Optimism riding on key protocol releases to sustain its current bullish trend
Optimism (OP) is recording very surprising growth on the market today as it has inked drastic 4% growth to $2.5841 over the past 24 hours at a time when most protocols are seeing repression in their prices. Riding on its promising outlook, Optimism has now added 10% to its value over the week, setting a new pace among its competing Layer 2 protocols.
Optimism has remained on the list of protocols with a growing ecosystem. That Optimism is designed to benefit from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups remains one of its key selling points that has continued to attract high growth of decentralized applications to the L2.
As it stands, the current bullish Optimism outlook surrounding OP token can be associated with its fast-expanding ecosystem. As shared by the protocol over the past few days, Optimism has welcomed a number of new innovations designed to help accommodate and further bootstrap the Optimism tech stack.
One of these innovations is the release of Magi, a brand new OP Stack rollup client written in Rust. Magi was developed by a16z Crypto and, according to the announcement, it has been designed to help improve client diversity and the resilience of the entire OP Stack ecosystem.
Welcome, Magi! 🟠🔴🔵
This announcement marks a significant milestone for L2 client diversity. We’re grateful to @noahcitron, @eddylazzarin, and @a16zcrypto for this contribution to the Optimism ecosystem.https://t.co/5gErl0pbcv
— OP Labs (@OPLabsPBC) April 19, 2023
Optimism and L2 hurrah
The clamor in the Web3.0 tech ecosystem is, for now, based on the prospects of Layer 2 protocols, especially those on Ethereum. While Optimism still has stiff competition from the likes of Arbitrum (ARB) and Polygon zkEVM, it has largely benefited from the sentiment associated with all of these protocols.
Optimism has maintained its position as one of the most capitalized Layer 2 protocols and even if other competitors outpace it in terms of tech scalability and fees, its token performance and economics stand as key banners that investors always rely on to prioritize it over other chains.