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Optimism (OP) up 10%, This Important Trigger Stands Out: Details

Thu, 04/20/2023 - 16:30
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Godfrey Benjamin
Optimism riding on key protocol releases to sustain its current bullish trend
Optimism (OP) up 10%, This Important Trigger Stands Out: Details
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Optimism (OP) is recording very surprising growth on the market today as it has inked drastic 4% growth to $2.5841 over the past 24 hours at a time when most protocols are seeing repression in their prices. Riding on its promising outlook, Optimism has now added 10% to its value over the week, setting a new pace among its competing Layer 2 protocols.

Optimism has remained on the list of protocols with a growing ecosystem. That Optimism is designed to benefit from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups remains one of its key selling points that has continued to attract high growth of decentralized applications to the L2.

As it stands, the current bullish Optimism outlook surrounding OP token can be associated with its fast-expanding ecosystem. As shared by the protocol over the past few days, Optimism has welcomed a number of new innovations designed to help accommodate and further bootstrap the Optimism tech stack.

One of these innovations is the release of Magi, a brand new OP Stack rollup client written in Rust. Magi was developed by a16z Crypto and, according to the announcement, it has been designed to help improve client diversity and the resilience of the entire OP Stack ecosystem.

Optimism (OP) Bedrock to Reduce Network Fees by Almost 50%: Analysis

Optimism and L2 hurrah

The clamor in the Web3.0 tech ecosystem is, for now, based on the prospects of Layer 2 protocols, especially those on Ethereum. While Optimism still has stiff competition from the likes of Arbitrum (ARB) and Polygon zkEVM, it has largely benefited from the sentiment associated with all of these protocols.

Optimism has maintained its position as one of the most capitalized Layer 2 protocols and even if other competitors outpace it in terms of tech scalability and fees, its token performance and economics stand as key banners that investors always rely on to prioritize it over other chains.

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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.