.
• This comes on account of renewed curiosity within the protocol, as mirrored by the growing whole worth locked inside numerous DeFi initiatives constructing on Optimism.
• Knowledge from DeFi Llama reveals that the full worth locked in Optimism has exceeded $500 million, with Velodrome Finance (a liquidity protocol) seeing a rise over 53% in TVL, exceeding $100M.