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August 6, 2022

Optimism Token’s TVL Exceeds That Of Polygon

Polygon (MATIC), the premier Ethereum (ETH) scaling ecosystem, has a TVL that is now lower than Optimism for the first time ever.

In the year 2022, there will be an increased prevalence of second-layer solutions that are based on the Ethereum network, with L2 majors Optimism and Arbitrum hosting a combined total of over 160 protocols.

Optimism, the biggest rollup-based second-layer scaling solution for the Ethereum network, has hit yet another key milestone in broad adoption. This milestone was attained earlier this week.

61 goods on the Optimism network amassed a total value locked of $2.38 billion, as reported by Defi Llama, a notable tracker of decentralized finance (DeFi) protocols. During this time, the Polygon network’s 282 protocols were awarded a total of $1.83 billion in funding. Both results include information on money that was borrowed.

With $5.88 billion and $2.29 billion locked, respectively, Tron (TRX) and Solana (SOL) continue to be the market leaders in the non-EVM sector. This sector is comprised of protocols that do not have easy interaction with Ethereum.

The two most important second-layer networks on Ethereum, Optimism and Arbitrum, both make use of a method called Optimistic Rollups in order to package Ethereum transactions and then broadcast them to the mainnet.

In August 2022, the Ethereum L2s ecosystem had finally recovered from the losses it had sustained as a result of the Terra (LUNA) disaster. The measures returned TVL to the levels it had been at before the collapse.

According to Defi Llama, there has been a staggering increase of 700 percent in the number of TVLs distributed by Optimism over the course of the previous week.

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Moreover, CoinMarketCap data shows that the OP token’s value has increased by more than 80 percent in the last week, reaching a high of $2.22 early on Thursday morning.