Metamask gives OP holders some reason to be optimistic this crypto winter

  • Metamask enables support for second language solutions such as optimism, which can increase the use of optimism.
  • The number of transaction addresses is growing on optimism, but token holders are still not very profitable.

Metamask, a widely used cryptocurrency wallet, recently more dangerous It will add support for second language solutions such as optimism. This step can help increase the use of Layer 2 and bring more users to the Optimism protocol.

Reason for optimism

One of the reasons for the increase in optimism adoption may be that users will be able to access optimism through their phones.

However, even before this update was announced, the number of active transaction addresses on the Optimism Network was already increasing.

The scale rose from 22,000 to 79,000 in three months. Now, that number is expected to reach new heights as a result of Metamask’s latest update.

Source: Dune Analytics

Another reason for the increasing number of transactions on the Optimism network could be an unexpected increase in stablecoin transactions. According to information from feelingsUSDT and USDC transactions on the Optimism Protocol have seen a huge rise in the past few days.

Source: feeling

Not only has optimism attracted users to his protocol, but he has also managed to retain a large portion of those users.

Based on information provided by Dune Analytics, our weekly user retention rate has increased in recent months. At the time of publication, the weekly transaction address retention rate is 33%. This means that Optimism was able to keep 33% of new addresses using the protocol each week.

Source: Dune Analytics

However, the growth of optimism in her protocol did not translate into OP metrics success on the chain.

A 715.89x increase is on the cards if OP hits the market cap of ETH?

At the time of writing, it has been observed that the growth of the optimism network has decreased significantly over the past few days. This indicates that the number of new addresses the OP transfers for the first time has decreased.

The reason for the decline may be the low MVRV of optimism. A negative MVRV ratio means that most OP investors will suffer losses if they sell their holdings at the current price.

This was also evidenced by the decrease in the volume of transactions. Well, this development indicates that most OP holders were willing to hold on to their tokens and wait for their transactions to become profitable.

Source: feeling

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