Optimism Surges 11.58% After Upgrade 20 Approval

Optimism's network has approved Upgrade 20, enabling Superchain interoperability and advancing its fault-proof system. The upgrade was implemented following a successful governance vote that concluded on September 16.

The approval of Upgrade 20 has led to Optimism's price rising by 11.58% over the past day, trading above its 20-day, 50-day, and 200-day moving averages. The network also announced plans to allocate 50% of Superchain revenue towards repurchasing OP tokens over the next year, starting in February.

Additionally, Optimism has reduced its workforce by over 20%. This move aims to streamline operations and improve efficiency as the network moves closer to mainnet deployment. The development has boosted optimism around the project, with analysts noting that the upgraded network architecture and solid technical momentum position the asset for further upside potential.

The price of OP/USD is currently trading in a range of $0.1168-$0.1293, with a robust buyer-driven tone dominating intraday dynamics. Momentum indicators such as the MACD, RSI, and Stochastic RSI are all displaying positive signals, indicating that buyers dominate intraday dynamics.