OP Rallies To All-Time High
Transaction volumes on Optimism, a Layer 2 scaling solution for Ethereum, have plummeted after the end of a “learn-to-earn” incentives program last week.
Even as users abandon the blockchain, however, Optimism’s native OP token hit an all-time high Sunday.
OP Price, Source: The Defiant Terminal
Daily transactions on Optimism are down almost 75% since hitting an all-time high on Jan. 12. But its governance token has surged 168% since the beginning of the year. Only three other tokens – Aptos, Threshold and STEPN – have performed better in 2023, according to CoinMarketCap.
The drop in daily transactions coincides with the end of Optimism’s Quests program. The first series of quests began in September and ended on Jan. 17.
“Just by reading about different apps and completing a short quiz and task, users will be able to mint a commemorative NFT that represents the completion of the respective quest,” a guide on Optimism’s website reads.
The program worked as intended.
Even as the number of transactions on…