Since the Ethereum expansion plan Optimism announced the issuance of the token OP and the announcement of the token economics at the end of April, the market’s attention to OP has continued to be hot. With the launch of OP and the launch of multiple centralized exchanges on May 31, the market heat has risen again.
OP is online
On May 31st, according to multiple announcements from third parties, the governance token OP launched by Optimism will be listed on multiple centralized exchanges.
According to official news, OKX will open the deposit of Optimism token OP at 20:00 (HKT) on May 31, and will open the withdrawal at 18:00 (HKT) on June 2. In this case, the transaction is launched as soon as possible, and users can transfer funds between Ouyi and the Optimism network. In addition, OKX will launch OP/USDT margin trading, OP/USDT perpetual contract and Yubibao at 12:00 (HKT) on June 1.
In addition, the Coinbase announcement states that only adding Optimism (OP) to the Optimism network is supported, reminding users not to send this asset through Ethereum or other networks, otherwise funds may be permanently lost. According to the latest announcement update, transactions may take longer than usual due to congestion on the Optimism network.
At the same time, the Binance announcement pointed out that it only supports the deposit of OP on the Optimism network, and users cannot deposit OP Token on any other network.
In addition, Quixotic, the Layer2 NFT trading market, also supports Optimism token OP for trading.
At the same time, Optimism’s official Twitter announced that the OP governance token airdrop has been officially opened for claim. Optimism said that before the airdrop was officially opened, some users had already received OP tokens by directly interacting with smart contracts. Due to delays on the Optimism blockchain mainnet and remote procedure calls (RPCs) due to high load, Optimism temporarily limited archive node functionality until the load subsided.
With the launch of OP, L2BEAT data shows that as of June 1, the total lock-up volume on Ethereum Layer 2 was $4.65 billion. Among them, the largest amount of locked positions is Arbitrum, the expansion plan, which is about 2.49 billion US dollars, accounting for 53.52%. Followed by dYdX, the lock-up volume was 962 million US dollars, accounting for 20.67%. Optimism occupies the third place, with a lock-up volume of US$541 million, accounting for 11.62%, and an increase of 8.08% in 7 days.
In terms of market conditions, OKX data shows that the current OP price is $1.88, ranking 23 in popularity and 75 in market value. The price once rose by more than 350%.
L2 attracts capital attention
It is reported that Optimism is one of the Ethereum Layer 2 scaling solutions. It aims to build an Ethereum network and Optimistic virtual machine based on Optimistic Rollup technology to expand Ethereum, reduce transaction fees on Ethereum applications, and improve transaction efficiency and security.
The public chain exists in the blockchain world like an operating system platform. Ethereum stands out among many public chains with its smart contracts, innovation and security, and has built a variety of applications on it. (DApps). However, during the development of Ethereum, there have also been problems of network congestion and high gas fees.
In order to achieve more efficient network operation, some people have proposed an idea to separate most of the computing work from the Ethereum main chain, reduce the burden on the main chain network, improve business processing efficiency, and thus achieve capacity expansion. The public chains such as Bitcoin and Ethereum are collectively referred to as the Layer1 network, and the network that shares the computing work is called the Layer2 network. So far, the concept of Layer2 was born. Simply put, the role of Layer 2 is to solve the problems of Ethereum network congestion and high gas fees.
At present, Layer2 has several solutions, mainly including six solutions: state channel, side chain, Plasma, Optimistic Rollup, Validium, and zkRollup.
Optimism is a low-cost and lightning-fast Ethereum L2 blockchain. Official Commitment: Upholding Ethereum’s values by producing infrastructure that promotes the growth and sustainability of public goods. And pointed out that Optimism is not only writing software that extends Ethereum technology, but also extending Ethereum value by creating tracks for high-impact projects without successful business models.
With the attention caused by Optimism’s launch of OP, the L2 track once again sparked market discussions. Ou Yi pointed out to Golden Finance that the Layer 2 track is the key layout sector of OKX Ventures capital. Optimism, which launched the OP token this time, is to build a Layer2 network of instant transactions and scalable smart contracts on Ethereum, and to create OVM in Optimism, which is designed to be used in conjunction with Ethereum Layer1, which not only retains the Ethereum mainnet level Security also greatly reduces gas fees. The investment institutions are also Paradigm and A16z, the top investment institutions in the crypto industry.
The popularity of Layer 2 is in the ascendant. It is worth mentioning that the data of the public report in April also showed that the revenue of Ethereum increased by 46% year-on-year to $2.4 billion, and the locked value of Layer 2 increased by 964% year-on-year to $7.3 billion.