{"id":256914,"date":"2022-09-12T00:00:20","date_gmt":"2022-09-11T18:30:20","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=256914"},"modified":"2022-09-11T13:07:32","modified_gmt":"2022-09-11T07:37:32","slug":"should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\/","title":{"rendered":"Should Optimism [OP] holders rejoice with Ethereum&#8217;s Merge coming up"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Optimism&#8217;s OP was not left behind as the rest of the market registered double-digit price upticks over the past week. In fact, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/optimism-ethereum\/\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, the price of the Layer 2 (L2) token rallied by 16% over the last seven days.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Designed as an optimistic rollup network to enhance the scalability of the Ethereum Chain, Optimism <\/span><a href=\"https:\/\/l2beat.com\/scaling\/tvl\/\"><span style=\"font-weight: 400;\">ranks<\/span><\/a><span style=\"font-weight: 400;\"> second as the most used L2 solution provider. It&#8217;s behind Arbitrum\u00a0with a total value locked of $1.60 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a Twitter <\/span><a href=\"https:\/\/twitter.com\/optimismFND\/status\/1567535072684969985?s=20&amp;t=p8mTn7OXKgKTl7dFmzQZiA\"><span style=\"font-weight: 400;\">thread<\/span><\/a><span style=\"font-weight: 400;\"> shared on 8 September, Optimism confirmed that the transition of the Ethereum Network to a PoS consensus mechanism would not affect its operations, and deposits &amp; withdrawals on the network will continue to &#8220;work as usual.&#8221; It further added that upon the completion of the merge, its transaction data and state roots would be posted to the PoS chain. Also, its nodes would continue to &#8220;read data from the post-Merge chain.&#8221;<\/span><\/p>\n<h4><b>OP-timistic investors<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">At the time of writing, 1 OP token was obtainable for $1.37. Over the past week, trading volume for the cryptocurrency asset grew by 109% on the charts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Greater liquidity was also pushed into the OP market within the period under review as key indicators rose above their respective neutral positions. At press time, the Money Flow Index was 62. The asset\u2019s Relative Strength Index was also positioned at 54. The dynamic line of the Chaikin\u2019s Money Flow was pegged at 0.02, above the 0.0 center line indicating growth in buying pressure.\u00a0<\/span><\/p>\n<figure id=\"attachment_256919\" aria-describedby=\"caption-attachment-256919\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/OPUSDT_2022-09-11_07-35-19.png\"><img decoding=\"async\" class=\"wp-image-256919 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/OPUSDT_2022-09-11_07-35-19.png\" alt=\"\" width=\"2560\" height=\"1131\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/OPUSDT_2022-09-11_07-35-19.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/OPUSDT_2022-09-11_07-35-19-300x132.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/OPUSDT_2022-09-11_07-35-19-1024x452.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/OPUSDT_2022-09-11_07-35-19-768x339.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/OPUSDT_2022-09-11_07-35-19-1536x678.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/OPUSDT_2022-09-11_07-35-19-2048x905.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-256919\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h4><b>On-chain performance<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">With the proposed launch of Optimism\u2019s <\/span><a href=\"https:\/\/twitter.com\/OPLabsPBC\/status\/1553131037538009092\"><span style=\"font-weight: 400;\">EIP-4844<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/twitter.com\/optimismFND\/status\/1554528451767451650?s=20&amp;t=rmT11KbHIJKrPvuwt3Opfw\"><span style=\"font-weight: 400;\">Optimism Bedrock<\/span><\/a><span style=\"font-weight: 400;\"> ahead of the Ethereum Merge, it is no surprise that development activity on the network has grown over the past few months. According to <\/span><a href=\"https:\/\/app.santiment.net\/charts\/f97UwEX2__sCl\"><span style=\"font-weight: 400;\">Santiment<\/span><\/a><span style=\"font-weight: 400;\">, this has seen a 23% hike in the last 180 days.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With an expectation of considerable growth in the price of the L2 token post-merge, whales have gradually increased their OP holdings too. As a result, addresses holding between 1,000,000 to 10,000,000 OP tokens stood at 3.14% of all addresses holding the crypto-asset. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Four months ago, this was 2.86%.<\/span><\/p>\n<figure id=\"attachment_256921\" aria-describedby=\"caption-attachment-256921\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Optimism-OP-07.52.37-11-Sep-2022.png\"><img decoding=\"async\" class=\"wp-image-256921 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Optimism-OP-07.52.37-11-Sep-2022.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Optimism-OP-07.52.37-11-Sep-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Optimism-OP-07.52.37-11-Sep-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Optimism-OP-07.52.37-11-Sep-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Optimism-OP-07.52.37-11-Sep-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Optimism-OP-07.52.37-11-Sep-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Optimism-OP-07.52.37-11-Sep-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-256921\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">With the L2 ecosystem becoming increasingly competitive, Optimism\u2019s daily revenue has declined steadily in the last 180 days. According to data from <a href=\"https:\/\/tokenterminal.com\/terminal\/projects\/optimism\">Token Terminal<\/a>, daily revenue on the network has dropped by 29% in the last 180 days, 76% in the last 90 days, and 26% in the past 30 days.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, when compared with other L2 solution providers such as dYdX and Loopring, Optimism\u2019s daily revenue has been the most inconsistent over the last 30 days.<\/span><\/p>\n<figure id=\"attachment_256922\" aria-describedby=\"caption-attachment-256922\" style=\"width: 2302px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-11-at-07.57.47.png\"><img decoding=\"async\" class=\"wp-image-256922 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-11-at-07.57.47.png\" alt=\"\" width=\"2302\" height=\"1246\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-11-at-07.57.47.png 2302w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-11-at-07.57.47-300x162.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-11-at-07.57.47-1024x554.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-11-at-07.57.47-768x416.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-11-at-07.57.47-1536x831.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-11-at-07.57.47-2048x1109.png 2048w\" sizes=\"(max-width: 2302px) 100vw, 2302px\" \/><\/a><figcaption id=\"caption-attachment-256922\" class=\"wp-caption-text\">Source: Token Terminal<\/figcaption><\/figure>\n<h4><b>L2s post-merge<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">On the impact of the Ethereum Merge of L2 solution providers, many industry experts believe that L2s will continue to function as usual. In a recent interview, for instance, the CTO of Bitfinex Paolo Ardoino opined that \u201cIt will be business as usual for L2s.&#8221; <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><span style=\"font-weight: 400;\">Anton Gulin, Global Business Director at AAX Exchange, with the Merge, &#8220;the rest of the L2s would either adapt or seize to exist.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Optimism&#8217;s OP was not left behind as the rest of the market registered double-digit price upticks over the past week. In fact, according to CoinMarketCap, the price of the Layer 2 (L2) token rallied by 16% over the last seven days.\u00a0 Designed as an optimistic rollup network to enhance the scalability of the Ethereum Chain,<a href=\"https:\/\/ambcrypto.com\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\/\">Continue reading <span class=\"sr-only\">&#8220;Should Optimism [OP] holders rejoice with Ethereum&#8217;s Merge coming up&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":256929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,32,66,3,4,20],"tags":[],"class_list":["post-256914","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Should Optimism [OP] holders rejoice with Ethereum&#039;s Merge coming up - AMBCrypto<\/title>\n<meta name=\"description\" content=\"In a Twitter thread shared on 8 September, Optimism confirmed that the transition of the Ethereum Network to a PoS consensus mechanism...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should Optimism [OP] holders rejoice with Ethereum&#039;s Merge coming up - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Optimism&#039;s OP was not left behind as the rest of the market registered double-digit price upticks over the past week. In fact, according to CoinMarketCap,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-11T18:30:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/09\/kelly-sikkema-OJxSei48cbU-unsplash-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Abiodun Oladokun\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/0xAbiodun\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Abiodun Oladokun\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\\\/\"},\"author\":{\"name\":\"Abiodun Oladokun\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/448f3184b94221384fedfce7a5981ea2\"},\"headline\":\"Should Optimism [OP] holders rejoice with Ethereum&#8217;s Merge coming up\",\"datePublished\":\"2022-09-11T18:30:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\\\/\"},\"wordCount\":516,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/kelly-sikkema-OJxSei48cbU-unsplash-1.jpg\",\"articleSection\":[\"Altcoin\",\"DeFi\",\"Ethereum\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\\\/#respond\"]}],\"copyrightYear\":\"2022\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/should-optimism-op-holders-rejoice-with-ethereums-merge-coming-up\\\/\",\"name\":\"Should Optimism [OP] holders rejoice with Ethereum's Merge coming up - 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