Layer 2 Tokens Take Lead

The price of layer 2 network Optimism’s OP token has also surged over the past week. OP reached an all-time high of over $2.50 on Wednesday amid rising adoption of layer 2 networks. “People want layer 2 tokens, and they see layer 2 adoptions happening,” said Nick Hotz, vice president of research at the digital asset-management firm Arca, referring to the tokens associated with companion blockchain systems. “Optimism is the only way to get good exposure to that theme currently.” The OP token’s jump has outpaced the top two digital assets by market capitalization, bitcoin and ether, which have risen 39% and 33%, respectively, in 2023.