• Optimism (OP) skyrockets to new all-time high, gaining over 40% weekly.
• Total value locked in the protocol is currently at a 3-month high.
• The Optimism Foundation recently released a proposal for mainnet upgrade.
Optimism (OP) continues to be one of the best performers within the cryptocurrency market, and its native token – OP – managed to increase by 43% in the past seven days. Its monthly gains are even more impressive, clocking in at around 230% for the past 30 days. At the time of this writing, OP trades at around $3.22 on Binance, charting a fresh all-time high.
Total Value Locked
The impressive price performance comes on the back of a considerable increase in the total value locked in the protocol, which is currently sitting at a 3-month high. The last time TVL was so high was back in November 2022. It’s also worth noting that OP is amongst leaders in derivatives trading volume and its tumultuous price action has led to about $3.5 million worth of liquidated positions just yesterday alone.
Proposal For Upgrade
The Optimism Foundation recently released a proposal regarding upgrading their mainnet to provide a “new level of modularity, simplicity and Ethereum equivalence for Layer-2 solutions”, providing unprecedented performance and functionality as well as reducing transaction costs and increasing throughput characteristics for users.
Derivatives Trading Volume
OP is also amongst one of the leaders in derivatives trading volume with over $3 million worth of liquidated positions being seen just yesterday alone due to its tumultuous price action throughout recent weeks/months as it goes from strength to strength with its all-time highs being broken almost daily now!
Impact Of Upgrade
This proposed upgrade could have far reaching implications if successful with it providing an unprecedented level of performance and functionality whilst reducing transaction costs ans increasing throughput characteristics substantially – something that would no doubt make it even more attractive than it already is!