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.
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
Data from DefiLlama unfolded the remarkable surge in Optimism DEX’s trading volume, surpassing that of Ethereum. As per the data, the 24-hour trading volume has reached $344.98 million. The 7-day trading volume, amounting to $11.87 billion, marks an astounding increase of 1687%.
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 Optmism’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.
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