- Optimism’s forthcoming Superchain holds potential to enhance the protocol’s competitive edge in the Layer 2 arena.
- Despite trailing behind competitors Polygon and Arbitrum, Optimism’s token price and network growth have shown resilience.
In the race for Layer 2 supremacy, Optimism has often found itself in the shadow of rapidly evolving competitors such as Arbitrum and Polygon. Yet, the imminent launch of Optimism’s new Superchain project could inject newfound strength into the protocol, potentially tipping the scales in the Layer 2 contest.
An Introduction to Superchain
Optimism is poised to unleash its Superchain – a cohesive network of chains constructed using the OP Stack. These interconnected OP chains share both security and communication layers, operating on the same open-source standardized technology stack.
According to data from Messari, Superchain’s primary objective is to facilitate atomic and trust-minimized cross-chain rollup communications. This, in turn, aims to reduce the attack surface while also abolishing chain reorganizations. Furthermore, it promises a cost-effective environment by eliminating the need for cross-chain consensus verification.
The potential for increased security at reduced costs may steer users towards the Optimism protocol in the near future. As it stands, OP is lagging in daily activity compared to its competitors. Polygon leads the pack with 432,000 active addresses, followed by Arbitrum with 170,290 daily active addresses. Optimism finds itself trailing with 116,20 active addresses.
This trend is similarly observed in the number of transactions occurring, with OP remaining behind other Layer 2 solutions.
DeFi and Optimism: The Road Ahead
Optimism also faces challenges in the DeFi sector. The Total Value Locked (TVL) on its network falls significantly below that of its two main competitors, attributable to diminishing DEX volumes on the Optimism network. Thus, the protocol will likely need to enhance its DeFi offerings.
Whether Superchain’s developments can remedy these issues remains to be seen. Yet, despite these challenges, the performance of the OP token paints a brighter picture.
OP Token Defies Odds
The OP token’s price has been on an upward trajectory over the past few weeks, trading at $1.452 at the time of writing. Moreover, network growth for OP has surged markedly over the previous week, indicating a growing interest in the token from new addresses. The token’s velocity, which signifies the frequency of its trading, has also seen a boost, adding a silver lining to Optimism’s cloud.
