Is there any chance for OP Stack to get big brands to adopt Optimism one after another?

How is the OP ecology now? Is it worth laying out?

Next, I will disassemble the OP's current situation through the perspective of two dimensions.

• Ecology & Projects
• Future of OP Stack

Ecology & Projects

So far, from the perspective of data, Arbitrum is still the leader of Layer 2, and OP is still at a disadvantage in terms of ecology. However, with the wide adoption of OP Stack, OP has recently gained more market attention (Basechain, Worldcoin)—even though the unlocking continues, the overall market value of OP has been growing.

It is worth mentioning that OP has surpassed Arbitrum in terms of average daily transaction volume, which is a situation of blood-sucking Arbitrum.

TVL also has an upward trend.

The OP head protocol Velo is a DEX with a ve3,3 architecture. It has been tepid before because there are not many native assets on the OP chain, which are far inferior to Arbitrum (GMX, Magic, Dopex, Pendle, etc.). ve3,3 needs to attract enough protocol participation to start the flywheel. The more native assets on a chain, the stronger the ve3,3 on this chain will be.

Many and powerful native assets - High user adoption (mining + transaction demand) - Need for deeper liquidity to reduce wear - ve33 meets low liquidity procurement costs - Increase emission value and bribe benefits of ve33 tokens - Positive flywheel

Judging from the current situation, OP ecological development still has a long way to go. But we can also see that there have been many protocols built around Velo, such as Extra Finance and Exactly Protocol.

Extra itself is a lending agreement, but the agreement comes with UI/UX to support users to participate in the liquidity mining of Velo DEX through the agreement and leverage. Up to now, the agreement is still providing high liquidity income. The high LP income slows down the Token emission that users face when they hold $VELO (another way is to lock VE to eat bribe income). Its current TVL is 19M, which is the fastest growing protocol for OP recently.

Exactly is an agreement that provides users with floating/fixed interest rates on assets. The current TVL is 82M. Now Exactly’s native token $EXA has deployed a liquidity pool on Velo, and increased LP rewards through bribery.

Extra and Exactly are the two directions of interaction with the Velo protocol. The former is to increase leverage for LP through borrowing, and the latter is to provide more bribes for veVELO Holder by establishing a liquidity pool.

The behavior of Exactly represents the liquidity needs of the native protocol on the OP chain, and ve3,3 DEX Velo meets its needs. And Extra magnifies the wealth effect on the OP chain, attracting more people to enter the OP chain.

They represent two catalysts in different aspects, Velo is the beneficiary, and ecology is also the beneficiary. We can also see from the growth of Velo’s Fee and Incentive Rewards that Velo has gained more dividends in the gradual growth of the OP ecosystem. If more market attention and sentiment brought by the OP Stack can continue, Velo will also corresponding growth will be obtained.

Another evidence that the OP ecosystem is growing rapidly is the change in the contract deployment volume of OPs in the last 90 days. So in the last six months, the OP ecosystem should come out with some good-performing agreements.

Another native protocol with better TVL performance is Sonne Finance. It is a lending agreement, the current TVL is 107M.

And Synthetix is a multi-chain synthetic asset protocol, everyone is already familiar with it, so I won’t introduce it in detail. However, the difference between it and GMX is that GMX’s GLP provides Arbitrum ecology with a powerful interest-generating asset Lego, on which various protocols can be built, thus creating a positive GLP flywheel. Synthetix's sUSD does not have such advantages, and even has to bear joint debt. SNX pledgers are providers of protocol liquidity, and their income comes from inflation and fee income. Therefore, the market value of SNX also determines the upper limit of SNX protocol liquidity - they will solve this problem in v3 of Q4.

The advantage of Synthetix is that it, like Velo, provides a powerful product for protocols deployed on OP. It's a pity that they failed to introduce a powerful interest-bearing asset Lego for OP like GMX/GLP.

For the OP ecology, this part of the vacancy is a potential growth opportunity.

The Future of the OP Stack

We can now see that the OP Stack has gained a lot of adoption. The brand certification of institutions such as Coinbase has given OP Stack a good brand endorsement. Therefore, we don't actually have to worry about the subsequent adoption and development of the OP Stack. Its main threat comes from the threat of zkRollup, but judging from the current situation, zkRollup is far from reaching a mature stage, and OP Stack has also begun to expand ZKP technology.

Another point worth paying attention to is whether the chain using OP Stack can feed back to OP. Basechain's previous statement was that it would feed back part of its income to Optimism Collective. This is a good thing for the OP. The treasury has a source of income means "capability", and "capacity" will be more reflected in the currency price. If more chains follow the operation of Basechain, it will provide Optimism Collective with more "capabilities".

Obviously, the OP team has also realized the "capability" of OP Stack, and released the Law of Chain proposal on July 25, aiming to launch a shared governance model and sorter for all chains using OP Stack. This is similar to the previous Cosmos model of establishing shared security. Law of Chain essentially hopes to standardize the model of "income feedback". The implementation of this proposal will also bring more benefits to Optimism Collective.

The above is my opinion on OP, and in the future I will personally actively participate in the ecology of OP.