Optimism’s (OP) governance token rose to new all-time high of $2.49 on Jan. 25, according to CryptoSlate data.
Layer 2 (L2) network Optimism (OP) transaction volume has declined by over 70% to 200,000 from an all-time high (ATH) of 800,000, according to Etherscan data.
Meanwhile, despite the steep decline in its transaction volume, Optimism’s OP printed a $2.49 ATH on Jan. 25, according to CryptoSlate data.
Optimism’s transaction volume falls
Binance research pointed out that the decline in volume coincided with Optimism ending its NFT incentive program, “Optimism Quests,” on Jan. 17 — the NFT program majorly drove user engagements and transactions to the L2 network.
Optimism’s growth was inorganic in 2022 because incentives in its ecosystem fueled its growth, a Messari report said. Recent events on the network have confirmed this report.
For context, the L2 network registered over 600,000 transactions on Jan. 17 and declined by over 50% to 239,000 by Jan. 18, according to Etherscan data. Since then, the network volume has ranged between 160,000 – 200,000.
