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Ethereum Layer-2 scaling solution Optimism (OP) is sending its bears into oblivion after soaring as high as 25% in 24 hours to $2.13. The current price level is by far the highest level it is trading at for the year, after seeing more than a 40% upsurge for the month. Optimism’s outlook is backed by a diverse array of ecosystem updates relating to the functionalities of the Optimism technology stack.
What is coming to Optimism?
As an Ethereum-based layer-2 protocol, Optimism is constantly rebranding, and it just informed its community members that as of Thursday, Dec. 7, the “governance vote for the first post-Bedrock network upgrade, Canyon, passed successfully.”
With the passage of Canyon, developers and Optimism users can now expect activation on the OP Chain mainnet on Jan. 11. With the commitment to not only bringing functionality and ease to builders, Optimism also announced that Kraken Exchange has decided to bring Tether (USDT) stablecoin to its chain, adding more liquidity options for users and developers.
Optimism has a lot of bragging rights in the industry, serving as the major tech stack that was used to design Coinbase exchange’s L2 protocol Base. The growing number of integrations and upgrades has helped rejuvenate the entire Optimism outlook, sending the price from its 30-day low of $1.52 to a high of $2.24.
Heating Ethereum L2 arena
While Optimism is one of the top layer-2 protocols on Ethereum with the largest total value locked (TVL), more players are beginning to jostle their way to the top.
Besides the Arbitrum (ARB), Polygon (MATIC) and zkSync Era, ambitious players like Shibarium are beginning to make the headlines. The push from Shibarium is particularly worth noting, seeing as the protocol moved from recording about a 15,000 daily transaction volume to a high of over 7.8 million in a mind-blowing rejuvenation recorded recently.