Optimism CEO Teases New Enterprise Strategy

Ethereum Layer 2 scaling answer Optimism is rethinking its technique after years of serving to different initiatives construct networks primarily based on its expertise. Now the corporate’s CEO Jing Wang says this method got here at a excessive value.

Optimism was designed to supply cheaper transactions, simply as Ethereum confronted rising fuel charges round 2020-2021. The OP Stack software program has been used to launch chains like Coinbase’s Base and Kraken’s Ink, permitting them to construct their very own blockchains whereas remaining suitable with Ethereum.

However in a Nov. 27 She mentioned the corporate has “been bathing in ways” with associate chains for a very long time, “with out constructing the working machines to proceed that momentum in a market that’s dramatically completely different as we speak.”

Though Optimism lowered prices by chopping employees and bringing all groups beneath one group, competitors from Solana, Stripe-backed Tempo and different networks is changing into more and more fierce, Wang mentioned.

Wang then teased a change in focus. Fairly than simply serving to launch new chains, Optimism will give firms extra management over their networks, although she did not say precisely how.

“Finally, firms need to management their very own economies. They won’t be sharecroppers on Stripe’s blockchain,” the Optimism CEO wrote.

Optimism didn’t instantly reply to The Defiant’s request for remark.

Declining statistics within the chain

Wang’s feedback come as key measures of optimism proceed to weaken. In accordance with information from DefiLlama, the overall worth of the community has fallen to 2022 ranges.

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The month-to-month turnover of OP Mainnet versus TVL. Supply: DefiLlama

Month-to-month on-chain income fell from about $2.3 million in March 2024 to about $373,000 in October, possible as a result of transaction charges fell by about 90% after Optimism’s Ecotone improve in Q1 2024.

The community’s OP token can also be struggling. On the time of writing, OP is down greater than 85% prior to now 12 months and down greater than 90% from its all-time excessive, in line with information from The Defiant’s pricing web page.