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These four cryptocurrencies could face more downside in May based on their current price structures.

PancakeSwap, one of the largest decentralized exchanges (DEX) in the crypto market, has experienced a significant setback. Its native token, CAKE, saw its price plummet by over 16% in just one night, leaving many investors scratching their heads.

Optimism contributors emphasize that multiple clients can help prevent a single point of failure, bolstering the network's resilience.

Optimism falls behind other Layer 2 solutions in many areas. Despite this, developments on the protocol continue to rise.

Optimism (OP) is recording very surprising growth on the market today as it has inked drastic 4% growth to $2.5841 over the past 24 hours at a time when most protocols are seeing repression in their prices. Riding on its promising outlook, Optimism has now added 10% to its value over the week, setting a new pace among its competing Layer 2 protocols.

VC giant Andreessen Horowitz noted that more systems will help in offering more robust decentralization for the Optimism platform.

Optimism's OP token (OP) jumped nearly 6% Wednesday after venture capital firm Andreessen Horowitz (a16z) announced plans to build a stack rollup – a type of scaling solution – on the layer-2 blockchain.

The news comes a day after the firm teased a potential blockchain announcement by tweeting an orange dot.

The tweet spurred speculation that the notable venture capital firm could launch its own Optimism-based layer 2 blockchain.

With multiple Layer 2 solutions fighting for the top spot, zkSync and Arbitrum have been showing the most growth. Polygon and Optimism fall behind as other protocols start to take the lead.

The Ethereum layer-2 blockchain Optimism witnessed a significant security breach involving multichain lending protocol Hundred Finance. According to the protocol, the losses amount to $7.4 million.

The attacker reportedly manipulated the exchange rate between ERC-20 tokens and hTOKENS to steal over $7 million from the protocol.

Hundred Finance, a DeFi protocol on the Optimism network gets hacked. Despite large funds stolen after the hack, the Optimism protocol and token remain largely unharmed.

Hundred Finance, a decentralized finance (DeFi) multi-chain lending protocol utilizing the veHND model, has experienced a significant security breach on the Optimism layer-2 scaling solution.

This week, the price of cryptocurrencies has risen above moving average lines.

Ethereum's (ETH) rally above $2,100 after the Shanghai hard fork has kicked off the altcoin season, according to Crypto Twitter. In addition to ETH, numerous altcoins are posting double-digit gains over the past 24 hours, while Bitcoin has seen a moderate rise.

On-chain data reveals the direction that large institutional investors are turning their attention to make the most of the crypto rally. 

As the cryptocurrency market continues to evolve and mature, today's top gainers have shown an impressive bullish trend, leading the pack with notable gains. Injective, Solana, Huobi Token, Render Token, and Monero have all demonstrated strong growth, while Conflux, Optimism, Arbitrum, Mask Network, and Enjin have experienced significant losses, prompting concerns about their future performance.

It's the season of layer-2 (L2) blockchains. With the launch of two important rollups last month- Polygon [MATIC] zkEVM and zkSync Era, the buzz around L2 scaling solutions has increased to new heights.

The Optimism (OP) price might have begun the next leg up that will take it to a new all-time high.

Optimism [OP], over the last few weeks, lost its spotlight in the L2 space as Arbitrum's [ARB] new AirDrop has taken all the attention. With increasing competition from other L2 chains, Optimism could lean on Coinbase [BASE] for assets to grow its ecosystem.

Optimism's [OP] network usage has been declining for quite some time. This was evident from Dune's data, which pointed out a reduction in gas usage.

March started with a series of US bank collapses, which brought uncertainty to the financial markets, including cryptocurrencies. Some digital assets have been under high selling pressure, marking notable drops.

The newly announced startup will help developers launch Optimism-based applications.