OP Soars 30% to $3 as Optimism Network Addresses Witness a 391% Surge Since January

Prominent Ethereum layer-two scaling solution – Optimism – has gained widespread popularity in 2023, addressing the demand for better alternatives, and its user base has soared this year.

According to the latest data compiled by Intotheblock’s data, the network now boasts over 5.9 million addresses with a balance, marking a substantial increase of 391% from the 1.2 million recorded in January.

Optimism’s User Activity Spikes

As of December 22nd, the overall number of addresses on the Optimism Layer 2 network has increased to around 84.38 million. Although this number had been steadily growing, it wasn’t until mid-September that the address count on the network experienced significant growth. In just the last three months, this figure has surged by over 843%.

This notable increase can be attributed to the successful completion of Optimism’s third airdrop on September 18th, which was part of the protocol’s community incentivization and governance plan. During the event, a total of 19,411,313 OP tokens, valued at over $26 million, were distributed to 31,870 unique addresses.

What a year for @Optimism! The network currently counts over 5.9 million addresses with a balance, up 391% from 1.2 million in January!
🔗https://t.co/b6bBM1Qd6z pic.twitter.com/58gPngqEk3

— IntoTheBlock (@intotheblock) December 21, 2023

In addition to increased addresses on Optimism, the transaction count on the network also recorded a spike, demonstrating a significant increase in user activity as competition among the Layer 2s heats up.

As per L2Beat, Optimism currently boasts a whopping $5.19 billion in total value locked (TVL) and is the second largest Layer 2 below Arbitrum. Optimism’s market share, on the other hand, stands at over 30%.

During the last 30 days, Optimism experienced a notable 41.57% increase in revenue, accumulating $4.47 million, according to Token Terminal data. Meanwhile, the Layer 2 network’s annualized revenue has risen by nearly 80% Over the past 12 months, reaching a total of $54.33 million.

In terms of price movements, the OP token has been on a roll lately, surging by 30% in the past day and 40% within the last week. As a result, it trades at $3 as of now.

Layer 2: 2024

In 2023, Ethereum Layer 2s have demonstrated substantial growth, and industry experts maintain their confidence in these solutions.

JPMorgan also expressed a positive outlook, highlighting the upcoming Proto-dank sharding upgrade scheduled for the first half of 2024. This upgrade holds significant importance for improving Ethereum’s scalability and efficiency, especially benefiting Layer 2 networks such as Arbitrum and Optimism.