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Ethereum L2 War: Here's How Optimism (OP) Is Faring Now

Mon, 07/31/2023 - 13:20
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Godfrey Benjamin
Optimism is on steady run as it seeks to distinguish itself in today's L2 ecosystem
Ethereum L2 War: Here's How Optimism (OP) Is Faring Now
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The Ethereum (ETH) Layer 2 scaling war is far from over, with top competing protocols doing all they can to outpace their immediate rivals. Optimism (OP) is currently in the spotlight as it is leading the L2 price resurgence after inking forward by 7.15% in the past 24 hours to $1.70. The current bullish momentum has helped OP extend its growth in the trailing seven-day period, with the coin up 10% in this time span.

Optimism (OP) Surprisingly Flips Arbitrum (ARB) in Daily Transactions, But There Is Caveat

Optimism in L2 ecosystem

Optimism has a number of competitors, including but not limited to, Polygon zkEVM, Arbitrum and zkSync. Optimism has been doing all it can to distinguish itself as the right venue for developers looking to get into the Web3.0 ecosystem through Ethereum.

According to data from L2Beat, Optimism notably boasts of a maximum Transaction Per Second (TPS) of 10.93, a figure that pales in relation to its peers zkSync Era at 12.85 and Arbitrum at 31.64 but higher than Polygon zkEVM at 1.04.

Optimism is a popular Ethereum scaling protocol, and its popularity is even more pronounced since the introduction of Base, the scaling tool launched earlier this year by Coinbase exchange. The Base protocol was built on the OP Stack, showcasing the attractiveness of the Optimism protocol with respect to its competitors across the board.

Mainstream adoption

Besides the growth of Web3.0 developers on the most popular Ethereum scaling solutions and their overall attractiveness in terms of transaction efficiency, the embrace by the general public points to the relevance of each L2 around today.

Optimism (OP) Sees 300% Spike in Daily Transactions, Here's Price Impact

While protocols like Polygon have a very robust profile with respect to its alliances with mainstream brands, Optimism is not faring badly in this regard as well. The protocol has recorded several partnerships surrounding enhancing its functionalities across the board.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.