Optimism Q2 2024 Brief

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  • Post category:Ethereum News

Key Insights

Analysis

In Q2 2024, the entire crypto market saw a decline following a strong previous six months. OP was not spared with its circulating market cap decreasing to $2.0 billion (-45.6% QoQ) and its fully diluted market cap falling to $7.7 billion (down 51.2% QoQ). OP’s market cap ranking fell from 39 to 45 overall

In Q1 2024, EIP-4844

Despite the broader market pullback and sluggish price action, OP Mainnet activity was at all-time highs in Q2 2024. Average daily active addresses reached 121,600 (+37% QoQ), average daily new addresses were 27,400 (+37% QoQ), average daily returning addresses were 94,200 (+37% QoQ), and average daily transactions rose to 601,000 (+28% QoQ).

When evaluating the active addresses on OP Mainnet, wallet transfers were the leading category. Following that were stablecoins and infrastructure. Of the major consumer sectors, DeFi was the leader while bridging rounded out the top five.

OP Mainnet’s DeFi TVL (USD) decreased by 27.9% in Q2 2024 to $833.3 million, causing its TVL ranking to fall from 11th to 13th

OP Mainnet maintained its position as the ninth largest network by stablecoin market cap

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