Assessing the effect of Optimism’s ‘NFT Quests’ on OP holders

• Optimism NFT quests drive progress, utilization, and quantity.
• Regardless of the expansion, Optimism lags behind in TVL when in comparison with Arbitrum.

Optimism, a DeFi protocol, noticed a major enhance in exercise because of its NFT quest tasks. The tasks have resulted in spectacular progress for all members, with a median progress fee of 32%.

The success of those NFT quests contributed to the general progress of the Optimism protocol, which elevated by 56% in worth.

Lifelike or not, right here’s OP’s market cap in BTC’s phrases

Optimism Quests is an initiative that takes customers by means of numerous apps on the platform, instructing them easy methods to make use of those apps in alternate for commemorative NFTs.

Supply: Dune Analytics

Optimism will get robust competitors

Regardless of this progress, Optimism nonetheless lagged behind by way of TVL  compared to Arbitrum, one other decentralized finance protocol. The rationale for this can be because of the truth that customers are saving extra ETH whereas utilizing Arbitrum, as reported by Dune Analytics.

Nevertheless, there was an uptick in Optimism’s TVL, and it might finally overtake Arbitrum sooner or later. In response to knowledge from DefiLlama, the TVL of Optimism grew from $516 million to $705.29 million, representing a progress fee of 36%.

Supply: Dune Analytics

Whereas the value of the OP token continued to soar, there was a decline in every day exercise.

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Notably, during the last month, the variety of every day lively addresses holding OP fell from 11,246 to six,802.

Moreover, the event exercise on Optimism additionally declined during the last week, suggesting that contributions from builders had fallen. This decline in improvement exercise raised issues about upcoming upgrades and updates on the platform.

Supply: Santiment

Regardless of these challenges, Optimism has made a number of strategic partnerships that present causes for hope from OP token. Within the final week, Optimism partnered with Sherlock DeFi and ArkhamIntel, two main decentralized finance protocols.

These partnerships have the potential to extend the attain and utilization of the Optimism protocol, driving extra progress sooner or later.

The worth of the OP token as of the time of writing was $2.25 and it had decreased by 3.21% within the final 24 hours, in line with CoinMarketCap