Optimism Weekly Overview
The First Edition - April 9, 2024
Welcome to the first ever Optimism Weekly Overview. We’re SO excited to have you here.
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. Every Tuesday.
Superchain Ecosystem Numbers
Total Value Locked (TVL) across Superchain: $17.56B (+5.4%)
DeFi-focused TVL across Superchain: $2.73B (+15.6%)
Optimism total daily L2 transactions as of April 9: 4.13M (+36%)
Base: 3.19M (+38.7%)
Zora: 1.08M (+583%)
OP Mainnet: 643.5K (+7.2%)
Mode: 242.16 (+126.7%)
Revenue-generating devs across chains:
OP Chains: 4,929 (+31.4%)
Base: 4,125 (+38.7%)
Zora: 190 (+9.8%)
OP Mainnet: 1,056 (+3.4%)
Optimism’s average txn fee (today): $0.0185 (-74.5%)
Superchain transaction savings vs L1s:
OP Mainnet: 40,617 ETH
Base: 78,186 ETH
Zora: 13,626 ETH
Compared to Ethereum, L2 Superchain users saved a total of 132,429 ETH, or $464.58M on txn fees this week.
The percentages are calculated by 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: Base hit $4.53B in total value locked (TVL) on Monday.
⚡Why it matters: Base, the Ethereum-centric layer-2 blockchain built on the OP Stack, launched publicly in August 2023. In the eight months since launch, it has hit all-time-highs for TVL, up 20.8% on the week.
Transactions per second (TPS) on Base are also growing in a time when the crypto market is continuously heating up. On Sunday, Base had an average of 36 TPS, which was about 3 times faster than Ethereum’s average at 13.6 TPS, according to L2BEAT data.
⚡What it means for the broader ecosystem: Base is home to a growing number of apps in sectors like DeFi, gaming, NFTs, security and more. In mid-March, Base hit an all-time high for daily active addresses, around 854,000, according to growthepie data.
As its activity, TPS and TVL grow, more layer-1 assets and applications are eying their next move to chains like Base in pursuit of building on more efficient and affordable chains. So if that’s where all the attention is going, it would make sense for an up-and-coming apps, developers and projects to go where the users are to gain traction.
Base is also a part of the Superchain, which is a collection of blockchains building on Optimism's OP Stack. This means every single blockchain in the Superchain contributes the greater 2.5% sequencer revenue, or 15% of sequencer profit (from transaction revenues and so on) for the Optimism Collective.
⚡ TLDR: The Superchain will continue to expand and revenue will increase, thanks to the growth of more blockchains on OP Stack, as well as the activity on those blockchains (like Base's recent breakout success).
Base TVL peaked on April 8. Source: L2BEAT
What’s poppin on the Superchain
👤 This week’s total weekly active addresses on Superchain hit 2.48M
👤Total number of weekly active addresses on:
Base: 1.53M (+20.8%)
OP Mainnet: 676.94K (+ 9.2%)
Zora: 273.92K (+3.7%)
Season 2 of Crypto The Game, an on-chain survival game built on Base, launched this week.
Account Abstraction is coming to Frax and Zora, thanks to Alchemy’s help. Start building.
Redstone chain has deployed its mainnet and is preparing for its public launch on May 1 to provide on-chain applications and autonomous worlds a place to call home.
Base announced its fourth wave of 2024 Base Builder Grants, learn more here.
Watch live demos from projects building on the Superchain here on Thursday, April 11 from 3-4PM UTC.
From the Optimism Collective
Highlighting the companies, communities and citizens bound to the Optimism Collective.
ICYMI: The Collective allocated 850M OP for its Retro Funding, with the first targeted round focusing on on-chain buildings in May. More details here.
Ora released an on-chain AI oracle in collaboration with Optimism to bring AI to the DeFi space through lower costs and higher speeds on the OP Mainnet chain.
Velodrome, a trading and liquidity marketplace, continues its The Tour de OP Yellow Jersey to help boost protocol’s adoption of USDC on OP Mainnet.
🎙️Listen in to Dylan Abruscato, founder of Crypto The Game, sat down with Genzio Media to discuss Season 2.
🎙️Listen in to Jesse Pollak, creator of Base, on the Lightspeed podcast talking about the Superchain, on-chain activity and more.
Optimism contributor, X account liamihorne, dives into Optimism stats as L2s see all-time high usage.
For more Optimism Collective weekly updates, look here.
Making headlines
Frax tokens to be natively issued on Noble, expanding into Cosmos ecosystem (The Block)
Base hits $4B TVL as monthly txs outstrip Ethereum and Arbitrum (Cointelegraph)
Base TVL Hits $4 Billion as Transactions Per Second Surpass Ethereum (Unchained)
Fault Proof Deep-Dive Part 2: Cannon (OP Labs Blog)
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.
Join Optimism Office Hours: Wednesday, April 10 at 1-3PM UTC on its Discord
Mode Yield Accelerator is accepting registrations here.
April 2nd - May 14th
Fully remote participation
Prize Pool: $38,750
Upcoming Base hackathons and meetups
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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.