- Optimism NFT missions drive growth, usage, and volume.
- Despite the growth, optimism lags behind in TVL compared to Arbitrum.
Optimism, a DeFi protocol, has seen a significant increase in activity due to important NFT projects. The projects have resulted in impressive growth for all participants, with an average growth rate of 32%.
The success of these NFT missions contributed to the overall growth of Optimism Protocol, which increased by 56% in terms of value.
Realistic or not, this is the OP’s market cap in terms of BTC
Optimism Quests is an initiative that takes users through different apps on the platform and teaches them how to use those apps in exchange for souvenir NFTs.
Optimism faces stiff competition
Despite this growth, optimism still lags in terms of TVL ccompared to Arbitrum, Another decentralized finance protocol. This could be due to the fact that users save more ETH when using Arbitrum, as reported by Dune Analytics.
However, there has been a rise in TVL in Optimism, and it may eventually overtake Arbitrum in the future. According to data from DefiLlama, TVL of Optimism has grown from $516 million to $705.29 million, which is a 36% growth.
While the price of the OP token continued to rise, there was a slowdown in daily activity.
Is your wallet green? Check out the optimism profit calculator
Notably, in the past month, the number of daily active addresses with OP has decreased from 11,246 to 6,802.
Additionally, development activity on optimism has also declined over the past week, which indicates lower developer contributions. This decrease in development activity has raised concerns about future upgrades and updates to the platform.
Despite these challenges, Optimism has forged several strategic partnerships that give hope from the OP’s code. Last week, Optimism partnered with Sherlock DeFi and ArkhamIntel, two leading decentralized finance protocols.
These partnerships have the potential to increase access to and use of the Optimism Protocol, leading to further growth in the future.
At the time of writing, the price of the OP token is $2.25 and is down 3.21% in the past 24 hours, according to CoinMarketCap.