Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics in the first quarter (Q1) 2024, with its native OP token surging 9% on the back of this bullish momentum. Optimism Sees Higher Activity And Rising Transaction Fees According to a recent Messari report, Optimism’s circulating market cap increased 11% quarter-over-quarter (QoQ) to $3.7 billion, while its fully diluted market cap rose 1% to $15.7 billion. Despite the broader crypto market rally, with Bitcoin (BTC) and Ethereum (ETH) gaining 69% and 53% QoQ, respectively, OP’s market cap ranking slipped from 26th to 39th among all blockchain networks. However, within the Ethereum ecosystem, OP remains one of the top four rollups by market capitalization. Driving this growth was a significant uptick in Optimism network activity. Daily active addresses reached 89,000 in Q1 2024, a 23% QoQ increase, while daily transactions surged 39% to 470,000 over the same period. These metrics approached, but did not quite reach, their all-time highs in Q3 2023. Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000 The network’s revenue also saw a substantial 78% QoQ increase to $16 million ..
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