Superchain TVL up $330M to $2.8B post SuperFest launch

Optimism Weekly Overview - July 16, 2024

Welcome back to the Optimism Weekly Overview. 

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: $2.88B (+16.5%)

  • Assets onchain: $13.46B (+1.6%)

• Daily average transaction volume:  4.08M (+3.1%)

  • Fraxtal: 5.72K (+65.32%)

  • Mode: 108.24K (-10.91%)

  • Base: 3.25M (+4.17%)

  • Zora: 108K (-23.46%)

  • Redstone: 23.66K (-33.91%)

  • OP Mainnet: 464.70K (+1.27%)

  • Kroma: 109.24K (+59.78%)

• Revenue-generating deployers on:

  • Base: 5,835 (-0.41%)

  • Zora: 159 (-1.85%)

  • OP Mainnet: 1,056 (-0.38%)

  • Superchains: 6,526 (-0.46%)

• Superchain transaction fee total savings vs L1s:

  • OP Mainnet: 7,561 ETH 

  • Base: 24,609 ETH

  • Zora: 863 ETH

  • Compared to Ethereum, L2 Superchain users saved a total of 33,033 ETH, or $112M 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: The TVL across chains within the Superchain has surged by over $330 million, or 13.3%, since last Tuesday, according to data shared with Token Relations. 

⚡Why it matters: This increase reflects a significant boost in activity on major Superchain networks like Base, Fraxtal, Mode, and OP Mainnet, following the launch of its DeFi online festival, SuperFest. The digital event is an onchain bridging campaign designed to promote the use of the Superchain. In addition to the increasing amount of L2s being built on the Superchain, this increase in activity can point to a growing number of users in its ecosystem, as well as give teams the ability to ramp up protocol development.

⚡What it means for the broader ecosystem:  The total TVL on the Superchain was about $2.49B on July 8 at the start of the SuperFest. At the time of writing, TVL across Superchain protocols is $2.82B. 

If this number continues to grow throughout the campaign, its volume could be an attractive metric for developers and users looking to enter the space. In general, areas with high amounts of traction and users tend to attract more interest, marking the Superchain as an appealing entry point for both newcomers and established crypto enthusiasts.

What’s poppin’ on the Superchain

👤Total number of weekly active addresses by chain: 

• Base: 2.78M 

• OP Mainnet: 414.42K 

• Zora: 119.23K 

• Mode Network: 23.09K 

• Coinbase introduced its web app integration with Coinbase’s smart wallet and Base

• Worldcoin Foundation launched the developer preview for its new L2, World Chain

• Gameswift partnered with Aethir, a cloud infrastructure service designed for gaming

• Metal Pay, a crypto payment app part of the Metallicus ecosystem, went live in Australia

From the Optimism Collective

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

• During EthCC, OP Labs Head of Emerging Products Tess Rinearson presented a number of products that Optimism plans to release during the latter half of 2024

• Coinbase partnered with Team USA Basketball and artist Daniel Arsham to release an art and sports history infused memorabilia, able to be minted onchain

• Mark Tyneway, co-founder of Optimism, shared his views on ZK Proofs and stage 2 decentralization during Cartesi’s Modular Security Proof It panel at EthCC

• Optimism Chief Growth Officer Ryan Wyatt provided a brief overview into the Superchain ecosystem in part with thirdweb’s onchain olympics

For more Optimism Collective weekly updates, look here. 

Making headlines 

• Pyth Network launches ‘Express Relay’ service aiming to eliminate MEV (The Block)

• Worldcoin invites devs to build ahead of mainnet launch in 2024 (Cointelegraph)

• Coinbase Unveils 'One-Stop' Crypto App To Simplify User Experience (Benzinga)

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. 

• Learn more about all the chains participating in SuperFest, the Superchain’s DeFi festival

• Celebrate SuperFest and mint a commemorative art piece, made by secretpikachu.eth

• 3DNS released Superchain identity, a new identity for the Optimism Collective, with .box

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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.