Optimism

Optimism (OP) is a Layer 2 scaling solution for Ethereum. It has its own native and utility token, the OP token that facilitates all in-chain transactions in the Optimism platform. Similar to other layer 2 solutions, Optimism was created with the goal of making transactions faster and cheaper on the Ethereum network without compromising security. To achieve this goal, the platform leverages Optimistic Rollups, a technology that processes transactions off-chain, reduces congestion, and lowers costs on the Ethereum mainnet. 

Optimism (OP) was founded by Kevin Ho, Karl Floersch, and Jinglan Wang in 2019. The trio previously worked as developers for Ethereum.

• Optimistic Rollups: Optimism uses a technology called Optimism Rollups to facilitate faster and cheaper transactions increasing Ethereum’s scalability.

• OP token: OP is the native utility token of the OP ecosystem that is used as a medium of exchange for governance and operations. OP token holders can also vote on key decisions, proposals, and protocol upgrades.

• Incentives: The platform rewards individual and team actors who contribute to the overall network maintenance and growth such as developers, liquidity providers, and active network participants.

• Dual governance structure: Optimism follows a dual governance model, namely the Token House and the Citizen House. Token House represents OP token holders, who also contribute to governance, whereas Citizen House focuses on funding public goods and ecosystem-benefiting projects.

OP is the native token of the Optimism blockchain, a layer 2 solution provider for Ethereum. For all its versatility, Ethereum is plagued by issues like scalability and high gas fees, so a layer-2-like Optimism aims to resolve this problem. In doing so, Optimism has established itself as one of Ethereum’s prominent scaling solution providers, with its native token OP ranking among top cryptos. As of August 2024, the OP token is the top #47 crypto as per CoinMarketCap’s ranking by market cap. OP has a ranking of top #37 in terms of trading volume, highlighting investor interest in the token. As per analyst prediction, OP is poised to reach around $30 by 2030.

To invest in OP, download the CoinSwitch app.

• OP can be used as a medium of exchange with vendors that accept the OP token. 

• It can be bought, sold, or held like any other cryptos. 

• OP token holders can participate in major decisions concerning the platform. 

• OP token holders or users in the Optimism platform can leverage the reduced transaction fees.

• Token holders can stake their OP tokens to earn passive income while contributing to the network maintenance.

• Optimism improves Ethereum’s scalability, making the blockchain faster and cheaper.

• The ecosystem identifies and incentivizes network participants and contributors, promoting active contribution and growth.

• The platform offers interoperability and is compatible with existing Ethereum applications.

• Like any other digital currency, the volatility in the crypto market may impact OP price.

• Optimism, which was created to address Ethereum’s limitations, is closely tied to Ethereum.

• Concepts like its dual governance structure may be difficult to understand for people new to the crypto space.

• To trade in Optimism (OP), download the CoinSwitch app. 

• You can start with funds as low as ₹100.

• CoinSwitch offers an ideal environment for crypto trading with its secure and friendly environment.

Optimism (OP) was launched in 2021, however, the company behind the top crypto was founded in 2019. Optimism secured $178.5 million in investments over three rounds. The non-profit Optimism Foundation was established to manage these funds and promote ecosystem development.