Posted:
- Optimism’s OP stack became popular among game developers in Web3.
- The overall price of OP fell while its velocity continued to rise.
In a year marked by uncertainty in the crypto market, optimism [OP] emerged as a leading Layer 2 (L2) solution, demonstrating resilience and gaining significant traction.
With interest in the crypto market experiencing a resurgence, Optimism is well-positioned for further growth.
The rise of OP Stack
Optimism’s OP Stack, a standardized and open-source development stack, has witnessed a rise in popularity.
In particular, the OP Stack framework has become the preferred choice for full-chain game developers, facilitating the seamless creation of production-ready Layer 2 blockchains, similar to OP Mainnet.
#12: Optimism and the OP Stack framework have become perhaps the most popular choice for fully on-chain crypto gaming (FOCG) developers. Starknet is one of the more popular infrastructure choices for FOCG.
#13: Telegram (TON) crypto gaming is a new trend. pic.twitter.com/hLrRxHIX1o
— Stacy Wall (@stacy_muur) December 24, 2023
Growth prospects in gaming
The gaming sector, especially within the Web3 space, is poised for expansion. Despite the market capitalization of 183 gaming projects fluctuating between $4 billion and $7 billion throughout the year, the sector remains attractive to developers.
The influx of 76 new gaming-focused networks, including L1s, L2s and appchains, by 2023 signals continued growth and increased interest.
Due to the popularity of gaming and OP Stack, the Optimism protocol will continue to gain traction.
Furthermore, the Optimism protocol saw notable growth indicators, with network activity increasing by 10% and revenue witnessing an impressive 46% increase.
These positive numbers position Optimism as a promising player in the evolving landscape of Layer 2 solutions.
#1: The total combined market cap of 183 gaming projects has remained relatively stable throughout the year between $4 billion and $7 billion, which is up to 86% lower than the all-time high in 2022.
There is still significant growth potential. pic.twitter.com/hEdabkBH7R
— Stacy Wall (@stacy_muur) December 24, 2023
State of the OP token
Examining the performance of the OP token, it is valued at $3.31, which reflects a marginal decline of -2.85% in the last 24 hours.
Despite a decline in network growth, indicating a possible slowdown in interest from new users, the token’s velocity increased. This indicated increased trading activity around OP.
How much are 1,10,100 VPs worth today?
Additionally, the MVRV ratio for OP showed growth, indicating that addresses holding OP tokens were highly profitable.
While this means potential profits for existing holders, it also raises considerations about the potential for profit-taking in the future. These factors could negatively impact OP’s price and some corrections could be on the way for OP in the future.
Source: Santiment