Optimism earns nearly $45 million in revenue, eyes double-digit gains

• Optimism, an Ethereum scaling solution, collected nearly $45 million in revenue per recent data. 
• Layer 2 chain surpassed $720 million in total value of crypto assets locked in the Optimism ecosystem. 
• OP extends gains by nearly 2% on Tuesday, eyes $2 target. 

Optimism (OP), an Ethereum scaling solution has generated 14,300 Ether worth nearly $45 million. The Optimism Collective has generated the revenue from sequencer fees or the fees generated when a transaction is executed on the chain. 

DeFiLlama data shows the total value of assets locked in Optimism crossed $720.50 million early on Tuesday. 

Optimism extends gains with recent developments

Optimism rallied nearly 2% early on Tuesday. The Layer 2 Ethereum scaling token trades at $1.638 at the time of writing. Ryan Wyatt of the Optimism collective noted that the chain has generated 14,300 Ether in revenue from transactions executed in its network. 

There are a total of 26 Optimism Stack Chains sharing their revenue. 

The Layer 2 chain has over $720 million in cryptocurrencies locked, meaning traders trust the chain and its transparency. 

TVL of Optimism 

OP could rally to its $2 target, extending gains by 22.6%. Optimism faces resistance at $1.815 and $1.822, a multi-month resistance level. OP could find support in the Fair Value Gap (FVG) between $1.532 and $1.581. 

The Moving Average Convergence Divergence (MACD), a momentum indicator, shows that OP could retreat to a support level and collect liquidity before rallying toward its target. 

OP/USDT daily chart

OP could find support at the $1.222 level, the July 5 low, in the event of a correction.