Key Points
- On July 27, Optimism logged 944,000 daily transactions surpassing its competitor, Arbitrum, which registered 660,000 transactions.
- Cooperation with Worldcoin and the recent Bedrock update is credited for the rise in daily transaction volume.
Optimism surpassed Arbitrum in daily transactions on July 27 for the first time since mid-January as Worldcoin got released and Bedrock update effects started being felt.
Worldcoin and Bedrock Update pushing Optimism to greater heights
Worldcoin, a new crypto asset by OpenAI’s CEO Sam Altman that is meant to be the next step in pushing proof of personhood forward as AI continues to grow, was released on July 26.
In May, Worldcoin expressed that it had committed to supporting Optimism to bring the SUperchain to life. It said it worked with Optimism to build a scalable blockchain ecosystem on OP Stack. According to that announcement, Worldcoin expressed that “As a first step, World ID, a decentralized, privacy-first identity protocol, will be available on OP Mainnet.”
Additionally, it expressed that TFH’s World App, the first wallet that allows transactions with Worldcoin and other digital assets and stablecoins, would be migrated to OP Mainnet.
In June, Optimism also received the “Bedrock” upgrade that, theoretically, cut the deposit confirmation times by 90% and lowered the involved gas fees pushing the network’s dream of being a ‘superchain’ forward. The process supposedly cut the gas fees by 40%, which aimed at attracting more users.
On July 27, Optimism logged 944,000 daily transactions surpassing its competitor, Arbitrum, which registered 660,000 transactions. This is the first instance since January 2023 where Optimism has taken the lead in daily transaction volume metrics.
Since the report that Worldcoin was working with the OP team, the daily transactions volume rose by 240% since June 1 from 277K to 944K transactions, while Arbitrum suffered a marginal dip at the same time, declining from 745K to around 660 K.
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