Optimism sees growing ERC-20 transactions, which could flip Polygon’s dominance in L2 space. Even so, Polygon maintains user market share dominance. Layer 2 solutions in the crypto market have been showing improvements despite the market seeing turbulence. One of the L2 solutions that have shown great promise is Optimism. According to Dune Analytics, transactions on […]
At the time of writing, Optimism’s transactions were at the 1.7 billion mark whereas Polygon’s transaction count was at around 2.4 billion.
Although Polygon is still ahead, the gap between these two values has been reducing over time, which could be a sign that Optimism is catching up.However, in terms of user market share, Polygon still displayed dominance as it occupied 67.9% of the overall market share. This indicated that although Optimism’s transactions were growing, it was not yet attracting as many users as Polygon.
Additionally, Ethereum saved by users by opting for Optimism also decreased. This could impact the number of users on the Optimism protocol. As users could opt for other Layer 2 solutions that offer better scalability or lower fees.However, Optimism’s Quests NFTs could attract more users to the protocol. The daily users and NFTs minted on Optimism have seen an increase, as NFTs are becoming increasingly popular in the crypto market.
OP, in fact, witnessed a decline in network growth. This is indicated by the number of times OP was transferred for the first time among new addresses.Additionally, the token’s activity also fell. This was showcased by the declining daily active addresses for the token and the token’s falling velocity. A declining velocity implied that the frequency with which OP was being exchanged among addresses decreased.
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