According to Etherscan information, the layer two (L2) network’s Optimism (OP) transaction volume has dropped by a lot more than 70% to 200,000 from an all-time large (ATH) of 800,000.
Meanwhile, regardless of the large drop in trading volume, the OP of Optimism printed an ATH of $two.49 on Jan. CryptoSlate information.
Optimism’s trading volume drops
Binance investigation has proven that the drop in volume coincided with the finish of Optimism for the NFT incentive system, the “Optimism Mission” on January 17 — the NFT system principally promotes push consumer participation and transactions to the L2 network.
A Messari report says the development of optimism is inorganic in 2022 as the incentives in its ecosystem have fueled its development. Recent occasions on the network verify this report.
For context, the L2 network registered in excess of 600,000 transactions on January 17 and dropped a lot more than 50% to 239,000 on January 18, in accordance to Etherscan. data. Since then, network volume has fluctuated in between 160,000 – 200,000.
Meanwhile, decentralized finance (DeFi) analyst DeFiyst, suggestions that the consumer entered the incentive system due to the fact they wished to qualify for the OP’s 2nd airdrop.
OP trades at new ATH
OP is 1 of the greatest gainers in the recent industry rally, up a lot more than 139% in excess of the previous thirty days. As of January one, the token authority was trading for significantly less than $one, but its worth a lot more than doubled as the network noticed an raise in trading volume on January twelve. initially.
Despite ending the Quest system in excess of a week in the past, OP’s worth has improved by 21% in the previous 7 days..