Stay ahead of the curve: The most exciting projects on Optimism

From Velodrome’s innovative platform for trading future DeFi yield to Farcaster's fresh take on decentralized social media, the Optimism ecosystem is alive with innovation. With major players like Coinbase and Sony building their L2s — Base and Soneium, respectively — on the OP Stack, Optimism is hot. Total value locked (TVL) on Optimism Mainnet has soared past $500 million, with around 570,000 daily transactions. 

In this post, we’ll take a look at some of the most exciting projects driving Optimism forward. From DeFi platforms and marketplaces to social media apps, we’ll explore where the action is and what to watch. Whether you’re a crypto enthusiast, a builder, or simply curious about the latest blockchain trends, the Optimism ecosystem has something for everyone.

Understanding the Optimism ecosystem: More than meets the eye

Named for “Optimistic Rollups” — one of two types of Ethereum Layer 2 scaling solutions — Optimism is not only a Layer 2 blockchain (Optimism Mainnet), but major contributor to the Web3 ecosystem with two key elements: the OP Stack and the Superchain.

The OP Stack: The engine of innovation

Powering Optimism mainnet is the OP Stack—an open source technology stack consisting of code modules for building L2 blockchain ecosystems. Maintained by the “Optimism collective”, the OP Stack is intended to make it easier for builders in the Ethereum and Optimism ecosystems to get projects up and running.

Here’s why developers are excited about the OP Stack:

• Flexibility: Easily customize solutions to fit your needs
• Scalability: Manages transactions more efficiently than Ethereum
• Cost efficiency: Cuts down on transaction fees

The Superchain: Shaping the future

Optimism’s Superchain is a network of chains built on the OP Stack. The idea is that blockchains in the network share bridging, decentralized governance, upgrades, and a communication layer for better scale, to deliver better user experiences and increase adoption of blockchain technology.

As of publishing time, there are 55 chains in the ecosystem, including OP Mainnet. 

The Optimism ecosystem: Projects making waves

Projects in the Optimism ecosystem fall into three main categories:

• Optimism Mainnet projects: Built directly on Optimism's primary network.
• OP Stack projects: L2 chains like Base and Soneium built using Optimism's tech, and the apps running on those L2s.
• Future Superchain participants: Projects planning to be part of Optimism's vision for interconnected chains.

Let’s dive into some standout projects to see how they’re making an impact.

Networks

The Optimism ecosystem includes a range of innovative networks, each contributing to the broader vision of the Superchain. Here’s a look at some key players:

• Base: An L2 network, bringing Coinbase's massive user base into the Optimism ecosystem.
• Soneium: Sony’s new L2 blockchain, designed to connect Web2 and Web3 digital experiences.
• Mode: A network built on Optimism that focuses on DeFi, aiming to support developers and reward their contributions.

DeFi

As is the case across Web3, Decentralized Finance (DeFi) is one of the hottest project categories on Optimism. From decentralized exchanges (DEXs) to yield farming platforms and lending protocols, DeFi on Optimism is a diverse and dynamic space.

Top DeFi projects on Optimism

• Uniswap V3: A platform for trading cryptocurrencies.
• Jumper Exchange: A service for swapping tokens across different networks.
• Stargate Finance: A bridge for transferring assets between blockchains.
• Velodrome Finance: Lets you trade and invest in future DeFi yields.
• Synthetix: A protocol for creating and trading synthetic assets

What to watch in DeFi projects on Optimism

To keep up with what's happening in DeFi on Optimism, here are some key things to watch for:

• Fee updates: Keep an eye on changes to DEX trading and transaction fees.
• New pools: Watch for new trading or liquidity pools popping up.
• Swaps: Pay attention to cryptocurrency swaps and trading activity.
• Order activity: Look out for updates on completed or canceled trades.
• Ownership changes: Notice if there are any changes in who controls the liquidity pools or smart contracts.

Social

If you've been keeping an eye on the Optimism ecosystem, you might have noticed a lot of excitement around social projects lately. This category includes Web3 social and quest-to-earn platforms.

Top social projects on Optimism

Zora

Layer3

Billing itself as “The consumer attention layer”, Layer3 is a multi-chain platform that gives users opportunities to earn by engaging with Web3 projects, while giving projects and ecosystems a space and campaigns to attract and reward fans.

• Galxe: A multi-chain platform that rewards active users for their contributions and engagement with Web3 brands.
• Dmail Network: A decentralized email system that prioritizes user privacy and security.
• Farcaster: A decentralized social media protocol for social dApps focused on privacy and freedom.
• World ID: A privacy-focused identity system created by Worldcoin. It uses biometric verification, like iris scans, to give users a unique digital identity while keeping their personal information secure.

Notable Farcaster apps

Unlike traditional (centralized) social media platforms, Farcaster is about allowing participants to own their own data and identities, and is inspiring a wave of innovative apps. Some of the apps on Farcaster (aka Farcaster “clients”) feel like familiar social media tools, while others bring new experiences to the table.

Warpcast

Warpcast is a decentralized social media app (client) for iOS and Android that makes it easy to interact with others, and to market to crypto natives and enthusiasts from anywhere.

Searchcaster

Searchcaster is a search engine for Farcaster content, making it easy to explore past conversations or discover new ones.

Ponder

Designed for social surveys, Ponder rewards users for unique answers while sparking interesting discussions across the community.

Kiwi News

A decentralized version of Hacker News, Kiwi News makes it easy for people to share tech news and ideas on a community-driven platform.

Neynar

Neynar is a developer platform that makes it easy for you to create apps on Farcaster.

What to watch in social apps on Optimism

Want to stay updated on social apps in the Optimism space? Here’s what to keep an eye on:

• New accounts: Notice when new users join the platform.
• Quest completions: Watch for when users finish tasks or quests.
• Engagement: Check out how much users are liking and sharing content.

Gaming

While gaming isn't the leading category on Optimism, a few notable projects are making an impact.

XPet

XPet is a virtual pet game blending social interaction and finance with quests and XPET rewards.

Pirate Clash

Combining pirate themes with arcade-style gameplay, Pirate Clash offers Play-to-Earn mechanics, quests, $PBT Tokens, and social features for an immersive gaming experience.

What to watch for in gaming

• Quests or battles starting and ending: Track player engagement and progression.
• Rewards distributions: Understand player incentives and token allocations.
• Token redemptions: Gauge player activity and the health of the in-game economy.

The easiest way to monitor Optimism activity

Dispatch is a no-code platform for creating data streams and alerts for on-chain activity. Whether you’re trying to track engagement for a project you’re working on or researching, or want to get notified about unexpected smart contract or wallet activity, Dispatch can help.

Marketplaces

NFTs and digital assets are finding a home on Optimism too.

Top marketplaces on Optimism

Fractal Visions

Describing itself as an “impact initiative platform”, Fractal Visions shares their sales with creators, while promoting public goods and creativity.

What to watch for in marketplaces

• New listings: Watch for newly available items and assets.
• Sale transactions: Monitor new sales and auctions.
• Creator royalties: Track how creators earn from sales and secondary transactions.
• User engagement: Keep an eye on user interactions and activity.
• Contract updates: Stay informed about changes or upgrades to marketplace contracts.

Funding for “public good”

• Glodollar (USDGLO): A fiat-backed stablecoin that funds public goods and charities.
• Gitcoin (GTC): A platform that connects developers with funding for open-source projects

What to watch for in funding projects

• Burns: Monitor token burns to understand supply adjustments.
• Mints: Keep an eye on new token mints to spot emerging projects or changes in token supply.
• Transfers: Watch for significant or unusual token transfers to identify major transactions or shifts in ownership.
• Ownership changes: Track changes in contract ownership or control

Wallets

To interact with most of these great projects, you need a wallet. Some popular options supporting Optimism are:

Top wallets on Optimism

• MetaMask: A widely-used wallet for storing, sending, and swapping tokens while exploring Web3 apps.
• Rainbow Wallet: Built for Ethereum and Layer 2 networks like Optimism, offering a simple way to manage assets and connect with dApps.
• Apex: A privacy-focused wallet that makes managing your Web3 assets secure and user-friendly.

What to watch for in wallets

• Burns: Keep an eye on token burns to see how they affect supply
• Mints: Watch for new token mints
• Transfers: Track new token transfers

The future of Optimism: What’s next?

We've covered a lot of ground in this post, from DeFi projects to social platforms, all building on Optimism. It's clear there's a lot happening in this ecosystem, and we love seeing what’s being built.

As the OP Stack continues to evolve and the vision of the Superchain takes shape, it's hard not to be curious about where Optimism is headed. As more projects join the Optimism ecosystem and big names start paying attention, it feels like we're seeing the beginnings of something exciting.

We're looking forward to seeing how the ecosystem continues to develop, and are proud to support Optimism on Dispatch as it continues to grow.

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