In the last month, Optimism transactions have increased significantly, according to on-chain analytics company IntoTheBlock. On top of Ethereum, optimism (OP) is a Layer 2 blockchain.
Daily volumes on the Optimism network have increased from lows of just under 10,700 to just under 40,000, according to IntoTheBlock. This is an increase of around 300%.
“Data indicates a significant increase in OP transactions over the previous month. Daily volumes have increased from a low of about 10,700 and are now oscillating around the 40,000 level, according to a tweet from IntoTheBlock.
The Optimism network has seen a rise in transactions, according to Nansen, a blockchain analytics company. On June 26, it was said that the number of transactions on the Optimism network jumped by 67% following the June 6 “Bedrock” update.
Before the update, there were less than 300,000 transactions per day on the network; by the middle of June, this number had increased to around 550,000. It has increased by approximately 67%. Notably, the cost of petrol has dropped by around 50% to about $50,000.
The “Bedrock” update, which decreased deposit times, decreased Layer 1 charges, and added more security measures, was applied to the Optimism network on June 6.
One of a number of upgrades, according to Optimism, will help build a “Superchain” of scaleable Web3 networks based on its OP Stack software.
OP’s price action
The new surge in transactions has not yet had a favourable effect on the OP price. The native token of the Optimism blockchain, OP, had decreased by about 7% to $1.25 as of the time of writing.
OP has had lower highs and lower lows since reaching highs of $3.28 in February, indicating a decline in value.
Its falls were further assisted by the bearish death cross formation that had developed on the OP daily chart. The OP price dropped in late May and has been below its daily moving averages ever since.
