Ethereum-based Optimism Network Records 1,687% Surge in Trading Volumes
Ethereum-based layer-2 scaling solution, Optimism (OP), has experienced a significant increase in trading volumes, according to data from defi analytics platform DeFiLlama. In the past week, Optimism’s trading volume reached approximately $300 million, marking a 1,687% surge. This surge is primarily attributed to a security flaw on KyberSwap that resulted in a loss of $46.5 million.
Optimism’s weekly trading volume surged by 1,800% month-on-month and surpassed $12 billion, even overtaking Ethereum. The network’s 24-hour trading volume reached $344.98 million, and the seven-day volume totaled $11.87 billion, reflecting an increase of 1687%. Additionally, Optimism’s Total Value Locked (TVL) rose to $769.6 million, with a monthly increase of 24.42% and a weekly increase of 4.45%. In comparison, Ethereum experienced a drop in trading activity, with a weekly volume of $9.17 billion.
Trading Activities on Other Chains
Tron and Linea witnessed increases in their trading activities, with Tron experiencing a 98.2% rise and Linea jumping by 604%. However, Solana, Arbitrum, Polygon, and Avalanche all saw significant decreases in their weekly trading volumes. Solana’s volumes dropped by 11.3%, while Arbitrum’s volume declined by 27.85% to $247.73 million. Polygon experienced a more substantial decline of over 39% to settle at $87.27 million.
Hot Take: Optimism Network Sees Explosive Growth in Trading Volumes
Ethereum-based layer-2 scaling solution Optimism has achieved remarkable growth in its trading volumes, surpassing Ethereum itself. The surge in trading activity is attributed to a security flaw on KyberSwap, which led to a loss of $46.5 million. Optimism’s weekly trading volume soared by an impressive 1,687%, reaching approximately $300 million. Additionally, the network’s Total Value Locked increased significantly to $769.6 million. This surge in Optimism’s popularity comes at the expense of other chains such as Ethereum, Solana, Arbitrum, Polygon, and Avalanche, which have experienced drops in their trading volumes.
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