Optimism (OP) hits new ATH regardless of 70% transaction quantity decline

Layer 2 (L2) community Optimism (OP) transaction quantity has declined by over 70% to 200,000 from an all-time excessive (ATH) of 800,000, in response to Etherscan knowledge.

In the meantime, regardless of the steep decline in its transaction quantity, Optimism’s OP printed a $2.49 ATH on Jan. 25, in response to starcrypto knowledge.

Optimism’s transaction quantity falls

Binance analysis identified that the decline in quantity coincided with Optimism ending its NFT incentive program, “Optimism Quests,” on Jan. 17 — the NFT program majorly drove consumer engagements and transactions to the L2 community.

Optimism’s progress was inorganic in 2022 as a result of incentives in its ecosystem fueled its progress, a Messari report stated. Latest occasions on the community have confirmed this report.

For context, the L2 community registered over 600,000 transactions on Jan. 17 and declined by over 50% to 239,000 by Jan. 18, in response to Etherscan knowledge. Since then, the community quantity has ranged between 160,000 – 200,000.

In the meantime, decentralized finance (DeFi) analyst, DeFiyst, urged that customers participated within the incentive program as a result of they needed to qualify for OP’s second airdrop.

OP trades at new ATH

OP is without doubt one of the largest gainers within the present market rally, rising by over 139% within the final 30 days. As of Jan. 1, the governance token was buying and selling for lower than $1, however its worth greater than doubled when the community witnessed a surge in its transaction quantity on Jan. 12.

Regardless of ending the Quest program greater than every week in the past, OP’s worth has elevated by 21% within the final seven days..