OP Skyrockets 95% in 2 Days as TVL in Optimism Soars Above $500 Million

Ethereum layer-two scaling solution Optimism (OP) has soared by as much as 95% in the past two days as the total value locked in various DeFi protocols on the network also skyrockets.

• Over the past couple of days, the total cryptocurrency market capitalization has increased by around $130 billion, according to data from CoinGecko.
• This comes on the back of soaring prices across the board, including Bitcoin’s push towards $24,000.
• In the last week, however, BTC’s dominance – the metric used to gauge its share relative to that of the entire market – has decreased, which signals that altcoins are performing better relative to Bitcoin.
• One of the better-performing cryptocurrencies is OP – the native token of the Optimism ecosystem.
• The cryptocurrency is up some 95% in the past two days alone (on Binance).

Source: Binance

• At the time of this writing, OP trades at around $1.64, almost doubling its price in two days.
• This comes as a result of renewed interest in the protocol, as reflected by the increasing total value locked within various DeFi projects building on Optimism.
• Data from DeFi Llama shows that the total value locked in Optimism has exceeded $500 million, with Velodrome Finance (a liquidity protocol) seeing an increase over 53% in TVL, exceeding $100M.