Optimism renamed to OP Mainnet: Examining the implications

• Optimism’s single-round fraud-proof left it at an obstacle in comparison with Arbitrum.
• OP’s growth exercise fared higher, however the TVL remained in ARB’s favor.

Layer Two (L2) scaling resolution Optimism [OP] has introduced a reputation change. In response to the inspiration’s official Twitter web page, the chain is now referred to as “OP Mainnet.”

Lifelike or not, right here’s OP’s market cap in ARB phrases

Though there was no prior public information of the motion, Optimism famous the motivation behind the choice was to create a “Superchain.”

Is the “Superchain” key to misplaced areas?

This tremendous chain would permit the challenge to seamlessly talk with different chains. One chain that Optimism talked about as concerned was Coinbase’s open-source Ethereum [ETH] L2 Base.

Since launch, Optimism has maintained its keep as a part of the highest two Ethereum L2s. Nevertheless, Arbitrum [ARB], which makes use of multi-round fraud proofs, has been outpacing its reverse quantity. 

A key cause for that is Optimism’s use of single-round fraud proofs, which makes the community costlier regardless of being sooner.

On account of Arbitrum’s cheaper nature, the daily active addresses on the chain surpassed that of Optimism. At press time, Artemis’ information confirmed that Optimism’s every day lively addresses had been 88,560.

However, the crypto analytics tracker revealed that Arbitrum was forward with the metric at 161,830.

Supply: Artemis

This situation implied that Arnbitrum was processing extra transactions at press time, whereas Optimism’s reception has been comparatively half-hearted.

Improvement for OP, TVL for ARB

Relating to their respective development activity, OP was on high of the rostrum at press time. Whereas each initiatives appear to have the same development on this metric, OP’s growth exercise was 29.29. 

Arbitrum, which had a current lower like Optimism, had its growth exercise at 17.12. Subsequently, this reveals that Optimism attracted extra public GitHub repositories than Arbitrum. 

This comes as a shock, particularly as Arbitrum’s fault-proof conduct and EVM compatibility override that of Optimism. 

Supply: Santiment

One other facet of the optimistic rollups which have develop into an area of interest is Complete Worth Locked (TVL). By definition, the TVL represented the value of belongings deposited by liquidity suppliers and locked in DeFi protocols. 

Apparently, there’s a notable distinction between Arbitrum and Optimsm’s operation. 

Whereas Optimism’s TVL is essentially depending on DEXes and derivatives protocol, Arbitrum appears extra evenly unfold among the many aforementioned two, yield initiatives, cross-chain, and lending protocols.

Resulting from this, Arbtirum’s TVL was value $2.19 billion on the time of writing. Conversely, Optimism TVL was much less at $804.55 million.

Supply: DefiLlama

How a lot are 1,10,100 OPs value immediately?

Because it stands at press time, Optimism nonetheless performed second-fiddle to Arbitrum. Nevertheless, one can’t conclude that the challenge is down and out of the race. 

It has additionally skilled key development and a deciding issue of how far the brand new identify would affect the ecosystem is its integration with the Base chain.