Ethereum Layer-Two Scaling Solution Optimism (OP) has increased by 95% over the past two days as the total value locked across the various DeFi protocols on the network has also skyrocketed.
- According to data from CoinGecko, the total cryptocurrency market capitalization has increased by about $130 billion in the past few days.
- This comes on the back of rising prices across the board, including bitcoin’s push to $24,000.
- However, over the past week, BTC dominance – a metric used to gauge its share relative to the market as a whole – has waned, indicating that altcoins are outperforming bitcoin.
- One of the better performing cryptocurrencies is OP – the native token of the optimism ecosystem.
- The cryptocurrency is up almost 95% in the past two days (on Binance).
- At the time of writing, OP is trading at around $1.64, nearly doubling its price in two days.
- This comes as a result of a renewed interest in the protocol, as reflected by an increase in the total value locked within various DeFi projects based on optimism.
- Data from DeFi Lama shows that with Velodrome Finance (a liquidity protocol), the total value locked in optimism has exceeded $500 million, with TVL increasing by over 53%, from $100 million. is more.
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