Decentralized exchanges (DEXs) trading activity on the Optimism [OP] chain saw a significant uptick. According to a tweet, Optimism DEXs produced $203.89 million in volume over the last 24 hours, an increase of more than 30% from the previous week.
A deeper dive into the data revealed that, among the big chains, including Ethereum [ETH] and Arbitrum, Optimism’s weekly rise in DEX trade volume was the highest.
Optimism-Powered “Base” Unveiled
Following significant technology advancements reported by the Optimism ecosystem in the previous week, there has been a surge in trading activity.
A new Ethereum layer-2 solution dubbed Base, powered by Optimism was unveiled by Coinbase for deployment.
Moreover, Optimism declared that rather than developing numerous L2 solutions, it will concentrate on combining them into a single, coherent unit known as a “Superchain.”
The Optimism network has been revitalized by these significant announcements. According to Token Terminal data, the chain’s daily active users have roughly tripled during the previous four days.
The network’s transaction costs dramatically increased with the increase in users, increasing 143% since February 21.
Bullish Momentum Building: Will OP See Gains In The Near Future?
According to DeFiLlama, Optimism’s total value locked (TVL) increased significantly over the previous week by more than 8%. For any chain in the cryptocurrency market, this was the most significant weekly rise in TVL.
In the previous day, OP gained 8.02%of its value, rising to $3.02 according to CoinMarketCap. Throughout the previous week, the native token of the network saw a growth of 18%.
Market indicators supported a further price increase. Although the On Balance Volume (OBV) began to go upward, the Relative Strength Index (RSI) was above the neutral 50 mark in the bullish zone.
A bullish crossover, driving OP’s price upward, was predicted by the Moving Average Convergence Divergence (MACD).