Ethereum Layer 2 Project Once Praised By Vitalik Buterin Rallies 100% In 2 Days

By July 29, 2022Ethereum
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Ethereum Layer 2 Project Once Praised By Vitalik Buterin Rallies 100% In 2 Days

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Ethereum

Layer 2 scaling solution Optimism OP/USD has seen a massive two-day rally.

What Happened: According to data from Benzinga Pro, OP rallied from $0.77 on July 27 to a six-month high of $1.77 on July 28. At press time, the token was trading at $1.66, still up 53% over the last 24 hours.

The token’s massive rally led to $11 million liquidations in the last day, of which $8 million were shorts, as per data from CoinGlass.

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The total value locked (TVL) in the project has also seen a significant increase over the last few weeks. Total TVL surged 11.06% overnight to an all-time high of $550 million on Friday, according to data from DeFi Llama.

In June, Optimism revealed that a hacker had stolen $16 million worth of tokens in May. The hacker was later observed sending 1 million OP tokens worth $874,000 to Ethereum creator Vitalik Buterin.

Earlier this year, Buterin praised Optimism for adding a non-governance token to its ecosystem and utilizing OP as the network’s main token for gas payment.

“Optimism explicitly has goals *other* than just 'make OP go up,' and the only way to do that long-term is with explicit representation of non-token-holder interests,” Buterin said at the time.

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