Lately, the Layer 2 (L2) blockchain network called Optimism (OP) has experienced a surge in interest following the launch of the new cryptocurrency Worldcoin (WLD). Worldcoin, founded by OpenAI CEO Sam Altman, stands out as a project aiming to address issues like income inequality and online identity verification. While initially planned on the Polygon Network, Worldcoin made the decision to switch to Optimism to explore its offerings and expand accessibility. With this change, Optimism witnessed an unexpected surge in network activity, reaching record daily transaction numbers on the blockchain.

Worldcoin's Transition to Optimism

The Worldcoin project gained attention with the World App, which reached over 1.6 million registrations during its Beta phase, with over 500,000 monthly active users. This success motivated Worldcoin to seek the opportunities Optimism could provide in reaching developers and users within an aligned ecosystem. On May 11, an announcement was made to transition Worldcoin from the Polygon Network to Optimism. This strategic move brought new possibilities to the project and significantly increased daily transaction volumes on the Optimism network.

Increased Activity and Daily Active Addresses on Optimism

Worldcoin's migration to the Optimism network resulted in the highest daily transaction volume for Optimism since January. As of July 27, the daily transaction count reached 944,000, while Arbitrum's daily transaction count on the same day was recorded at 660,000. With this surge, the daily active addresses on the blockchain increased by 22% since the launch of Worldcoin. In comparison, Arbitrum only experienced a 2% increase in unique addresses during the same period.

Comparison of Total Value Locked (TVL) between Optimism and Arbitrum

The increased interest also had an impact on the total value locked (TVL) in decentralized finance (DeFi) protocols on Optimism. Since the launch of Worldcoin, Optimism's TVL grew by 4%, while Arbitrum's TVL decreased by 3%. Nevertheless, as an L2 solution, Arbitrum maintains a leading position with 55% market share and the highest TVL of $5.98 billion. Optimism's TVL stands at $2.9 billion.

Worldcoin (WLD) Price and Demand Situation: Following Worldcoin's launch, the price of the WLD token experienced a 4% decline. After an initial sharp increase in daily demand and active addresses, recent data shows a slowdown in this growth, possibly indicating waning interest in the project. During the same period, it was noted that the majority of transactions on the Optimism network were profitable, surpassing the rate of loss-making transactions.

In Summary

The Optimism (OP) blockchain network has gained significant momentum with the launch of Worldcoin and its transition to Optimism. The increase in daily transactions and daily active addresses reflects the project's popularity and interest among users. However, the decline in Worldcoin's price and demand serves as a reminder of the volatile nature of the market. Therefore, it remains crucial for Optimism to continue providing sustainable solutions to effectively compete in the space. #OP #OPTIMISM #WLD #Worldcoin $OP $WLD