Optimism weekly trading volume soars 1687%, TVL hits $769m

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

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

An update from crypto reporter Colin Wu suggests that the surge in Optimism’s volume is primarily due to the recent security flaw on 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.

Quoting DeFiLlama, Wu stated Optimism’s weekly trading volume has soared 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 totaled a remarkable $11.87 billion, registering an increase of 1687%.

The Total Value Locked (TVL) in Optimism also saw significant growth, now standing at $769.6 million. It 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 dip of 1.76%. 

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

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

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

On Solana, weekly trading volumes are down 11.3%, even as its native cryptocurrency SOL, registered a 4.6% price drop in the same period.

Per DefiLlama, Arbitrum’s weekly trading volume amounted to $247.73 million, a 27.85% decline over the previous seven days. Polygon also fared relatively poorly, with its weekly trading volume numbers dipping by more than 39% to settle at $87.27 million.