In a recent development, Optimism, the layer 2 scaling solution riding on Ethereum, has witnessed a phenomenal surge in decentralized exchange (DEX) trading activity. The surge has catapulted its trading volume to an impressive $300 million range, surpassing even the activity on Ethereum itself.
According to Colin Wu, a prominent Chinese crypto reporter from Wu Blockchain X, the surge in Optimism’s DEX trading activity has been highlighted through a recent post. Data unearthed by DefiLlama revealed staggering numbers. The 24-hour trading volume for Optimism’s DEX now stands at an impressive $344.98 million. Even more astonishing is the 7-day trading volume, which has skyrocketed to $11.87 billion, marking an extraordinary surge of 1687%.
Optimism’s Trading Volume Soars And TVL Hits $769.6M
OP boasts a remarkable surge in trading volume and has witnessed substantial growth in its Total Value Locked (TVL), currently at $769.6 million. This reflects a monthly surge of 24.42% and a weekly increase of 4.45%. However, a slight dip of 1.76% is visible when analyzing the 24-hour change in Optimism’s TVL.
On the other hand, Ethereum, the leading blockchain network by TVL, has experienced a dip in trading activity, with its current volume at $710.17 million. The weekly trading volume of Ethereum, at $9.17 billion, falls significantly behind OP, showing a decline of 8.03% in a week.
Amidst this surge in Optimism’s trading activity, other major blockchain networks like Solana, Arbitrum, Polygon, and Avalanche have significantly declined their weekly trading volumes. Conversely, Tron, Linea, and Starknet are experiencing an upward trajectory in their weekly trading activities.
The recent surge in the Optimism platform’s trading volume may result from a vulnerability discovered in the KyberSwap decentralized exchange. This vulnerability led to a significant loss of $46.5 million, involving 10,049 WETH, 4,017 wstETH, and 3.98 million ARB tokens that were lost without a trace.
The recent surge in trading volume at Optimism’s decentralized exchange, fueled by the recent advancements in the cryptocurrency industry, is bringing about significant changes in decentralized finance and Ethereum’s scaling solutions. This trend is transforming the industry’s landscape and opening new opportunities for businesses and scholars to explore.