Optimism's $OP token surged to an all-time high this week amid rising adoption of layer 2 networks. The token has surged 140% this year, outpacing $BTC and $ETH. _jocelynyang_ reports
“It isn't necessarily discouraging,” he said. “The Quests were successful in onboarding many new users, but it does show that many transactions were directly related to this initiative.”is a layer 2 scaling system, powered by Optimistic rollups technology, running on the top of the Ethereum network.
Optimism and other layer 2 scaling systems such as Arbitrum are supposed to make transactions on the Ethereum blockchain cheaper and faster. After Ethereum completes itsupgrade, also called proto-danksharding, later this year, it will make transaction fees on layer 2s even “an order of magnitude cheaper,” Marc Arjoon, Ethereum research associate at CoinShares, wrote in a note.
"2023 is shaping up to be the year of layer 2s," Arjoon wrote."For years Ethereum has been struggling to scale effectively while preserving decentralization and security and layer 2s have seemingly solved this trilemma." He added: “With a first-mover advantage and the most social capital, these advancements in scaling should help the Ethereum ecosystem prepare for the next wave of adoption and regain some of its lost market share.”
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