Optimism falls behind other Layer 2 solutions in many areas. Despite this, developments on the protocol continue to rise. Selling pressure on the OP token increases.
At press time, Optimism was still under attack due to a significant number of challenges. In terms of daily activity on the protocol, Optimism wasn’t able to compete with networks such as Polygon and Arbitrum.
Over the past few weeks, the number of daily active addresses on the Optimism network declined from 82,000 to 42,000.The protocol was also unable to compete with other solutions in terms of saving ETH for its users. According to Dune Analytics’ data, Arbitrum was outperforming Optimism by a large margin in this regard.Optimism’s native token OP faced the consequences of the aforementioned information. The last few weeks saw a drastic fall in the velocity of the OP token.
Coupled with that, OP’s network growth started to fall. This further indicated a fall in the number of new addresses transferring OP for the first time.Despite the declining price of OP, the MVRV ratio remained positive. This implied that there were still addresses left that were profitable that could have the incentive to sell their holdings for profits in the future.
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