Optimism’s Weekly Trading Volume Surges 1500%+, Reaches $11.87B

• Optimism’s weekly trading activity surged by a substantial 1687%.
• The 7-day trading volume of Optimism surpassed that of Ethereum, which currently stands at $9.17 billion.
• The recent vulnerability on KyberSwap largely drives the surge in Optimism’s trading volume.

According to the latest revelations, the decentralized exchange (DEX) trading activity on Optimism, the layer 2 scaling solution built on Ethereum, has surged to the $300 million range. Colin Wu, the Chinese crypto reporter of Wu Blockchain X page, shared a post highlighting the substantial increase in the trading activity of Optimism DEX.

Data from DefiLlama unfolded the remarkable surge in Optimism DEX’s trading volume. In the past 24 hours, the trading volume reached $344.98 million. Moreover, the 7-day trading volume has witnessed an impressive 1687% increase, surpassing that of Ethereum and reaching a total of $11.87 billion.

Optimism has also experienced a major growth in the Total Value Locked, which currently stands at $769.6 million, marking a monthly surge of 24.42% and a weekly surge of 4.45%. However, analyzing the 24-hour change of Optimism’s TVL shows a marginal decrease of 1.76%.

Contrastingly, the largest blockchain network by TVL, Ethereum, exhibited a noticeable dip in trading activity, currently reaching $710.17 million. While the weekly trading volume is calculated as $9.17 billion, falling much below the trading volume of Optimism, it shows a weekly fall of 8.03%.

While the leading networks like Solana, Arbitrum, Polygon, and Avalanche show a significant plummet in the weekly trading volume, Tron, Linea, and Starknet ascend in their weekly trading activity.

Colin Wu’s tweet suggests that the increase in Optimism’s trading volume is mainly driven by the recent vulnerability on the DEX KyberSwap, which resulted in a loss of $46.5 million. The exploit included the loss of 10,049 WETH, 4,017 wstETH, and 3.98 million ARB tokens.