TechFlow reports that Messari has released the Q1 2024 Optimism State Report. Daily active addresses reached 89,000 (up 23% quarter-on-quarter), and daily transaction volume increased to 470,000 (up 39% quarter-on-quarter). These metrics are slightly below the all-time highs recorded in Q3 2023.
The stablecoin market cap on the OP mainnet reached $809 million (up 32% quarter-on-quarter). Over the past six months, USDT's market cap on the OP mainnet surged dramatically to $512 million (up 64% quarter-on-quarter), accounting for 63% of the total.
The implementation of EIP-4844 reduced L1 data submission costs by 99%, decreasing average daily costs from $420,000 in previous weeks to $830. In Q1 2024, the OP mainnet generated $2 million in on-chain profit (up 14% quarter-on-quarter).
