Arbitrum outperforms Optimism in this key area; can OP stay true to its name?

• Optimism’s TVL and gross declined, though the state fees utilized connected the level increased.
• The velocity and web maturation of Optimism plummeted.

According to a tweet connected 1 January, it was observed that Arbitrum managed to out-compete different L2s, specified arsenic Polygon and Optimism successful presumption of TVL. However, Optimism inactive managed to predominate the L2 abstraction successful different areas.

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🔥 THE TVL BETWEEN TOP LAYER 2 ON ETHEREUM 🔥

By overcoming #Polygon and #Optimism, @arbitrum has people risen to the apical 1 Layer 2 successful TVL done 2022.

Do you deliberation @arbitrum volition go the caller location of DeFi. (💙,🧡)? Let's remark beneath 👇#Arbitrum #DeFi pic.twitter.com/AAtP0g8e2V

— Arbitrum Space (💙,🧡) (@Arbitrum_Space) January 1, 2023

Moreover, according to DeFi Llama, Optimism’s TVL declined from $540 cardinal to $500 cardinal successful the past 30 days. This diminution successful TVL affected Optimism’s gross arsenic well, which fell by 3.3% successful the aforesaid period, arsenic per information from Token Terminal.

Gas maine up, Scottie

Even though Optimism’s TVL and gross continued to decline, it was capable to outperform different L2s successful presumption of state usage, according to Dune Analytics. The Layer 2 solution was adjacent capable to outpace Arbitrum successful this regard. 

One crushed for the increasing state usage connected Ethereum [ETH] could beryllium attributed to the information that users were capable to prevention a batch of ETH by utilizing Optimism. 

As evidenced by the illustration below, the magnitude of savings that users were making connected their transactions by utilizing Optimism continued to grow. At the clip of writing, Optimism provided savings of up to 98.6% to its users.

However, these developments did not assistance Optimism’s on-chain activity. Over the past 30 days, Optimism’s velocity and web maturation declined. This indicated that the fig of times OP was being exchanged had reduced significantly.

The falling web growth, connected the different hand, suggested that the fig of caller addresses transferring OP had fallen.

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  How galore OPs tin you get for $1?

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Optimism: State of the token 

Optimism would request to garner involvement from caller addresses to assistance prop up its price. However, that seemed unlikely, arsenic Optimism’s improvement enactment declined. This indicated that determination would beryllium less chances of caller updates oregon upgrades that could pull caller addresses.

At the clip of writing, Optimism was being traded astatine $0.946. Its terms had fallen by 8.87% implicit the past 30 days.

This caused a diminution successful Optimism’s marketplace headdress dominance during the aforesaid period. At property time, OP had captured 0.02% of the wide crypto market.