• Optimism (OP) shared an update about its upcoming hard fork in March, which will fix inconsistencies in API for receipts in system transactions.
• The daily transaction volume in profit tripled over the past 10 days and Optimism’s development activity surged to its highest level since the start of 2023.
• Despite these positive updates, the native token fell 5.55% in the 24-hour period due to lack of investor enthusiasm.
Optimism’s Upcoming Hard Fork
On 28 February, popular layer-2 scaling solution Optimism [OP] shared an update about its upcoming hard fork in March. The tweet was optimistic that there will be no downtime for users, but network nodes will have to be updated in advance.
Transaction Volume Increase
The daily transaction volume in profit tripled over the past 10 days and Optimism’s development activity surged to its highest level since the start of 2023. This indicated that the network was committed to its milestones and key technical upgrades could be delivered on time.
Lack Of Investor Enthusiasm
Despite these positive updates, the native token fell 5.55% in the 24-hour period due to lack of investor enthusiasm. At the time of writing, open interest (OI) spiked for a brief period last week and then matched with price trajectory moving sideways.
Superchain Idea
Perhaps one of the most ambitious ideas announced by the Optimism ecosystem recently was the idea of a ‚Superchain‘, a cohesive and interoperable system that would unify multiple layer-2 solutions into one. Realistic or not, this idea still has weight among investors as evidenced by its 30-day MVRV ratio and increasing MVRV Long/Short Difference metrics.
Value Of OPs Today
How much are 1,10,100 OPs worth today? Unfortunately, prospect of a bug fix failed to cheer OP holders at press time but it is estimated that 1 OP is worth around $45 USD while 100 OPs are valued at nearly $4,500 USD today.