Optimism users who lend and borrow assets on Aave via the Ethereum Layer 2 blockchain can now earn additional OP token rewards. OP token liquidity mining is now active in the Optimism version of Aave. Since the update was released, deposits at Aave on Optimism have increased by 493%.
Ethereum users are flocking to optimism
Optimism has launched another round of token rewards. The Ethereum Layer 2 network on Thursday announced the launch of its latest liquidity mining program, part of what blockchain is calling “OP Summer.” The project has allocated 5 million OP tokens to DeFi lending giant Aave. These will be distributed to users over the next 90 days.
Since the update was released, users have linked hundreds of millions of dollars worth of tokens to Optimism. Used them on Aave to earn extra OP tokens. According to data from Defi Llama, Aave deposits on Ethereum’s Layer 2 network have increased by 493% in the last 24 hours. Aave V3 on Optimism has nearly $420 million in assets locked in its smart contracts.
The Aave liquidity mining program is Optimism’s largest to date. However, it is not the first. The Ethereum rollup released the native OP governance token in May. Because of this, several other protocols have started introducing incentives. These include automated market maker Velodrome and decentralized clearing app Perpetual Protocol. Also included is the sports betting app Overtime Markets.
Optimism boosts TVL with token incentives
Optimism has expanded its user base thanks to OP token incentives. It has also significantly increased the overall value of assets locked in smart contracts on the blockchain. Excluding the native OP token, the network’s total locked value has increased by 63% since the launch of the OP token on May 31, according to L2Beat data. More recently, the introduction of Aave’s liquidity reduction increased the total locked value by an additional 27%. Optimism is currently valued at approximately $1.51 billion (TVL). It is behind by $2.48 billion in Arbitrum’s Tier 2 race alone.
Optimism is one of the leading Tier 2 projects working on scaling Ethereum. It uses Optimism Rollups to aggregate transactions and send them back to the Ethereum mainnet for approval. Aggregations like Optimism offer users significant gas savings compared to trading on the mainnet. For example, L2 fee data shows that the current cost of token exchange on Optimism is $0.36, compared to $6.49 on Ethereum.
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