OP Token Surges 95% In 2 Days As TVL Soars Above $500 Million

The OP Token surges 95% in two days as the total value locked soared above $500 million as we can see more today in our latest altcoin news today.

Optimism is up by 100% in the past few days as the total value locked in the layer-2 scaling solution surpassed the $500 million level. The Ethereum layer-2 scaling solution Optimism OP Token surges 95% in the past two days as the total value locked in Defi protocols ont eh network also surged. Over the past few days, the total crytpo market cap increased by $130 billion as per the data from CoinGecko which came on the back of the soaring prices across the board including the BTC push towards $24,000.

In the past week, Bitcoin’s domiannce as the metric used to gauge the share relative to the one for the entire marekt decreased which only signals that the altcoins are performing better than Bitcoin. One of the best performing cryptocurrencies is Optimism and the OP token.

The cryptocurrency increased by 95% in the past two days. At the time of writing, OP trades at $1.64 almost doubling the price in the past two days. This came as a result of the renewed interest in the protocol with the increasing total value locked in Defi projects building the Optimism. The data from DeFi Lama shows that the total value locked in Optimism surpassed $500 million with Velodrome Finance seeing an increase as well that surpassed $100 million.

As recently reported, Etherscan data shows that the OP was sent back in 17 separate 1 million token transactions on Friday and the hacker exchanged 1 million OP for ETH and sent another 1 million to the ETH founder Vitalik Buterin who still has it in his wallet. The Optimism Foundation called the 2 million OP that hasn’t been returned a bounty and that it was in the process of recovering the rest of the tokens sent to Buterin. Optimism is known as an Ethereum layer-2 scaling solution which means that its transactions bypass the Ethereum mainnet but in order to work properly, the layer-2 optimism wallet address has to be synced with the Ethereum 1 addresses.

After announcing the launch of the native OP Token, the company sent 20 million tokens to the wrong blockchain address which resulted in the 20 million tokens being stolen.