Journalist
Posted:
- Optimism’s OP stack gained popularity amidst gaming developers in Web3.
- The overall price of OP declined while its velocity continued to rise.
In a year marked by uncertainty in the crypto market, Optimism [OP] emerged as a leading Layer 2 (L2) solution, showcasing resilience and gaining significant traction.
As interest in the crypto market experiences a resurgence, Optimism finds itself in a favorable position for further growth.
The rise of OP Stack
Optimism’s OP Stack, a standardized and open-source development stack, has witnessed surging popularity.
Notably, the OP Stack framework has become the preferred choice for full-chain game developers, facilitating the seamless creation of production-ready Layer 2 blockchains akin to OP Mainnet.
#12: Optimism and the OP Stack framework have arguably become the most popular choice for fully on-chain crypto gaming (FOCG) developers. Starknet is another of the more popular infrastructure choices for FOCG.
#13: Telegram (TON) crypto gaming is a new trend. pic.twitter.com/hLrRxHIX1o
— Stacy Muur (@stacy_muur) December 24, 2023
Growth prospects in gaming
The gaming sector, particularly within the Web3 space, is poised for expansion. Despite the market cap of 183 gaming projects fluctuating between $4 billion and $7 billion throughout the year, the sector remains enticing for developers.
The influx of 76 new gaming-focused networks, including L1s, L2s, and appchains, in 2023 signals sustained growth and heightened interest.
Due to the popularity of gaming and OP Stack, the Optimism protocol stands to gain more traction.
Moreover, the Optimism protocol experienced notable growth indicators, with network activity surging by 10% and revenue witnessing an impressive 46% increase.
These positive metrics position Optimism as a promising player in the evolving landscape of Layer 2 solutions.
#1: The total combined market cap of 183 gaming projects has remained relatively stable between $4B and $7B throughout the year, which is up to 86% lower than the all-time high in 2022.
There is still significant potential for growth. pic.twitter.com/hEdabkBH7R
— Stacy Muur (@stacy_muur) December 24, 2023
State of the OP token
Examining the OP token’s performance, it was valued at $3.31, reflecting a marginal decline of -2.85% in the last 24 hours.
Despite a decrease in network growth, indicating a potential slowdown in new user interest, the token’s velocity surged. This indicated heightened trading activity around OP.
How much are 1,10,100 OPs worth today?
Additionally, the MVRV ratio for OP displayed growth, suggesting that addresses holding OP tokens were highly profitable.
While this signifies potential gains for existing holders, it also raises considerations about the potential for profit-taking actions in the future. These factors could affect the price of OP negatively and there could be some corrections coming OP’s way in the future.
Source: Santiment