According to data from Etherscan, optimism (OP) transaction volume in Layer 2 (L2) networks has fallen by more than 70% to 200,000 from an all-time high (ATH) of 800,000.
Meanwhile, Optimism’s OP printed an ATH of $2.49 on January 25, despite a sharp drop in trading volume. crypto slate data.
Optimism Trading Volume Declining
A Binance study notes that the drop in trading volume coincides with when Optimism ended its NFT incentive program, Optimism Quests, on January 17.
Growth in optimism was inorganic in 2022, as ecosystem incentives fueled growth, according to a Messari report. Recent events on the network have confirmed this report.
For context, according to Etherscan, the L2 network registered over 600,000 transactions on January 17th, dropping more than 50% to 239,000 by January 18th. dataSince then, network volume has hovered between 160,000 and 200,000.
Meanwhile, DeFiyst, a decentralized finance (DeFi) analyst, was suggested The user entered the incentive program to qualify for the OP’s second airdrop.
OP trades at new ATH
OP is one of the biggest climbers in the current market rally, growing over 139% over the last 30 days. As of January 1st, the Governance Token was trading for less than $1, but its value more than doubled when the network witnessed a surge in trading volume on January 12th. .
The OP value increased by 21% in the last 7 days, even though I finished the quest program over a week ago.
