Optimism is building and pushing closer to its Superchain vision, yet, OP price is down at press time and may sink to new 2024 lows – here’s why.
Is the future of Ethereum layer-2?
It could be, at least, looking at the recent developments by top layer-2 solutions like Base, Optimism, StarkNet, Polygon 2.0, and even Arbitrum.
These platforms and Ethereum developers regularly refine their offerings to improve user experience.
As of October 8, L2Beat data shows that all Ethereum layer-2 platforms, led by Arbitrum, cumulatively manage nearly $36 billion.
(Source)
The number will only continue as new solutions like Pepe Unchained plan to launch and offer new options for meme coin traders.
Optimism Ethereum Layer-2 Innovating
Last week, Optimism , a layer-2 for Ethereum (and one of the first), released fresh updates to its SuperchainERC20 protocol.
The update, posted on GitHub and highlighted by Vitalik Buterin, the co-founder, looks to introduce several pro-user enhancements.
Their quest to boost cross-chain interoperability and efficiency is evident.
The SuperchainERC20 update will launch a new bridge, SuperchainERC20Bridge, and an ICrosschainERC20 interface.
Optimism said the goal is to streamline token and data transfers between layer-2 and other solutions, improving interoperability.
Most importantly, the update will bring Optimism closer to its “Superchain” vision by improving token minting and burning functions.
As Polygon 2.0 aims to achieve, Optimism seeks to create a unified “Superchain” of networks that can support web2-level activity while remaining secure, trustless, and infinitely scalable.
Through the ICrosschainERC20 interface, Optimism will enhance cross-chain interactions, enabling smooth asset transfers and swaps between all connected exchanges.
In this way, the upgrade will make the platform more efficient now that there is an improved mint and burn function.
OP Price Is Down: Unlock On Thursday Sours Chart
Positive as the recent update is, OP, the native token of the Optimism layer-2, is struggling for momentum.
At spot rates, OP has been down roughly -13% in the past week alone.
(OPUSDT)
Although it might be up 3X at spot rates from all-time lows, sellers are in control.
The market-wide downturn could be a factor, but increased competition from other layer-2 solutions like Base and Arbitrum is also to blame.
This preview also does not forget the massive unlocks over the years, which are increasing the supply and pushing the token lower.
According to Token Unlocks, on September 30, 31.34 million OP was released, while another 8 million OP will hit the market in two days.
Increasing supply amid a bearish ETH could force OP prices below $1–a severe blow for holders.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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