Optimism Weekly Trading Volume Up 1687%, TVL Hits $769M

Ethereum-based layer-2 Optimistic Rollup network Optimism (OP) has recorded a 1,687% increase in weekly trading volumes.

The latest data from defi analytics platform DeFiLlama indicates a dramatic uptick in trading activity on Optimism, a layer 2 scaling solution anchored on Ethereum (ETH), driving the network to approximately $300 million in trading volume.

An update from crypto reporter Colin Wu suggests that the increase in Optimism’s volume is primarily due to the recent security breach at KyberSwap, which led to a loss of $46.5 million. The breach resulted in the loss of 10,049 wETH, 4,017 wstETH and 3.98 million Arbitrum (ARB) tokens.

Citing DeFiLlama, Wu stated that Optimism’s weekly trading volume has increased by a whopping 1,800% month-on-month to surpass $12 billion in the past week, even overtaking Ethereum.

The network’s 24-hour trading volume also reached a staggering $344.98 million, while the seven-day volume was a remarkable $11.87 billion, an increase of 1687%.

Total Value Locked (TVL) in Optimism also saw significant growth, now standing at $769.6 million. That represents a monthly increase of 24.42% and a weekly increase of 4.45%. However, the network’s TVL over the last 24 hours shows a slight decrease of 1.76%.

In contrast, Ethereum, which holds the title of the largest blockchain network by TVL, has seen a noticeable drop in trading activity. The current volume is around $710.17 million. Its weekly trading volume amounts to $9.17 billion, well below Optimism, indicating a weekly decline of 8.03%.

The likes of Tron (TRX), Linea and Starknet also saw increases in their trading activities. Weekly trades on Tron increased 98.2%, while those on Linea increased 604%.

However, other top-tier chains such as Solana (SOL), Arbitrum, Polygon (MATIC) and Avalanche (AVAX) have also seen significant declines in weekly trading volumes.

On Solana, weekly trading volumes have fallen by 11.3%, even as its native cryptocurrency SOL recorded a 4.6% price drop over the same period.

Per DefiLlama, Arbitrum’s weekly trading volume was $247.73 million, down 27.85% over the previous seven days. Polygon also fared relatively poorly, with its weekly trading volume falling by more than 39% to reach $87.27 million.

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