Ethereum layer-two scaling solution Optimism (OP) has soared by as much as 95% in the past two days as the total value locked in various DeFi protocols on the network also skyrockets.
Over the past couple of days, the total cryptocurrency market capitalization has increased by around $130 billion, according to data from CoinGecko.
This comes on the back of soaring prices across the board, including Bitcoin’s push towards $24,000.
In the last week, however, BTC’s dominance – the metric used to gauge its share relative to that of the entire market – has decreased, which signals that altcoins are performing better relative to Bitcoin.
One of the better-performing cryptocurrencies is OP – the native token of the Optimism ecosystem.
The cryptocurrency is up some 95% in the past two days alone (on Binance).
At the time of this writing, OP trades at around $1.64, almost doubling its price in two days.
This comes as a result of renewed interest in the protocol, as reflected by the increasing total value locked within various DeFi projects building on Optimism.
Data from DeFi Llama shows that the total value locked in Optimism has exceeded $500 million, with Velodrome Finance (a liquidity protocol) seeing an increase over 53% in TVL, exceeding $100M.