Artemis, a crypto analytics firm, has reported a significant increase in daily transactions on the Layer 2 (L2) network Optimism (OP), reaching a new monthly high. The surge in transactions is attributed to a notable rise in user activity on the chain over the past week.
According to the data provider, Optimism’s daily transaction count soared by 42% in the last 30 days, hitting 512,770. The number of unique addresses completing at least one transaction per day on Optimism increased by 45%, with the daily active address count reaching 77,470 as of December 19th.
Concurrently, the demand for OP has led to an increase in network transaction fees. On December 18th, total gas fees paid by network users peaked for the year at $367,220. This rise in user activities has also been reflected in the growth of Optimism’s decentralized finance (DeFi) sector, with a 7% increase in total value locked (TVL) over the past month, reaching $838.77 million.
Data from DefiLlama shows that Optimism has experienced a 65% rally in TVL this year, driven by the growing demand for L2 solutions. As a result of the increased transaction fees on the chain, Optimism’s revenue has also risen. Information from Token Terminal indicates a 47% growth in network revenue from fees, with Optimism’s annual revenue nearly doubling by 90% to $53.95 million over the past 12 months.
However, there has been a recent decline in total transaction volume through decentralized exchanges (DEXs) on the network in the past week. This could be due to the rising network fees as demand for the L2 network continues to grow. Data from Artemis shows a 56% decrease in Optimism’s DEX volume since December 11th.
The analytics highlight the dynamic nature of the crypto market, where network enhancements and user engagement can rapidly influence transaction volumes and the overall financial ecosystem within a blockchain network.