In June, the market was still rocked by the depegging of the UST stablecoin and the collapse of the related Terra LUNA. While the initial price is still at an all-time high for Optimism, there have been some changes in the OP token price. It looks quite optimistic for this particular price, as the market almost immediately decided it was overvalued and fell to a low of $0.7973 before closing the day at $1.44. While we must remind you that past performance is by no means any indicator of future results, if we want to either interpret an Optimism price prediction, or else make one of our own, understanding what the token has done in the short time that it has been available to trade can help us with the context.Īccording to CoinMarketCap, when OP first enters the public market via its first airdrop on May 31, 2022, it was worth $4.57.
Now, let’s take a look at the Optimism price history. If you take a transaction from the blockchain, carry it out on the second layer (thus stopping it being slowed down on the blockchain by increased traffic) and then put it back onto the blockchain – that is basically how a Layer-2 scaling solution works. Imagine the blockchain as a first layer with a separate system running on top of this – your second layer. Since Optimism’s technology closely matches Ethereum’s, all Ethereum-based smart contracts can be deployed on Optimism to take advantage of the platform’s higher transaction speeds and cheaper gas fees.Īs the name suggests, Layer-2 scaling solutions use a second layer to help blockchains cope with higher traffic. Optimism’s backend technology stack is dubbed the Optimistic Virtual Machine (OVM), in reference to Ethereum Virtual Machine (EVM). OP helps fund third-party development proposals and integrations on the Optimism Layer-2 chain, via the Optimism Collective decentralised autonomous organisation ( DAO). It was first proposed in 2019, with its mainnet opening in 2021 and its native governance token Optimism (OP) released on. Optimism (OP) is an Ethereum Layer 2 (L2) solution focused on providing low-cost, easy-to-use scalability for Ethereum-based decentralised applications ( DApps), with aim of making things faster on the Ethereum blockchain. What Is Optimism? What Is Optimism Coin (OP)Used for? Before we go through that, let’s have a quick review of what Optimism crypto is. This article will unlock the most detailed Optimism crypto price prediction for 2022, 2025, 2030 and the years to come. Optimism is one of these layer 2 scaling solutions, which is much cheaper to use than Ethereum, and becomes increasingly popular along with other layer 2s.
In response to Ethereum’s scalability problem, Ethereum ecosystem has come up with a Layer-2 scaling solution with chains working on top of Ethereum mainnet, in addition to the upcoming Ethereum Merge – a move from proof-of-work ( PoW) to the quicker and more environmentally friendly proof-of-stake ( PoS) system. As more and more users join Ethereum, the network becomes more expensive and slower to use. ⬆️For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.Optimism crypto price prediction shows that Optimism coin could reach $2.18 in 2022, $3., and the token may hit $5 mark in 2030.Įthereum (ETH), the largest smart-contracts blockchain, has a scalability problem. However, the OP must maintain the $0.75 support level. Lower-time frame market structure has changed, now leaning bullish. If bulls are unable to overcome the $1.66 resistance level, the price will drop to the $0.75 support level. The bulls, meanwhile, are just holding the OP price above the $1.02 resistance level. The following days will be supported by this level. The OP coin has surpassed a significant resistance level at $1.02 price on the daily price chart.
#Optimism crypto series#
Users were informed by the team that the OP transfers made from the multisignature address were actually a series of scheduled transfers to the Coinbase Custody wallets. The L2 blockchain’s multisignature wallet recorded a strange action on the chain, which sparked the hack.Įarlier in June, a miscalculation between multisignature addresses cost Optimism 20 million OP tokens. Aave, Velodrome, and PoolTogether are the three protocols that now offer OP token rewards, and more are in the works.
Following a team statement that it had not been hacked for $450 million, the layer 2 system’s token dropped 10% on Wednesday before rising to its pre-crash level. On rumors and speculation of a major hack, the Optimism(OP) flash price drops by 10%. Despite bearish challenges, it has been further boosted by the overall evaluation of Layer 2s in 2022. The optimism protocol has expanded significantly during the previous few weeks.
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