WorldCoin’s launch propels Optimism, but at what cost?

9 months ago 62

  • On 27 July, Optimism’s regular transaction number exceeded Arbitrum for the archetypal clip since January.
  • Following a fewer hours of traction, attraction has shifted from its OP token.  

On 27 July, Layer 2 (L2) blockchain web Optimism [OP] recorded a higher regular transaction number than Arbitrum [ARB], marking the archetypal clip this has happened since January, information from Blockscan revealed. 

Read Optimism’s [OP] Price Prediction 2023-24

The surge successful Optimism’s web enactment was attributed chiefly to the motorboat of Worldcoin [WLD] – the cryptocurrency task founded by OpenAI CEO Sam Altman designed to lick the problems of income inequality and online individuality authentication.

On 11 May, Worldcoin announced its determination to determination the motorboat of its World App, which was primitively planned to spell unrecorded connected the Polygon Network, to Optimism.

World ID & World App are coming to the @OptimismFND Mainnet 🪩 🔴

— Worldcoin (@worldcoin) May 11, 2023

Worldcoin’s determination to power platforms indicated a strategical determination to research caller opportunities and leverage the capabilities offered by Optimism. According to the property release:

“With much than 1.6 cardinal sign-ups successful beta and 500,000+ monthly progressive World App users, the deployments connected OP Mainnet volition grow entree and assistance Worldcoin scope a values-aligned ecosystem of developers and users.”

Thanks to Worldcoin, Optimism has…

As of 27 July, the regular transactions number connected Optimism touched 944,000. Conversely, Arbitrum logged a regular transaction number of 660,000 connected the aforesaid day. 

Source: Artemis

With accrued enactment connected Optimism, regular progressive addresses connected the blockchain person climbed since Worldcoin’s launch, information from Artemis showed. Since the task went unrecorded connected OP’s mainnet connected 24 July, regular progressive addresses connected the blockchain web person accrued by 22%. While the unsocial code number connected Arbitrum accrued arsenic well, it has lone rallied by 2% during the aforesaid period. 

Also, with increasing attraction to the L2 network, Optimism has experienced an summation successful the full worth of assets locked (TVL) wrong its decentralized concern (DeFi) protocols. Per information from Artemis, Optimism’s TVL has grown by 4% since Worldcoin launched 5 days ago.  

Within a 7-day model period, Optimism’s TVL has changeable up by 15%. Arbitrum, connected the different hand, saw its TVL driblet by 3% during the aforesaid period. 

Nevertheless, Arbitrum maintains its presumption arsenic the L2 solution with the highest TVL of $5.98 billion, holding much than 55% of the L2 marketplace share, per information from L2Beat. Optimism trails down it with a TVL of $2.9 billion. 

Source: Optimism

Not overmuch has changed for OP

At property time, the terms OP token was $1.51. Since Worldcoin launched, the alt’s worth has dropped by 4%, per information from CoinMarketCap.

Read Arbitrum’s [ARB] Price Prediction 2023-24

On-chain information from Santiment revealed a crisp uptick successful regular request and progressive code number for OP pursuing Worldcoin’s launch. However, this has begun to driblet with attraction shifting distant from the project.

Source: Santiment

Also, aft a fewer days of logging profitable trades, the ratio of OP’s transactions successful losses exceeded those that returned nett astatine property time.

Source: Santiment

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