Ethernity launches entertainment-focused L2, joining Optimism’s Superchain

Optimism Weekly Overview - August 6, 2024

Welcome back to the Optimism Weekly Overview. 

We’re creating the best place for the community to get up to speed on the chain’s latest updates, metrics and releases as well as the Superchain ecosystem developments, insights and more – all in one place. 

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Superchain Ecosystem Numbers

• DeFi total value locked (TVL) across Superchain: $2.41B (-22%)

  • Assets onchain: $13.48B (-9.5%)

• Daily average transaction volume:  4.62M (-10.8%)

  • Fraxtal: 7.12K (+16.91%)

  • Mode: 151.45K (-3.85%)

  • Base: 3.51M (-10.69%)

  • Zora: 98.05K (-10.91%)

  • Redstone: 7.70K (-38.89%)

  • OP Mainnet: 457.47K (+1.38%)

  • Kroma: 130.20K (-39.81%)

• Revenue-generating deployers on:

  • Base: 5,569 (-3.25%)

  • Zora: 168 (-1.75%)

  • OP Mainnet: 1,082 (+1.22%)

  • Superchains: 6,281 (-2.8%)

• Superchain transaction fee total savings vs L1s:

  • OP Mainnet: 17,831 ETH 

  • Base: 71,579 ETH

  • Zora: 1,212 ETH

  • Compared to Ethereum, L2 Superchain users saved a total of 90,622 ETH, or $221M on txn fees this week.

The percentages and metrics are pulled from OPLabs data on Dune and are calculated from its change over a 7-day time frame, unless noted otherwise.

Spotlight on Optimism’s Superchain

Highlighting some of the biggest updates on Optimism’s Superchain this week. 

🔴What’s happening: Ethernity, an entertainment-centric layer-2 network (L2) built on the OP Stack, announced the launch of its testnet alongside it joining the Superchain. 

🔴Why it matters: Ethernity’s platform aims to provide a seamless way for traditional brands and their intellectual property to come onchain, without having to build their own technology in-house. 

The network provides AI-powered digital rights management (DRM) security and plug-and-play toolkits that can pave an easier path for mainstream adoption and innovation. 

Its ecosystem consists of web3 organizations like Decentraland, Chainlink and The Sandbox to mainstream entities like the Associated Press, United States Space Force, Toys R Us and Muhammad Ali.

With the rise of web3 gaming and real-world assets, Ethernity can expand opportunities for the entertainment economy, while also catering to specific needs and use cases for organizations new to the space.

Its testnet is currently live and open to developers looking to build and test applications on Ethernity ahead of its mainnet launch. With the right tools and practices, Ethernity can become a go-to chain for brands looking to enter the web3 world.

🔴What it means for the broader ecosystem: The launch of Ethernity’s testnet is a pivotal development for the project’s vision of powering the next generation of entertainment brands and expanding web3’s reach beyond the cryptosphere. 

The use of its DRM process can also safeguard IP rights of brands by verifying its authenticity and identifying potential counterfeits. This initiative can drive interest in blockchain technology and its use in the entertainment industry.

If more organizations enter the web3 world for real world utility beyond financial speculation, the opportunity for mainstream adoption could scale substantially.

What’s poppin’ on the Superchain

👤Total number of weekly active addresses by chain: 

• Base: 2.83M 

• OP Mainnet: 307.59K 

• Zora: 108.07K 

• Mode Network: 18.83K 

• Gelato released one-click deployment for seamless launches of L3s on Base and the OP Stack

• Kroma launched its new validator system that lets token holders contribute to its network security

• Metal Pay introduced Metal Pay Connect, a fiat onramp app connected to Metal L2 and the Metallicus ecosystem

• Cyber, an L2 built on the OP Stack, shared the formation of CyberDAO and introduction to governance voting

From the Optimism Collective

• ICYMI: BaseCamp Summit that featured keynote speakers like Ethereum co-founder Vitalik Buterin, Coinbase CEO Brian Armstrong, and more

• Superchain held its demo day, showcasing Standard Protocol, a decentralized trading app

• Optimism shared a recap thread of FWB Fest that featured various builders and creators dedicated to growing the Optimism Collective

• Superchain Eco created a thread that highlighted chains in the Superchain

• Optimism created an overview of the Superchain and its unified network features

For more Optimism Collective weekly updates, look here. 

Get into the OP Stack

Want to dive into the ecosystem full-time? Find the latest job postings here or get involved at an event below. 

• Superhack, an online hackathon dedicated to building applications on the Superchain, will be running until Aug. 15

  • Check out various builder workshops being hosted during Superhack. Schedule can be found here

• Rhino.fi is hosting a bridging campaign for a chance to win a share of 12K OP, as part of Onchain Summer

• Stay tuned for more details: The Optimism Quarterly Webinar is happening on Aug. 15 at 3pm EST

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This product was built by Token Relations. 

This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.