The Optimism Layer-2 network witnessed a dramatic rise in NFT trading on July 23, registering a monthly peak in sales volume at $547,000. According to Santiment, this marked a significant 475% increase from the previous day’s volume of $95,040. This uptick reflects a burgeoning interest in Layer-2 solutions as Ethereum’s spot ETF funds near final approval, driving more users to the network.
Surge in User Demand
Data indicates a rise in the number of unique addresses conducting transactions on Optimism, correlating with the increase in daily transaction volumes. This surge is attributed to heightened user demand and interest in Layer-2 networks, reflecting their growing importance in the wider cryptocurrency landscape.
How is DeFi Activity Evolving?
In parallel with the NFT surge, the decentralized finance (DeFi) sector within Optimism also experienced growth. The total value locked (TVL) saw a 15% increase over the past 30 days, buoyed by market recovery. Daily transaction volumes on decentralized exchanges (DEXs) within the network rose by 17% in the last week, according to Artemis data.
Key Takeaways for Investors
For those looking to leverage the current trends, here are some actionable insights:
- Monitor NFT sales volumes on Layer-2 networks for potential investment opportunities.
- Track the number of unique addresses and transaction volumes to gauge network activity.
- Evaluate the TVL and transaction volumes on DEXs for signs of DeFi sector growth within Optimism.
- Consider the impact of broader market trends on Layer-2 solutions and related assets.
At the time of writing, Optimism’s token (OP) is trading at $1.86, having gained 10% in the past 30 days. The Aroon Up Line, a technical indicator, suggests the uptrend might continue, with a current value of 85.71%. Should this trend persist, OP could surpass $1.90. However, a weakening trend could see the token retreat to $1.60.