Optimism (OP) price has hit a 25% decline as the bearish trend enters the third consecutive week. A deeper analysis of the underlying on-chain data suggests more tough times ahead for OP holders. 

Optimsims (OP) is one of the largest scaling solutions for Ethereum, with over $900 million in market capitalization at its peak. On April 14, things took a bearish turn when Hundred Finance DeFi lending protocols built on the Optimism network got hacked for $7 million. 

Large institutional investors holding the native OP coins appear to have grown pessimistic, exiting their bullish positions as they turn to alternative DeFi yield-bearing protocols. 

Optimism Investors Grow Wary Of a Contagion Effect

Since the Hundred Finance hack on April 14, large transaction volumes on the host Optimism network have been downturned. Specifically, the number of transactions exceeding $100,000 has reduced by 73%, from 48 to 19 daily transactions on April 15 and May 2.   

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Author: Ibrahim Ajibade

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