Optimism Network Activity Metrics Approach Record Levels, Propelling OP 9% Higher
Summary
Optimism's Q1 2024 saw strong network metrics, with OP token surging 9%. Circulating market cap rose 11% to $3.7B, while fully diluted market cap reached $15.7B. Daily active addresses and transactions increased, with revenue up 78% to $16M. TVL grew by 18% to $1.2B, dominated by DeFi. Stablecoin market cap reached $809M. Despite this, OP's price hit an annual low of $1.80 but has since seen a 9% increase, trading at $2.56 with a 19% rise in trading volume. It still trades 46% below its all-time high and faces resistance levels at $2.65 and $2.90.
