-Optimism was overtaken by the zkSync protocol in terms of gas consumption.

– Interest in NFTs declined as daily active users declined.

Optimism [OP] has been a prominent protocol in the L2 (Layer 2) market, but its dominance is being challenged due to the recent AirDrop or Arbitrum [ARB] and the growing interest in protocols such as zkSync and Starknet [STRK].

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Foot on the “Gas”

Optimism’s decline in dominance was indicated by the fact that zkSync overtook Optimism in terms of gas usage over the past month, according to Artemis data. Starkent was right behind him, slowly catching up to Optimism as time went on.

The decrease in gas consumption can be attributed to the decreasing number of daily active addresses on the Optimism network. In recent days, the number of daily active addresses on Optimism has fallen from 90,000 to 70,000.

Source: Artemis

Despite the threat of his dominance, Optimism can still revive interest in his protocol.

Token Terminal’s data shows an increase in the number of active developers on the network and an increase in code commits on Optimism’s GitHub. This suggests that Optimism may be working on new upgrades and updates to improve the protocol, which could potentially attract more users.

Source: token terminal

The decline of NFT transactions on the Optimism protocol may negatively impact its overall adoption and usage as NFTs have become a major use case for layer 2 technology. If the trend continues, it could lead to a further decline in interest and adoption of the Optimism protocol.

Realistic or not, here is OP’s market cap in terms of BTC

Source: Dune analysis

Holders maintain optimism

Despite the challenges faced by the Optimism protocol, the native token, OP, continued to perform well. Santiment’s data showed that the price of OP continued to rise and the number of transactions using the token increased.

As a result, the volume of OP grew significantly from 82 million to 243 million. This suggested that investors and users had confidence in OP at the time of writing, despite the challenges the protocol faced.

Source: Sentiment

This post Can ARB, zkSync or STRK step to the plate as OP falters? Analyzing…

was published first on https://ambcrypto.com/as-op-wavers-can-arb-zksync-or-strk-step-up-to-the-plate-analyzing/


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