Celo joins the Superchain with launch of layer-2 testnet Dango

Optimism Weekly Overview - July 9, 2024

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We’re creating the best place for the community to get up to speed on the chain’s latest updates, metrics and releases as well as the Superchain ecosystem developments, insights and more – all in one place. 

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Superchain Ecosystem Numbers

• DeFi total value locked (TVL) across Superchain: $2.43B (-11.9%)

  • Assets onchain: $13.24B (-7.1%)

• Daily average transaction volume: 3.96M (-7.8%)

  • Fraxtal: 3.46K (+11.61%)

  • Mode: 121.49K (-1.46%)

  • Base: 3.12M (-7.42%)

  • Zora: 141.11K (+5.07%)

  • Redstone: 35.80K (-25.63%)

  • OP Mainnet: 458.85K (+1.08%)

  • Kroma: 68.37K (-54.33%)

• Revenue-generating deployers on:

  • Base: 5,859 (+0.05%)

  • Zora: 162 (-1.22%)

  • OP Mainnet: 1,060 (+1.05%)

  • Superchains: 6,556 (0.11%)

• Superchain transaction fee total savings vs L1s:

  • OP Mainnet: 8,232 ETH 

  • Base: 27,491 ETH

  • Zora: 1,179 ETH

  • Compared to Ethereum, L2 Superchain users saved a total of 36,902 ETH, or $113M on txn fees this week.

The percentages and metrics are pulled from OPLabs data on Dune and are calculated from its change over a 7-day time frame, unless noted otherwise.

Spotlight on Optimism’s Superchain

Highlighting some of the biggest updates on Optimism’s Superchain this week. 

⚡What’s happening: Celo launched Dango, its layer-2 testnet, built on Optimism’s OP Stack. This follows a community vote that took place last summer to migrate its layer-1 blockchain (L1) to Ethereum layer-2 blockchain (L2). Celo is continuing its transition to join the Ethereum ecosystem and integrate its chain into the Superchain ecosystem. 

⚡Why it matters: The launch of Dango is a “pivotal step forward” for Celo's shift towards Ethereum compatibility, its foundation said in a blog post By leveraging the OP Stack, Celo aims to improve scalability and network efficiency by increasing its total throughput while also reducing its block time. Additionally, Celo hopes to make transactions faster and cheaper by integrating the EigenLayer to maintain sub-cent transaction fees. 

The launch will also preserve historical data from Alfajores, Celo’s tool for inspecting and analyzing EVM-based chains. In addition to maintaining L1 benefits such as one-block finality and fee abstraction, Celo looks to ensure a seamless transition for its developers and users.

⚡What it means for the broader ecosystem: Celo’s move to become an L2 reflects an industry trend of blockchains integrating within Ethereum to leverage its robust infrastructure and vast user base. This transition not only promises faster transactions and greater scalability, but also aims to position Celo as a key component in the competitive Ethereum ecosystem. 

What’s poppin’ on the Superchain

👤Total number of weekly active addresses by chain: 

• Base: 2.71M 

• OP Mainnet: 449.2K 

• Zora: 155.66K 

• Mode Network: 29.52K 

• Base has emerged as a top onchain destination for WETH to USDC transactions with volume reaching $161M, surpassing Uniswap’s UniV3 mainnet pool at $150M, Aerodrome posted on X 

• The Superchain DeFi Fesitval, SuperFest, launched its onchain campaign to reward up to 1.5M OP to Superchain users across OP Mainnet, Base, Mode and Fraxtal

• Metal introduced its grant fund, aimed to incentivize projects to build on Metal L2

• Happy Chain announced the launch of its game-based L2, built on the OP stack

From the Optimism Collective

Highlighting the companies, communities and citizens bound to the Optimism Collective.

• Backpack implemented support for Optimism in its wallet app

• Onchain music produced the Onchain Summer Anthem, mintable on Zora

• Check out a thread by X user SuperchainEco showcasing some of the latest Superchain updates

For more Optimism Collective weekly updates, look here. 

Making headlines 

• Celo launches Dango Layer 2 testnet in first step towards joining Ethereum ecosystem (The Block)

• Blocklords unveils Dynasty companion app on Coinbase’s Base blockchain (VentureBeat)

• July's $350 million worth of token unlocks includes Worldcoin, XAI, Arbitrum, Aptos, and more (The Block)

• Worldcoin Foundation launches World Chain developer preview ahead of mainnet (The Block)

Get into the OP Stack

Want to dive into the ecosystem full-time? Find the latest job postings here or get involved at an event below. 

• Join Worldcoin and Optimism for its brunch event in Brussels on July 10

• Dive into the Superchain ecosystem at EthCC all week long between July 7 to July 13

• Kick off Superchain Social Summer its happy hour at EthCC on July 10

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This product was built by Token Relations. 

This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.