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

Ethereum-based layer-2 Optimistic Rollup network Optimism (OP) has recorded a 1,687% surge in weekly trading volumes.

The latest data from defi analytics platform DeFiLlama indicates a dramatic upswing in trading activity on Optimism, a layer 2 scaling solution anchored on Ethereum (ETH), propelling the network to a trading volume of approximately $300 million.

An update from crypto reporter Colin Wu suggests that the surge in Optimism’s volume is primarily due to the recent security flaw on KyberSwap, 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 (ARB) tokens.

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) November 26, 2023

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%.

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%.

In contrast, Ethereum, 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 (TRX), 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 chains such as Solana (SOL), Arbitrum, Polygon (MATIC), and Avalanche (AVAX) have also seen significant decreases in weekly trading volumes.

On Solana, weekly trading volumes are down 11.3%, even as its native cryptocurrency 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.