Optimism comes in second on this week’s biggest gainers chart. The token jumped 11,883 spots to break into the top 100 on the overall voting chart by ranking 80th. This article will review Optimism (OP) to understand better why the voters rallied behind the token’s project.
What is Optimism (OP)?
Optimism (OP) is a layer two protocol and smart contract platform that seeks to make Ethereum transactions low-cost and near-instantaneous. The Token House, which will be a part of the Optimism Collective alongside the Citizens’ House, will be powered by the OP cryptocurrency. The Collective governs network parameters, treasury disbursements, and protocol improvements. Optimism’s open mainnet was introduced in December 2021, and OP was initially revealed in June 2019.
Founders of Optimism
The Optimism Foundation, a nonprofit organization dedicated to promoting the Optimism ecosystem, is in charge of Optimism. Optimism, like Ethereum, aspires to be a decentralized public benefit with no business motive. Donations and grants entirely fund Optimism, and it promises to build infrastructure that supports public goods’ growth and long-term sustainability.
OP token: Key figures
The OP token was initially issued to Optimism users through an airdrop on 31 May 2022. As of 11 June 2022, the OP coin is worth $0.7923. The initial OP token supply at inception was a little under 4.3 billion, with a 2% annual inflation rate. With a circulating supply of about 214,748,364 OP, the market capitalization is worth $175,944,365.16. (data from CoinMarketCap)
Where can Optimism be traded?
Optimism (OP) can be traded on exchanges like Huobi Global, Binance, and Coinbase Exchange. With OP/USDT being the most popular trading pair
What Makes Optimism distinctive?
The Optimism platform has some notable points, which include:
- Transaction Experience: Gas fees are lowered by 90 times with low latency compared to Ethereum’s current gas fees.
- Scalability: Decentralized applications (DApps) on the Ethereum chain can be transferred to Optimism with only a few modifications, thanks to the Optimistic Virtual Machine (OVM).
- Security: Optimism takes advantage of the Ethereum main net’s security and uses optimistic rollups to help scale the Ethereum ecosystem. This means that transactions are recorded in a trustless manner on Optimism but are ultimately safeguarded on Ethereum.
Note: This material’s content is offered solely for informational reasons; it should not be taken as legal, investment, or financial advice. Before investing, kindly conduct your research.
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