Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Optimism has been on investor radar over the past sessions. Meanwhile, the latest updates reveal that the decentralized exchange saw a massive increase in trading activity in the previous thirty days, with the metric surging 1,800% to over $12 billion.
According to DeFiLlama, in the past week, Optimism DEX’s weekly trading volume increased by 1,800% MOM to more than $12 billion, significantly setting a record high, surpassing Ethereum. However, this increase was due to a vulnerability attack on KyberSwap, which was transaction…
— Wu Blockchain (@WuBlockchain) November 26, 2023
Moreover, the DEX ,retained this trend in the past week, even outshining the top platform by total value locked, Ethereum. Nonetheless, the recent KyberSwap attack catalyzed the notable increase in Optimism’s trading activity.
DeFiLlama data highlighted the significant increase in Optimism’s trading volume. The figure climbed to $344.98M within the last day. Moreover, the massive 1,687% surge in the 7-day chart saw the DEX’s trading volume hitting $1.849 billion, exceeding Ether’s 9.044 billion.
Source – DeFiLlama
Also, Optimism recorded an enormous increase in TVL. The platform’s total value locked surged over 24% and 4.45% in the last month and week, respectively, to $769 million. However, the figure declined by a slight 1.76% in the past 24 hours.
Ethereum trading activity decline
Meanwhile, the leading blockchain platform by total value locked, Ether, saw a decline in trading activity to current levels of $71.17 million. Further, the metric dipped 8% in the previous week to $9.17 billion, below OP’s nearly $12 billion.
Kyberswap vulnerability bolsters Optimism trading activity
Meanwhile, the latest KyberSwap vulnerability, which saw it losing assets worth around $47 million, propelled Optimism’s trading volume. KyberSwap attackers completed $11 billion in transactions.
KyberSwap may have been hacked and a total of around $47 million was stolen
[KyberSwap may be under attack, with total stolen funds reaching around $47 million] Financial reports According to Twitter user Spreek, DEX aggregation and liquidity platform KyberSwap has undergone…— CRYPTO BULL (@GiangNg25794751) November 24, 2023
While the latest updates confirm impressive growth for DEX Optimism, the effect of the KyberSwap attack remains a challenge, emphasizing how crucial security is for the thriving decentralized finance (DeFi) and crypto markets.
The post Optimism outshines Ethereum in weekly trading volume, but there’s a catch appeared first on Invezz
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.