- Optimism has topped rival blockchain Arbitrum in daily transactions for the first time since January.
- Optimism’s recent Bedrock update and the release of Worldcoin on the Optimism blockchain led to this achievement.
- Arbitrum is still ahead of Optimism in terms of total value locked and active users.
Ethereum layer 2 scaling solution Optimism has surpassed rival blockchain Arbitrum in terms of daily transactions. Optimism topped Arbitrum’s transactions for the first time in six months. Optimism’s recent bedrock update and the launch of Sam Altman’s Worldcoin on Optimism have been identified as the drivers behind the network’s increased transactions.
According to data from CryptoRank, Optimism clocked more than 887,000 transactions on July 25, 2023. Arbitrum’s transactions came in at 630,534 at the time, marking a difference of more than 25%. Arbitrum has been the dominant network in terms of daily transactions since January this year. Optimism’s average transaction fee today was 9% higher than that of Arbitrum.
Worldcoin, the widely anticipated crypto project by OpenAI founder Sam Altman, launched its WLD token on Optimism mainnet on July 24, 2023. The token has already managed to attract more than 200,000 holders, which in turn contributed to the growth of Optimism’s daily transactions. Optimism also concluded its Bedrock upgrade last month, which helped bring down the confirmation time for transactions and lowered the network’s gas fees.
Data from CoinMarketCap showed that Optimism’s native token, OP, gained more than 3% over the past 24 hours. At the time of writing, the token was trading at $1.53, with a 35% increase in its daily trading volume. Meanwhile, Arbitrum lost more than 6% of its value over the past week and was trading at $1.19 at press time. Optimism may hold dominance in daily transactions, but Arbitrum still exceeds in other key metrics, including TVL and daily active users. Data from DeFiLlama showed that Arbitrum had $2.1 billion in total value locked, while Optimism’s TVL came in at $926 million.
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