Arbitrum

Optimism

Polygon

Linea

Avalanche

Ethereum-based layer-2 Optimistic Rollup network Optimism (<a href="https://crypto.news/price/optimism/" data-type="link" data-id="https://crypto.news/price/optimism/">OP</a>) has recorded a 1,687% surge in weekly trading volumes. 
The latest <a href="https://defillama.com/dexs/chains/optimism" target="_blank" rel="noreferrer noopener">data</a> from defi analytics platform DeFiLlama indicates a dramatic upswing in trading activity on Optimism, a layer 2 scaling solution anchored on Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), propelling the network to a trading volume of approximately $300 million.&nbsp; 
An update from crypto reporter Colin Wu suggests that the surge in Optimism’s volume is primarily due to the recent security flaw on <a href="https://crypto.news/kyberswap-suffers-multichain-exploit-resulting-in-45m-loss/" target="_blank" rel="noreferrer noopener">KyberSwap</a>, which led to a loss of $46.5 million. The breach resulted in the loss of 10,049 wETH, 4,017 wstETH, and 3.98 million Arbitrum (<a href="https://crypto.news/price/arbitrum/" target="_blank" rel="noreferrer noopener">ARB</a>) tokens. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 According to DeFiLlama, in the past week, Optimism DEX’s weekly trading volume increased by 1,800% MOM to more than $12 billion, significantly setting a record high, surpassing Ethereum. However, this increase was due to a vulnerability attack on KyberSwap, which was transaction…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1728600380211396906?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 26, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Quoting DeFiLlama, Wu stated Optimism’s weekly trading volume has soared by a whopping 1,800% month-on-month to surpass $12 billion in the past week, even overtaking Ethereum. 
The network’s 24-hour trading volume also reached a staggering $344.98 million, while the seven-day volume totaled a remarkable $11.87 billion, registering an increase of 1687%. 
 You might also like: <a href="https://crypto.news/top-cryptos-to-watch-this-week-btc-ctc-rose/"> Top cryptos to watch this week: BTC, CTC, ROSE </a> 
The Total Value Locked (TVL) in Optimism also saw significant growth, now standing at $769.6 million. It represents a monthly increase of 24.42% and a weekly increase of 4.45%. However, the network’s TVL over the last 24 hours shows a slight dip of 1.76%.&nbsp; 
In contrast, <a href="https://crypto.news/ethereum-among-major-blockchains-dominating-with-92-5-of-total-tvl/" target="_blank" rel="noreferrer noopener">Ethereum</a>, which holds the title of the largest blockchain network by TVL, has experienced a noticeable dip in trading activity. The current volume hovers at around $710.17 million. Its weekly trading volume amounts to $9.17 billion, well below that of Optimism, indicating a weekly drop of 8.03%. 
The likes of Tron (<a href="https://crypto.news/price/tron/" target="_blank" rel="noreferrer noopener">TRX</a>), Linea, and Starknet also witnessed increases in their trading activities. Weekly trades on Tron went up 98.2% while those on Linea jumped 604%. 
However, other top-tier <a href="https://defillama.com/dexs/chains" target="_blank" rel="noreferrer noopener">chains</a> such as Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>), Arbitrum, Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">MATIC</a>), and Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank" rel="noreferrer noopener">AVAX</a>) have also seen significant decreases in weekly trading volumes.&nbsp; 
On Solana, weekly trading volumes are down 11.3%, even as its native <a href="https://crypto.news/solana-dominates-crypto-conversations-with-42-price-jump/" target="_blank" rel="noreferrer noopener">cryptocurrency</a> SOL, registered a 4.6% price drop in the same period. 
Per DefiLlama, Arbitrum’s weekly trading volume amounted to $247.73 million, a 27.85% decline over the previous seven days. Polygon also fared relatively poorly, with its weekly trading volume numbers dipping by more than 39% to settle at $87.27 million.&nbsp; 
 Read more: <a href="https://crypto.news/pyth-down-12-days-after-backpack-airdrop-coingecko/"> PYTH down 12% days after Backpack airdrop </a>

Optimism’s weekly trading volume soars 1687%, TVL hits $769m

crypto.news

Other articles published on Nov 26, 2023

3 Cryptocurrencies To Watch Out For Next Week; DYDX, APE, INJ

Coinbase Announces That It Will List 4 Major Altcoins in Futures

Millionaire Math: How much SHIB do you need to make it?

Millions of XRP Grabbed by Whales, Is XRP About to Take Off?

Gnosis Price Prediction: GNO Climb Above $200, Will Rally Extend?

Ripple VP Invites Devs to XRP Ledger DeFi Hackathon

Join our free newsletter for daily crypto updates!