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    Optimism (OP) Shows Many Signs of Breakthrough – Is a New ATH Approaching?

    After the latest market rally, a hot crypto summer is heading. Accordingly, OP has many advantages to reaching ATH again.

    Optimism Protocol has further been uplifted with the overall appraisal of Layer 2s in 2022, despite bearish headwinds. OP token rewards are available in three protocols (Aave, Velodrome, and PoolTogether) with further expansion underway.

    Furthermore, approximately 10.8% of the OP circulating supply is allocated to governance and partner funds. This amount is worth about $890 million and will be used to develop the ecosystem. Combined with 14% of the supply ($1.15 billion) for future airdrops, it is likely that Optimism’s network will be driven to even more usage.

    Source: IntoTheBlock

    The growth of Optimism is also reflected in the expansion of its leading protocols. In fact, these protocols are starting to see whales accumulating in recent days. AAVE is the top-rated total value locked (TVL) protocol on Optimism. Whales holding between 10k and 100k AAVE have increased their holdings by 8.2% since the bottom in June.

    Another upward movement is the dramatic increase in prices on the leading Optimism protocols. Of which AAVE is up 120% since its June low. Other protocols such as Synthetix (SNX) and Uniswap (UNI) rose by 180% and 170% higher, respectively.

    Source: IntoTheBlock

    Cause of the uptrend

    Optimism’s growth is mainly based on the increasing developer activity of the ecosystem. The Bedrock release event was dupped as the “most advanced roll-up design ever built.” Bedrock aims to “squeeze out every last drop” to save gas when publishing transaction data to Ethereum. This will be the only roll-up design that uses Ethereum’s Engine API to separate the consensus/execution client.

    In fact, in a recent thread, Optimism also announced the release of new NFTs this week.

    Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. 

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