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Optimism (OP) Surges 17% As Coinbase Launches L2 On OP Stack
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Optimism (OP) Surges 17% As Coinbase Launches L2 On OP Stack

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Chainlink Performance Crucial For Altcoin Market

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Earlier today, digital asset exchange Coinbase announced the launch of its Ethereum L2 (Layer 2) network called ‘Base’ on the Optimism OP stack. This latest news has sent the Optimism network native token OP up nearly 18% in the last 24 hours. 

Base is Coinbase’s latest launch, a layer 2 blockchain designed to be a low-cost, secure, and developer-friendly blockchain that will serve as a bridge to bring users into the crypto economy, according to Coinbase. 

Optimism (OP) Surges Nearly 18% In 24 Hours

The latest announcement from Coinbase has increased hope among the OP community, which has been reflected in the market. Over the past 24 hours, the token has surged by 17.8%, pushing its price from a closing price of $2.3 as of yesterday to trading above $2.9 at the time of writing. 

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OP’s trading volume has also spiked significantly from $458 million as of February 22 to as high as $754 million in the last 24 hours. Over the past seven days, it has added more than $150 million to its market cap, pushing the token to rank #75 in the largest crypto by market cap on Coinmarketcap. 

Optimism (OP) price chart on TradingView
Optimism (OP) price is moving sideways on the 4-hour chart. Source: OP/USD on TradingView.com

Looking at the chart, OP seems to be gearing up for another rally. The chart shows a double bottom which signifies an upcoming uptrend, the first at $2.1 and the second at $2.4. Should OP continue its bullish trend, the token could go as high as $3.2 within a short period. 

Meanwhile, OP has rallied by over 2x since the beginning of the year, after moving from its trading price below $1 late last year to recording a new all-time high of $3.19 earlier this month. Optimism is a layer-two blockchain on top of Ethereum that leverages optimistic rollups.

The network’s OP stack is an open-source modular approach for building blockchains and enabling the combination of proprietary elements of various chains to create customized solutions for Ethereum.

Coinbase Layer Two Network To Launch On OP Stack 

Announced February 23, Base is Coinbase’s very own layer-2 network aimed at onboarding more than a billion users into the crypto economy with a “secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps (dApps),” according to the Coinbase announcement. 

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Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue

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The network is built for many reasons to enable interoperability among chains. It offers access to other L1 blockchains, such as Solana. The blockchain is said to kick off as a highly centralized network but will become decentralized over time. 

According to Coinbase, its decentralization plan includes working closely with OP Labs and the Optimism Collective to revamp the Optimism ecosystem. This plan targets more decentralization by creating a “Superchain” connecting networks built on the OP Stack.

Featured image from istock, Chart from TradingView.
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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