Optimism In A Pessimistic Market

JUL 20, 2021 • 3 Min Read

Ashwath Balakrishnan + 1 other

Disclosure: Members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

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Market Update

As the market goes deeper into risk-off mode while the dollar index (DXY) is displaying strength, wider crypto markets continue displaying weakness across the board. Thankfully, there is some Optimistic layer 2 news to share with our subscribers.

DeFi In Pain

User Activity Growing Fast On Optimism

  • Uniswap V3’s launch on Optimism has visibly jolted overall network activity with the latest data showing 780 unique senders and over 2,500 transactions per day. Take note that Optimism is still not public and can only support up to 50,000 transactions per day.
  • With leading protocols such as Uniswap v3 and Synthetix launching on Optimism, this could serve as a very powerful headstart against competing Layer 2 projects. The battle for Layer 2 dominance is just getting started, definitely worth paying close attention to this space.

Uniswap V3: The Key Driver For Optimism

  • Not surprisingly, the amount of ETH bridged to Optimism is making all-time highs on the back of Uniswap v3’s launch on Optimism.
  • In just a week, Uniswap V3 on Optimism already commands $5m in TVL and $1m in Daily Volume.
  • On a separate note, if you haven’t tried dApps on Optimism, you might want to give Lyra Protocol’s trading competition on Optimism testnet a spin.

Notable Tweets

A thread on SushiSwap v3 – Trident.

Vitalik’s take on reorgs after the merge.

Silver lining for Axie players?

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Ashwath Balakrishnan + 1 other