In 2023, the Cancun upgrade will undoubtedly be one of the most critical industry events after the Shanghai upgrade. The Cancun upgrade included in EIP4844 is expected to be carried out between 2023.10-2024.1. The tokens of the two major L2 projects ARB and OP Prices have experienced a deep decline after reaching new highs in the first half, and a pullback may still be a better time to position. So which one is the leader in upgrading ARB or OP in Cancun? For investors, who are still concerned about whether it is better to upgrade ARB or OP in Cancun? From the perspective of market value, OP's circulation market value has continued to hit new highs since entering 2023, while ARB has been consolidating at a low level. OP is better than ARB. Next, the editor will analyze this issue in detail for everyone.
From the business data point of view, Cancun performs well in the L2 network and is better than OP. Due to the existence of L2 network effects, as the L2 leader, Cancun is more competitive than OP and should have a higher valuation premium.
But this situation began to gradually change after OP proposed the super chain strategy in February this year and began to promote the OP stack.
Op stack is an open source L2 technology stack that other projects can use for free to quickly deploy their own L2, reducing development and testing costs.
After OP stack and Superchain were launched, they were first adopted by Coinbase. L2Base, which is built using OP stack and Superchain strategy, was officially announced in February and officially launched on August 10.
With the demonstration effect of Coinbase, more and more projects are beginning to adopt Opstack. For example, Binance’s opBNB, the NFT project ZORA invested by Paradigm, the Loot ecological project Adventure GoldDAO, the public goods service project Public Goods Network supported by Gitcoin (PGN), the leading options project Lyra, the well-known on-chain data dashboard Debank, and even Celo, which was originally L1, chose the OP stack as their L2 solution. The main reason why these projects use the OP stack is due to its efficiency and scalability. In fact, the business data of the OP main chain has gradually approached and surpassed ARB, which was once far ahead. This shows the importance and competitive advantage of the OP stack in the cryptocurrency market.
According to the analysis of existing data, OP performs better than ARB. Unlike ARB, which continues to catch up, OP's main chain business data has had a positive impact on its own ecological recovery. In addition, new business partners who joined the OP camp also made greater contributions. For example, in the past 30 days, the OP main chain contributed the largest transaction volume, with GnosisSafe contract operations ranking first and Worldcoin ranking fourth.
In fact, the Worldcoin team has also made a lot of contributions to Gnosis Safe transactions. As early as the end of June this year, they had deployed more than 300,000 Gnosis Safe accounts on World App. This is because they migrated to the Optimism mainnet.
The dilemma of ARB is that in addition to the L2 main chain Arbitrum one with stronger business data and the higher performance Arbitrum nova, it has also launched the OrbiterL3 stack that competes with the OP stack, but it is still in the ascendant. L2. At this stage, there are not many large-scale projects willing to define themselves as L3 and use Arbitrumone as their DA layer. Projects with better industrial resources (users, developers, IP content) tend to be more inclined to build L2. This means a higher valuation cap and broader user targeting.
OP tokens currently have no direct way to obtain value, and among the many adopters of the OP stack, except for BASE, which has explicitly donated 10% of its L2 profits to the OP Foundation, no other cooperative projects have Provide similar information. Verification of OP token value capture may require waiting until the official launch of its decentralized orderer protocol and observing its acceptance by the main OP stack.
If everyone can support and adopt the decentralized sorting system with OP as collateral, there will inevitably be a direct demand for OP and complete the value transfer. However, if each L2 still implements its own sequencer standard, or is run by its own node system, it will not only hinder OP from obtaining value, but also weaken the synergy between L2 within the OP ecosystem.
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