Optimism DeFi on the Rise: What’s Taking Place There?

Optimism DeFi on the Rise- What’s Taking Place There?
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October has been quite a month for Optimism projects. What does this mean for other Layer-2s?

As one of the most promising Ethereum scaling solutions during this crypto winter, Optimism is seeing its decentralized finance (DeFi) apps rise in the number of unique active wallets (UAW.) What do these positive metrics mean for other competitors Loopring and Arbitrum? What about the negative impact that Ethereum Merge is supposed to have on Rollups like Optimism? Let’s investigate these matters and find data that explains Optimism’s optimistic future.


  • Optimism dapps are on the rise, and DeFi stands out as the predominant category;
  • The protocol’s total value locked (TVL) hovers around $937 million, staying strong after the Ethereum Merge;
  • You can track the growth of Optimism through DappRadar data, guides, and reports.

Optimism after the Ethereum Merge

The UAW ratings on the Optimism dapps this month soared. Not only are they fighting the current trends in a negative market, but they’re also spotlighting a previously forgotten category on Web3, DeFi.

DappRadar’s report Measuring the Impact of Ethereum’s Merge on Layer-2 stated that Optimism witnessed a 228% rise in TVL from $274.46 million on July 1 to $902.74 million on August 31 – making it a “top crypto winter performer.”

Take a look at the total value locked on DeFi dapps built on Optimism for the last 12 months – according to DappRadar data.

Optimism TVL - October 2021 to October 2022

All this is taking place during one of the most remarkable moments in the history of Web3, after the Ethereum Merge – when the blockchain started to use a proof-of-stake (PoS) model, solving several of the problems that layer-2s like Optimism had come to solve.

As a layer-2 Ethereum blockchain, Optimism seeks to scale the ecosystem via Rollups, or off-chain computations, to speed up transactions.

However, current data shows that the Merge has been beneficial to rollups.

As experts had predicted, the network could potentially scale to 100,000 transactions per second after The Merge upgrade, with Layer-2 solutions further enhancing such capacity. 

DeFi is awakening, and so is the market

This year’s third quarter showed on-chain indicators signal a recovering crypto market: DeFi’s TVL is increased by 2.9% compared to the previous period. 

As the Top Optimism Dapps Ranking show, there has been movement back into DeFi apps using Optimism even more than other popular areas, like Gaming and NFTs.

See below the 10 dapps with the most registered wallet activities in the past 30 days, according to DappRadar data.

Top Dapps on Optimism by UAW - October 2022

Still, according to announcements published on Optimism’s official Twitter account, the protocol is also new to NFTs and games.

This month, the protocol launched an NFT Bridge that links the Quix Marketplace to the largest NFT collections on the Ethereum blockchain – which may help explain how the dapp appears with a 148% increase in UAW in the last month.

In addition, the Optimism Foundation collaborated with Lattice and launched one of the first blockchain games of the protocol, OPCraft. The on-chain crafting-based 3D voxel game uses OP Stack, Optimism’s modular rollup architecture, and is now publicly available to play.

OPCraft 3D voxel metaverse game Optimism
Source: Optimism Dev Blog

Keep tracking Optimism dapps with DappRadar

It’s been a difficult year for the industry, but as we approach the end, Optimism truly lives up to its name. We at DappRadar will continue to closely monitor the trajectory of layer-2 and keep you updated with the latest news.

If you want to find opportunities and learn more about what Web3 does to change the way we deal with the world, learn from our guides and tutorials. Join our community on Discord and Twitter to be part of the future of the dapp industry.

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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. 

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