August 17, 2022

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  • OP’s token liquidity mining is now active on Aave’s optimism release.
  • Since the start of the update, deposits in Aave on Optimism have increased by 493%.
  • The liquidity mining program also helped push the total value of Optimism to over $1.5 billion.

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Aave’s new liquidity-mining program has helped push the optimist’s total valuation to over $1.5 billion.

Optimism triggers liquidity mining on Aave

Optimism launched another round of token rewards.

Ethereum Layer 2 network announce The latest liquidity mining program begins Thursday, which is part of what the chain calls “OP Summer”. The project has allocated 5 million OP coins to lending giant DeFi Aave to distribute to its users over the next 90 days.

Since the update began, users have tied hundreds of millions of dollars in tokens to Optimism and deposited them into Aave to earn additional OP tokens. according to Data from Devi Lama, Aave deposits on the Layer 2 network have increased by 493% in the past 24 hours. At press time, Aave V3 on Optimism has just under $420 million in assets in its smart contracts.

While Aave’s liquidity mining program is the most optimistic to date, it is not the first. Since the Ethereum Rollup launched its original OP Governance token in May, several other protocols have been launched Distribution of incentives. These include automated market maker Velodrome, decentralized exchange app Perpetual Protocol, and sports betting app Overtime Markets.

Thanks to the incentives of the OP token, the optimist significantly increased its user base and the total value of the locked assets in on-chain smart contracts. according to L2Beat datathe total value of the locked network, excluding its original OP token, has increased 63% Since the launch of the OP token on May 31. More recently, the start of Aave’s liquidity mining has driven total closed-end value an additional 27%. Optimism currently holds approximately $1.51 billion in total locked value, just behind Arbitrum’s $2.48 billion in the second tier race.

The total value of optimism is insured (source: L2Beat)

Optimism is one of the pioneering Layer 2 projects working on scaling Ethereum. Optimistic Rollups are used to group transactions together and send them back to the Ethereum mainnet for confirmation. Backlogs like Optimism offer users significant gas savings compared to transactions on the mainnet. for example, L2 الرسوم fee data It shows that the current cost of swapping tokens on Optimism is $0.36, compared to $6.49 on Ethereum.

Disclosure: At the time of writing this article, the author owns ETH and several other cryptocurrencies.

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