Optimism, the layer-2 blockchain on top of the Ethereum blockchain recorded a huge surge of more than 200% since the beginning of August. With Optimism’s new upgrade, Bedrock is set to address various issues of the current roll-up systems and also offer new opportunities for all applications based on Ethereum’s L2.
Secondly, Optimism launches liquidity mining on Aave and allocated 5 million OP tokens which will be distributed to its users over the next 90 days. With the launch, many users bridged huge OP tokens and deposited them into AAVE, raising the deposits on layer 2 by nearly 500%. At the press time, Aave V3 Optimism has nearly $420 million worth of assets locked into its smart contracts.
Currently, the Optimism price after a massive breakout appears to have formed another bullish pattern aiming at a jump of another 40% very soon.
The OP price after falling apart after its inception underwent a parabolic recovery to regain the lost levels. As expected, the asset experienced a slight pullback at the neckline. Hence, forming a bull flag, the price ranged by more than 60% to mark the monthly highs at $2.24. However, the asset is again consolidating and hence is expected to break out of the newly formed bull flag.
Therefore, a breakout from these levels may pave way for the asset to climb beyond $2.5 to hit $2.8 levels. At present, the OP price is around $1.94 with a jump of 1.60% in the last 24 hours, 8.88% in the past 7 days and 235.76%, in the past 30 days. The market capitalization of $454.16 and a volume of $343.57 at the press time.