Optimism operates as layer 2, on top of Ethereum’s main chain. Optimism has been the focal point of both investors and buyers since its June launch due to its constant increase in value.
Despite the fact that the coin’s value is currently below the $1 level and falling as this is written, price fluctuations may be neutralized by recent developments.
The current price of Optimism, or OP, is $0.922285. That’s up 3.5% over the past 24 hours according to Coingecko data, Wednesday.
A report has been produced by the development team that highlights the achievements of the last month. Since August’s low, at 563 million OP tokens, TVL or total locked worth has increased by 6 per cent. There are currently 872 million TVL.
The Latest Data in Optimism may Spark Confidence About OP
Despite it being a drop from 1.18 million total frozen OP coins on August 7th, any increase in investor trust can be attributed to the current market conditions.
Token House Governance Fund plays a crucial role in the Optimism Network.
Its main objective is to fund network-related projects. According to recent research, this amount is around $40 million. The earlier expansion of the system’s TVL can be partly attributed to this figure.
Mixed news regarding user data is accompanying this expansion. According to recent data, the first token airdrop in June 2022 generated a considerable increase in the network’s number of new users and transaction volume.
This was in line with the wider crypto crisis.
Optimism: Governance Fund Incentives
The cited analysis indicates however that it levelled out. This means the network maintained the majority its users, even though the cryptocurrency market was declining. Governance Fund Incentives help to keep users.
How will this network’s expansion affect the trading of the token? Publicly available data suggests that not much. It trades at $1.005 to $0.844 per unit. The negative trend in the cryptocurrency market is reflected in this coin.
This volatility is typical of recent cryptocurrency market fluctuations. Even though the market outside of Optimism network is difficult right now, it cannot be the same for the network.
Its growth has been aided by the transparency afforded to users by the Optimism Network. It is one of the decentralized currencies, even the largest.
DeFi believers are increasing in number, so optimists can feel certain that more people will find them.
Source: TradingView.com| Source: TradingView.com Motivation Grid Chart, TradingView.com Featured Image The analysis is a personal opinion of the author and should not be considered investment advice.