- Optimism beat Base and Arbitrum to have the highest share of active addresses.
- Network growth declined while social volume moved sideways.
AMBCrypto can confirm that projects like Worldcoin [WLD] and Farcaster played an important role in the optimism [OP] increase in network activity.
In recent months, active addresses on Optimism’s Mainnet have had a 60% share compared to other Optimism rollups.
According to data from IntoTheBlock, the increase in user activity was due to these two projects deployed on the OP Mainnet.
????Optimism leads to active addresses!
Optimism Mainnet has often extracted more than 60% of the number of daily active addresses from the top optimistic rollups.
User activity on Optimism has increased as popular apps such as WorldCoin and Farcaster have deployed on Optimism pic.twitter.com/W3rQChW7Nm— IntoTheBlock (@intotheblock) February 11, 2024
Allowing implementation goes a long way for OP
Worldcoin’s commitment to optimism dates back to 2020. But back then, Ethereum [ETH] Scale solutions were not yet mainstream.
However, when Worldcoin fully migrated to the network in July 2023, traction increased. For Farcaster, its impact has been more recent.
For those unfamiliar, Farcaster is a decentralized social media protocol. Unlike most social platforms, the project’s focus is on user autonomy, interoperability and privacy, and it was developed on optimism.
Although it is still in beta, some early users of the project are calling it a good alternative to X (formerly Twitter).
Farcaster’s introduction to the community comes as demand for more user-controlled social platforms increases.
According to Dune Analytics, Daily Active Users (DAU) of the protocol have seen an amazing experience increase. At the time of writing, the total number of users was approximately 171,678.
Source: Dune Analytics
Other metrics, including sales, storage numbers and sales, have also grown. Consequently, an increase in the number of active users of Farcaster also meant an increase in activity for Optimism.
AMBCrypto went further to check if this growth has affected other metrics related to the L2.
Ups and downs, but that’s not all
The first metric we looked at was social volume. According to Santiment, OP’s social volume was to maintain a relatively good value over the past 90 days.
This implied that the search and interaction surrounding the project went relatively well. As for network growth, the situation is similar.
At some point the statistic reached new peaks. The increase during these periods suggests that adoption was increasing and new addresses were conducting their first transactions on the network.
However, press time data showed that network growth had slowed.
Source: Santiment
Should network growth continue to slow, OP’s dominance among rollups could also decline.
However, if the number of newcomers to the network were different, the share of active users could increase from 60%. When it comes to OP’s price, not much has happened in the last 24 hours.
Realistic or not, here is OP’s market cap in terms of WLD
But data from CoinMarketCap showed that the price has risen 16.41% over the past seven days. At the time of writing, OP’s value was $3.52.
In the meantime, OP’s price could rise due to an increase in the number of active addresses, as this could serve as a bullish indicator for the token.