A new altcoin designed to reward participants for their contributions to the Ethereum network has made some pretty impressive gains following a listing by the largest US-based crypto exchange.
In an announcement made by Coinbase, the exchange platform will be released if the appropriate liquidity conditions are met. of Optimism (OP) It has announced that it will begin trading on Coinbase Pro, paired with Tether (USDT).
Optimism (OP) is now on Coinbase.
You can trade, send, receive, or store Optimism today on Coinbase. https://t.co/9KUBsEpnPR
What is OP? 👇🧵 pic.twitter.com/vrTwBHJdup
— Coinbase Assets (@CoinbaseAssets) June 1, 2022
According to a statement by the exchange, because it has higher volatility and lower trading volume compared to other assets, Coinbase uses Optimism where the company applies Optimism to “assets that are new to the platform or have relatively low trading volume compared to the broader crypto market.” “Experimental Label” Added to the platform with the (experimental asset) tag.
What is optimism?
Optimism (OP) is a layer-2 protocol and smart contract platform that aims to make Ethereum (ETH) transactions low cost and almost instantaneous. The native token of the platform, OP, is used for management and allocation of network resources.
Launched on May 31, the OP was priced at $0.79 just before the announcement by Coinbase, according to historical data from CoinMarketCap. The cryptocurrency, which took flight after the news of the listing, quickly increased its value by 143 percent to $ 1.92.
Giving up some of these impressive gains, the new altcoin is trading at $1.13 at the time of writing, down 35 percent in the last 24 hours.
The project has also been added to Coinbase Custody
In yet another recent post, Coinbase said they have added Optimism to their list of more than 200 assets that are part of the Coinbase Custody cold storage trust.
What is Coinbase Custody?
Coinbase Custody, It is a custodian service for institutional investors with large funds. It is designed to provide financial controls for institutions and companies that want to trade with digital currencies such as Bitcoin and Ethereum. It is leased in New York State and is designed to provide customers with a highly secure way to store large amounts of cryptocurrencies.
Coinbase Custody allows customers to both securely and actively participate in crypto networks by balancing the protection of private keys with easy online customer access to customers. Custody services include depositing and withdrawing supported crypto assets to a custodian account, as well as staking services.
Rival crypto exchange Binance said it initially planned to open the OP for trading on June 1, paired with Bitcoin (BTC), Binance USD (BUSD), and Tether (USDT), but later said it was “delayed by the network’s high on-chain transaction volume.” He said he postponed these plans because of
Optimism was on the decline after the airdrop
The new OP token from Ethereum scaling project Optimism has slumped over 70 percent in the same day after it was released via a community airdrop on Tuesday.
According to data from CoinMarketCap, the price of the token has dropped from $4.50 to $1.20 as many airdrop buyers immediately sell their newly requested tokens.
The highly anticipated airdrop was met with significant disappointment in the Optimism community, as panicked users complained that some claimants were able to collect their tokens before the official airdrop launch.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.