- Coinbase’s announcement that it is building its Layer-2 on OP has caused a surge in DEX trading volume.
- A tweet made today shows that the DEX volume on the OP Network has risen above $200 million.
- The altcoin’s price has experienced a 1.37% drop over the last 24 hours.
Coinbase (NASDAQ:COIN) recently announced that it will build its Layer-2 on top of the Optimism (OP) Network. The Twitter user, Patrick | Dynamo DeFi (@Dynamo_Patrick), tweeted this morning that OP’s trading volume surged following the announcement.
In the tweet, the Twitter user added that decentralized exchanges (DEXs) on the Optimism Network processed more than $200 million in swaps over the last 24 hours.
Volume on Optimism network surges (Source: DeFiLlama)
As can be seen from the screen shot of DeFi Llama shared in the tweet, the 24-hour volume on OP DEXs reached $203.89 million. This is a 31.44% increase in OP DEX volume over the last 7 days. This ranks it underneath Binance Smart Chain (BSC) and above the Polygon network.
In related news, the price of OP experienced a 1.37% drop in price over the last 24 hours according to the crypto market tracking website, CoinMarketCap. The altcoin’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.79% and 1.41% respectively. As a result, the price of OP stands at $2.85 at press time.
The daily trading volume for OP has also dropped 43.46% over the last 24 hours. This has brought the daily volume for OP down to $561,369,794.
Daily chart for OP/USDT (Source: TradingView)
The price of OP has retraced to the daily support level at around $2.707 after pumping to $3.290 on 24 February, 2023.
In addition to dropping to the aforementioned support level, OP’s price is also currently resting on a positive trend line which was established over the last 2 weeks after OP’s price printed higher highs and higher lows during this time.
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