- Coinbase’s announcement that it is building its Layer-2 on OP has caused a surge in DEX trading volume.
- A tweet made today shows that the DEX volume on the OP Network has risen above $200 million.
- The altcoin’s price has experienced a 1.37% drop over the last 24 hours.
Coinbase recently announced that it will build its Layer-2 on top of the Optimism (OP) Network. The Twitter user, Patrick | Dynamo DeFi (@Dynamo_Patrick), tweeted this morning that OP’s trading volume surged following the announcement.
In the tweet, the Twitter user added that decentralized exchanges (DEXs) on the Optimism Network processed more than $200 million in swaps over the last 24 hours.
As can be seen from the screen shot of DeFi Llama shared in the tweet, the 24-hour volume on OP DEXs reached $203.89 million. This is a 31.44% increase in OP DEX volume over the last 7 days. This ranks it underneath Binance Smart Chain (BSC) and above the Polygon network.
In related news, the price of OP experienced a 1.37% drop in price over the last 24 hours according to the crypto market tracking website, CoinMarketCap. The altcoin’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) и Ethereum (ETH), by 1.79% and 1.41% respectively. As a result, the price of OP stands at $2.85 at press time.
The daily trading volume for OP has also dropped 43.46% over the last 24 hours. This has brought the daily volume for OP down to $561,369,794.
The price of OP has retraced to the daily support level at around $2.707 after pumping to $3.290 on 24 February, 2023.
In addition to dropping to the aforementioned support level, OP’s price is also currently resting on a positive trend line which was established over the last 2 weeks after OP’s price printed higher highs and higher lows during this time.
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Source: https://coinedition.com/dex-volume-on-op-network-rises-above-200m-over-the-last-24-hours/