The creator of Optimism (CRYPTO:OP), the layer 2 scaling solution on Ethereum (CRYPTO:ETH), has seen a massive two-day rally.
What you should know
According to data from Benzinga Pro , OP rose from $0.77 where it was on July 27 to a six-month high of $1.77 on July 28. At press time, the token was trading at $1.66, having advanced 53% higher in the last 24 hours.
The massive rally experienced by the token generated liquidations of 11 million dollars in the last day, of which 8 million dollars were short positions, according to data offered by CoinGlass.
The total value locked (TVL) on the project has also seen a significant increase in recent weeks. Total TVL rose 11.06% overnight to settle at an all-time high of $550 million on Friday, according to data from DeFi Llama.
In June, Optimism revealed that a hacker had stolen $16 million worth of tokens in May. Later, it was discovered that the hacker sent 1 million OP tokens valued at $874,000 to Ethereum creator Vitalik Buterin.
Earlier this year, Buterin praised Optimism for adding a non-governance token to its ecosystem and using OP as the network’s primary token for gas payments.
“Optimism has explicit *other* goals than just ‘getting OP up,’ and the only way to do that in the long run is with explicit representation of the interests of ‘non-holders’ of tokens ,” Buterin said at the time. moment.