{"id":301725,"date":"2023-04-01T02:00:23","date_gmt":"2023-03-31T20:30:23","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=301725"},"modified":"2023-03-31T15:25:46","modified_gmt":"2023-03-31T09:55:46","slug":"optimism-op-at-mercy-of-bears-will-retropgf-2-save-it","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\/","title":{"rendered":"Optimism [OP] at mercy of bears, will RetroPGF 2 save it"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">OP\u2019s number of transactions and gas usage were in a declining trend.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The MVRV Ratio showed recovery, but market indicators were bearish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Optimism\u2019s [OP]<\/span><span style=\"font-weight: 400;\"> network usage has been declining for quite some time. This was evident from Dune\u2019s<\/span> <a href=\"https:\/\/dune.com\/optimismfnd\/Optimism\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data,<\/span><\/a><span style=\"font-weight: 400;\"> which pointed out a reduction in gas usage. The total number of transactions also fell, suggesting fewer users on the network.<\/span><\/p>\n<figure id=\"attachment_301726\" aria-describedby=\"caption-attachment-301726\" style=\"width: 905px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OP-DUNE.jpg\"><img decoding=\"async\" class=\"wp-image-301726 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OP-DUNE.jpg\" alt=\"\" width=\"905\" height=\"397\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OP-DUNE.jpg 905w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OP-DUNE-300x132.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OP-DUNE-768x337.jpg 768w\" sizes=\"(max-width: 905px) 100vw, 905px\" \/><\/a><figcaption id=\"caption-attachment-301726\" class=\"wp-caption-text\">Source: Dune<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are<\/span> <span style=\"font-weight: 400;\">1,10,100 OPs worth today<\/span><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Because of this decline, the network\u2019s revenue also got affected. As per Token Terminal\u2019s<\/span> <a href=\"https:\/\/tokenterminal.com\/terminal\/projects\/optimism\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\">, OP\u2019s revenue fell considerably over the last 30 days, which was concerning.\u00a0<\/span><\/p>\n<h3><strong>Can increased development save OP?\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Optimism announced the results of its Retroactive Public Goods Funding (PGF) 2 on 30 March. For reference, RetroPGF is the engine that drives the growth of the<\/span> <a href=\"http:\/\/ambcrypto.com\/optimism-protocol-kokomo-finance-initiates-exit-scam-all-you-need-to-know\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Optimism<\/span><\/a><span style=\"font-weight: 400;\"> ecosystem. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The project was launched with the aim of building some of the core infrastructure that Ethereum [ETH] and Optimism depend on, supporting developers in building decentralized applications and more.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Huge news: the results of RetroPGF 2 are in! \ud83c\udf1e\ud83c\udf31<\/p>\n<p>This experiment in retroactive public goods funding is driving growth of the Optimism ecosystem by allocating resources to the projects and people that have demonstrated positive impact.<a href=\"https:\/\/t.co\/JSSapKhiDl\">https:\/\/t.co\/JSSapKhiDl<\/a><\/p>\n<p>&mdash; Optimism (@Optimism) <a href=\"https:\/\/twitter.com\/Optimism\/status\/1641462688512618498?ref_src=twsrc%5Etfw\">March 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">RetroPGF 2 saw 69 of the 71 selected badgeholders vote on how to allocate 10 million OP to projects and individuals who assisted in the use and development of the OP Stack. In its second edition, the median OP received by a project for RetroPGF 2 was 22,825; the top 10% of projects received over 140,000 OP. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from this, another interesting development was that<\/span> <a href=\"http:\/\/ambcrypto.com\/can-optimism-op-repeat-its-9-february-performance-in-2023-analyzing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">OP<\/span><\/a><span style=\"font-weight: 400;\"> ranked second on the list of layer-2 rollups with the highest number of new accounts in the last 30 days, indicating that things might get better for the network. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Top <a href=\"https:\/\/twitter.com\/hashtag\/Layer2?src=hash&amp;ref_src=twsrc%5Etfw\">#Layer2<\/a> rollups with highest new accounts last 30 days\ud83d\ude80<\/p>\n<p>\ud83e\udd47 <a href=\"https:\/\/twitter.com\/search?q=%24ARB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ARB<\/a> <a href=\"https:\/\/twitter.com\/arbitrum?ref_src=twsrc%5Etfw\">@arbitrum<\/a><br \/>\ud83e\udd48 <a href=\"https:\/\/twitter.com\/search?q=%24OP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$OP<\/a> @optimismFND<br \/>\ud83e\udd49 <a href=\"https:\/\/twitter.com\/zksync?ref_src=twsrc%5Etfw\">@zksync<\/a><a href=\"https:\/\/twitter.com\/Starknet?ref_src=twsrc%5Etfw\">@Starknet<\/a><a href=\"https:\/\/twitter.com\/search?q=%24IMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$IMX<\/a> <a href=\"https:\/\/twitter.com\/Immutable?ref_src=twsrc%5Etfw\">@Immutable<\/a><a href=\"https:\/\/twitter.com\/hashtag\/ArbitrumNova?src=hash&amp;ref_src=twsrc%5Etfw\">#ArbitrumNova<\/a><a href=\"https:\/\/twitter.com\/search?q=%24METIS&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$METIS<\/a> <a href=\"https:\/\/twitter.com\/MetisDAO?ref_src=twsrc%5Etfw\">@MetisDAO<\/a><a href=\"https:\/\/twitter.com\/search?q=%24DYDX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$DYDX<\/a> <a href=\"https:\/\/twitter.com\/dYdX?ref_src=twsrc%5Etfw\">@dYdX<\/a><a href=\"https:\/\/twitter.com\/search?q=%24LRC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LRC<\/a> <a href=\"https:\/\/twitter.com\/loopringorg?ref_src=twsrc%5Etfw\">@loopringorg<\/a><a href=\"https:\/\/twitter.com\/search?q=%24ZKS&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ZKS<\/a> <a href=\"https:\/\/twitter.com\/ZKSpaceOfficial?ref_src=twsrc%5Etfw\">@ZKSpaceOfficial<\/a><\/p>\n<p> <a href=\"https:\/\/twitter.com\/search?q=%24ARB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ARB<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/L2?src=hash&amp;ref_src=twsrc%5Etfw\">#L2<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Moon?src=hash&amp;ref_src=twsrc%5Etfw\">#Moon<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/100x?src=hash&amp;ref_src=twsrc%5Etfw\">#100x<\/a> <a href=\"https:\/\/t.co\/r12RDWrlj2\">pic.twitter.com\/r12RDWrlj2<\/a><\/p>\n<p>&mdash; OZARU Ventures (@OzaruLTD) <a href=\"https:\/\/twitter.com\/OzaruLTD\/status\/1641642593636470786?ref_src=twsrc%5Etfw\">March 31, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">But are the recent updates enough to help OP attract new users as the token\u2019s price action continued to favor bears?<\/span><\/p>\n<h3><strong>OP\u2019s MVRV is recovering\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">OP\u2019s price had declined by over 4% in the last seven days, and at press time, it was valued at $2.26 with a market capitalization of $711 million. Despite the drop in price, it was interesting to see OP\u2019s MVRV Ratio go up over the last few days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The hike in MVRV was not enough to increase investors\u2019 confidence in<\/span> <a href=\"http:\/\/ambcrypto.com\/optimisms-op-future-might-not-be-all-rainbows-and-unicorns-heres-why\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">OP<\/span><\/a>,<span style=\"font-weight: 400;\"> as its weighted sentiment continued to decline. Nonetheless, the total number of OP holders continued to rise, which looked promising for the token.\u00a0<\/span><\/p>\n<figure id=\"attachment_301727\" aria-describedby=\"caption-attachment-301727\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Optimism-OP-14.35.02-31-Mar-2023.png\"><img decoding=\"async\" class=\"wp-image-301727 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Optimism-OP-14.35.02-31-Mar-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Optimism-OP-14.35.02-31-Mar-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Optimism-OP-14.35.02-31-Mar-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Optimism-OP-14.35.02-31-Mar-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Optimism-OP-14.35.02-31-Mar-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Optimism-OP-14.35.02-31-Mar-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Optimism-OP-14.35.02-31-Mar-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-301727\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/optimism-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Optimism\u2019s [OP] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<h3><strong>OP at bears\u2019 mercy\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">OP\u2019s daily chart revealed that the bears were far from letting the bulls take over the market. The Exponential Moving Average (EMA) Ribbon displayed the possibility of a bearish crossover, which can further push<\/span> <a href=\"http:\/\/ambcrypto.com\/is-optimisms-ecosystem-really-thriving-after-shapella-forks-interruption\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">OP<\/span><\/a><span style=\"font-weight: 400;\">\u2019s price down. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, OP\u2019s Money Flow Index (MFI) registered a downtick. Besides that, the Relative Strength Index (RSI) was resting below the neutral zone, which was another red signal.\u00a0<\/span><\/p>\n<figure id=\"attachment_301729\" aria-describedby=\"caption-attachment-301729\" style=\"width: 1814px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OPUSDT_2023-03-31_14-56-19.png\"><img decoding=\"async\" class=\"wp-image-301729 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OPUSDT_2023-03-31_14-56-19.png\" alt=\"\" width=\"1814\" height=\"815\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OPUSDT_2023-03-31_14-56-19.png 1814w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OPUSDT_2023-03-31_14-56-19-300x135.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OPUSDT_2023-03-31_14-56-19-1024x460.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OPUSDT_2023-03-31_14-56-19-768x345.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OPUSDT_2023-03-31_14-56-19-1536x690.png 1536w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/><\/a><figcaption id=\"caption-attachment-301729\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>OP\u2019s number of transactions and gas usage were in a declining trend.\u00a0 The MVRV Ratio showed recovery, but market indicators were bearish.\u00a0 Optimism\u2019s [OP] network usage has been declining for quite some time. This was evident from Dune\u2019s data, which pointed out a reduction in gas usage. The total number of transactions also fell, suggesting<a href=\"https:\/\/ambcrypto.com\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\/\">Continue reading <span class=\"sr-only\">&#8220;Optimism [OP] at mercy of bears, will RetroPGF 2 save it&#8221;<\/span><\/a><\/p>\n","protected":false},"author":75,"featured_media":301730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-301725","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Optimism [OP] at mercy of bears, will RetroPGF 2 save it - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Optimism\u2019s [OP] network usage has been declining for quite some time as its gas usage and total number of transactions went down.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optimism [OP] at mercy of bears, will RetroPGF 2 save it - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"OP\u2019s number of transactions and gas usage were in a declining trend.\u00a0 The MVRV Ratio showed recovery, but market indicators were bearish.\u00a0 Optimism\u2019s\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\/\" \/>\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=\"2023-03-31T20:30:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/OP.png\" \/>\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\/png\" \/>\n<meta name=\"author\" content=\"Dipayan Mitra\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/DiDipayan\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dipayan Mitra\" \/>\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\\\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\\\/\"},\"author\":{\"name\":\"Dipayan Mitra\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/a3c1a47ad2d3e2a023516862993813cd\"},\"headline\":\"Optimism [OP] at mercy of bears, will RetroPGF 2 save it\",\"datePublished\":\"2023-03-31T20:30:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\\\/\"},\"wordCount\":482,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/OP.png\",\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\\\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/optimism-op-at-mercy-of-bears-will-retropgf-2-save-it\\\/\",\"name\":\"Optimism [OP] at mercy of bears, will RetroPGF 2 save it - 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He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. 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