Simon Ng Since the recent introduction of Worldcoin’s token, WLD, Optimism has witnessed a remarkable surge in its daily transaction activity, reaching an all-time high on July 27. On that day, the data shows that a staggering 944,000 transactions were processed on the Optimism network, with WLD transfers approaching the one-million mark.
This surge in transactions can be attributed to the successful integration of Worldcoin’s WLD with the Ethereum layer two (L2) network, Optimism, before the token’s official launch. As of 11:03 a.m. Eastern Time on Friday, archived records indicate that there are 285,527 distinct addresses holding WLD, and the total number of transactions for WLD has already surpassed 887,482. Consequently, this has propelled Optimism’s daily transfers to unprecedented levels.
For context, Dune Analytics data reveals that on July 26, 2023, Optimism’s daily transactions amounted to 808,942 transfers. In combination with another L2 network, Arbitrum, the total number of transactions on both L2 networks surpassed those on the Ethereum network. However, it is worth noting that Ethereum still outperformed them individually, processing more than a million transactions. On July 27, 2023, the statistics archived that 944,668 transfers were executed on Optimism, setting a new record for daily transactions on the network.
One significant advantage of transacting on Optimism is its cost-effectiveness compared to Ethereum. Currently, the average transfer fee on Optimism is merely $0.334 per transaction, while Ethereum’s average cost exceeds $2 per transfer. Initially, WLD was intended to be hosted on Ethereum, but the Worldcoin team’s decision to integrate with Optimism shortly before the token’s launch turned out to be a strategic move that contributed to the network’s remarkable transaction growth.
While Optimism has yet to surpass Ethereum’s daily transaction rate, its counterpart, Arbitrum, had outpaced Ethereum’s transaction volume last February. During that period, soaring Ethereum fees drove users to opt for Arbitrum, and its native cryptocurrency launch further boosted daily transfers.
The continuous growth and record-breaking performance of Optimism in terms of daily transfers signify its increasing prominence in the crypto space. As the network gains more traction, it will be intriguing to observe how it competes and collaborates with other blockchain solutions. Feel free to share your thoughts and opinions on this subject in the comments section below.
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Frequently Asked Questions (FAQs) about Keyword: Optimism
What has led to the surge in daily transactions on Optimism?
The recent launch of Worldcoin’s token, WLD, on the Optimism network has caused the significant increase in daily transactions. The successful integration of WLD with the Ethereum layer two (L2) network has played a crucial role in driving this surge.
How many daily transactions were recorded on Optimism following the token launch?
On July 27, Optimism achieved a record-breaking daily transaction volume with an impressive 944,000 transactions processed on the network.
How does Optimism’s daily transaction volume compare to Ethereum’s?
While Optimism, in combination with Arbitrum, surpassed the total number of Ethereum transactions, Ethereum still outperformed them individually, processing over a million transactions.
Why did Worldcoin choose to integrate with Optimism over Ethereum?
Initially, Worldcoin had planned to host their token on Ethereum. However, the decision to integrate with Optimism before the token’s launch turned out to be more beneficial, leading to increased daily transfers and cost-effectiveness.
What is the average transfer fee on Optimism compared to Ethereum?
Transacting on Optimism is significantly more cost-effective, with an average transfer fee of $0.334 per transaction, whereas Ethereum’s average cost exceeds $2 per transfer.
Has Optimism outpaced Ethereum’s daily transaction rate before?
While Optimism has not surpassed Ethereum’s daily transaction rate yet, its counterpart, Arbitrum, had outpaced Ethereum’s transaction volume previously due to soaring Ethereum fees.
What does the record-breaking performance of Optimism signify?
The record-breaking daily transaction volume indicates Optimism’s increasing prominence in the crypto space and its potential to become a competitive player in the blockchain ecosystem.
More about Keyword: Optimism
- Worldcoin: Official Website
- Optimism: Official Website
- Ethereum: Official Website
- Dune Analytics: Website
- Arbitrum: Official Website
- L2 (Layer two) scaling solutions: Explained
- Worldcoin’s token launch: News Source
- Optimism’s record-breaking daily transaction volume: News Source
5 comments
optimsm may not outpace ethereum yet, but it’s growin’ strong! ethereum still king, but optimsm’s a contender now. exciting!
arbitrum did it too, remembr? but yeah, optimsm’s rockin’ now with worldcoin boostin’ daily trxns. bullish on optimsm!
wait… whaat? optimsm bettr than ethereum? daily trxns surpass ethereum?! im shocked, optimsm ftw!
luv it! worldcoin integratd with optimism, smart move! lower fees, faster trxns. optimsm’s on the rise, watch out eth!
optimism rocks! with worldcoin’s new token launch, daily transactions went through the roof reaching an all-time high on july 27. 944k transfers! wow!