Total Value Locked (TVL) on Ethereum Layer-2 Optimism Surpasses $700M

Optimism, an Ethereum-based layer-2 scaling solution has just attained a milestone, crossing $700 million in its total value locked (TVL) and seeing a new all-time-high (ATH) in its native token, OP.

Optimism Crosses $700M in TVL

Statistics from the analytics platform DeFi Llama revealed that Optimism attained the TVL milestone for the first time, after briefly touching $503 million in TVL in late April.

Source: DeFiLlama

DeFi derivative platform Synthetix holds the leading position among the 61 protocols available on Optimism. Synthetix held $206 million in TVL while holding a market dominance of 27.91%.

Other platforms topping the list of protocols on Optimism are lending platform AAVE and decentralized exchange Velodrome, both of which hold the second largest ($173 million) and third largest ($124.5 million) positions respectively.

The latest development has ranked Optimism among the top 10 platforms by TVL ranking, where it seats at the 10th position after Fantom, which holds TVL of $852 million. Ethereum continues to top the chart with a TVL of $56.8 billion.

It is noteworthy that Optimism achieved the new milestone despite a $16 million fund fumble in early June, around the time the platform launched its OP token.

OP Token Hits New ATH

Just as the layer-2 scaling solution has recorded a new TVL, its native token, OP, has equally seen a new all-time high since its launch on May 31st.

Despite the bear crypto market, the OP token attained a trading price of $2.17 on Thursday, representing over a 40% increase from its price at the start of the month. At the time of writing, OP was trading at $1.96.

Other DeFi Networks See Lower TVL

While Optimism currently seats in gains following the milestone in TVL, other projects are recording losses. A prime example is Solana which made headlines on Wednesday due to a $6 million hack. After attaining a peak TVL of $15 billion in November 2021, the platform currently holds a TVL of only $2.5 billion, representing an 84% drop.

Fantom has also seen a significant drop in TVL. After hitting a TVL of $12.79 billion in January, the platform currently holds $852 million in TVL, signifying over a 90% decrease.