Summary:
• Optimism NFT quests are driving growth and usage of the protocol.
• The protocol has seen notable growth with an average of 32%, as well as an increase in TVL of 36%.
• Despite this success, Optimism still lags behind Arbitrum in terms of TVL, and there has been a decline in daily active addresses and development activity.
Optimism Quests: A Game-Changer for DeFi
Table of Contents
Overview
Optimism is a decentralized finance (DeFi) protocol that has seen tremendous growth in recent months, largely due to its NFT quest projects. The projects have resulted in impressive growth for all participants, with an average growth rate of 32%. The success of these NFT quests has contributed to the overall growth of the Optimism protocol, which has increased by 56% in value.
Optimism Quests
Optimism Quests is an initiative that takes users through various apps on the platform, teaching them how to make use of these apps in exchange for commemorative NFTs. The quests have resulted in impressive growth for all participants, with an average growth rate of 32%. The success of these NFT quests has contributed to the overall growth of the Optimism protocol, which has increased by 56% in value.
Competition
Despite this impressive growth, Optimism still lags behind in terms of Total Value Locked (TVL) when compared to Arbitrum, another decentralized finance protocol. The reason for this may be due to the fact that users are saving more ETH while using Arbitrum, as reported by Dune Analytics. However, there was an uptick in Optimism’s TVL, and it may eventually overtake Arbitrum in the future.
Decline in Activity
Despite the price of the OP token continuing to soar, there was a decline in daily activity. Notably, over the last month, the number of daily active addresses holding OP fell from 11,246 to 6,802. Additionally, the development activity on Optimism also declined over the last week, suggesting that contributions from developers had fallen. This decline in development activity raised concerns about upcoming upgrades and updates on the platform.
Conclusion
Optimism NFT quests are proving to be a game-changer for DeFi. The protocol has seen impressive growth with an average of 32%, as well as an increase in TVL of 36%. However, despite this success, Optimism still lags behind Arbitrum in terms of TVL, and there has been a decline in daily active addresses and development activity. This raises questions about the future of the protocol and its ability to sustain its impressive growth.