The long-awaited Shapella hard fork took place on March 15 on Ethereum’s (ETH) Goerli network. This upgrade caused a short pause on Optimism (OP) Goerli nodes.
OptimismCompetition
Goerli, where the Shapella hard fork took place, is a network used by Ethereum developers for testing purposes. Despite the Goerli node outage, the Optimism protocol overlaps with its thriving ecosystem. The growth of the Optimism ecosystem is evident in the intense competition for the 10th grant cycle. This cycle received a flood of applications, with many developers competing for grants to build on the network. Optimism-based incentives can help the protocol attract more developers and users to the network.
One of the applicants is a dApp called KyberSwap, which has seen its Optimism-based transaction volume grow 9-fold over the past year. While Uniswap (UNI) and Velodrome are still ahead of KyberSwap in terms of volume, their motivation to build on Optimism is attracting more developers and users to the network. Another sign of an expanding cryptocurrency network could be an increase in transaction volume. In the past few months, the indicator has increased from 159,600 transactions to 269,700 transactions.
Current Data Optimism
However, despite the increase in transaction volume, the fees imposed by the protocol have decreased. This is an improvement that reduces the costs incurred by the network, likely due to increased competition among layer 2 solutions. Despite falling fees, the price of OP tokens continues to rise. The price increase can be seen as a sign that investors believe in the long-term potential of the Optimism network. Combined, the OP’s MVRV rate has fallen, which may indicate that most holders will not profit if they sell their holdings. This development may indicate lower selling pressure from OP at this time. Also, the long/short divergence for OP tokens is very positive. Positive sentiment on crypto may prove that investors are long-term investors and they are less likely to sell their holdings.
Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Mehmet Çağrı Tunç, without permission, may not be reproduced