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Home»ADOPTION NEWS»Why Optimism’s OP Token Is Soaring With Coinbase And Native Support – The Defi Info
ADOPTION NEWS

Why Optimism’s OP Token Is Soaring With Coinbase And Native Support – The Defi Info

By Crypto FlexsMarch 2, 20243 Mins Read
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Why Optimism’s OP Token Is Soaring With Coinbase And Native Support – The Defi Info
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Partner and professor Adam Cochran is bullish on OP, the native token of Optimism, Ethereum’s layer 2 scaling solution.

If you choose X, Cochran says Is convinced The OP is undervalued, pointing out the importance of Coinbase and the brand it has built over the years as a cryptocurrency exchange and investor in several products. In 2023, Coinbase supported the development of Base, a layer 2 scaling solution for Ethereum that uses the Optimism infrastructure for optimistic rollups.

OP will grow explosively because of CoinBase and Base.

With this valuation, investors highlight Coinbase’s broad user base and ability to potentially drive retail adoption for Base. And, as previously mentioned, because Base uses Optimism, the expected surge in adoption will result in a significant improvement in operating margins over current spot levels.

Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in transactions every day, will be critical to Optimism’s success. This is especially relevant when looking at OP prices at the time of writing.

Operating profit price daily rise | Source: OPUSDT on Binance, TradingView

Currently, operating profit is stable, but has risen 220% compared to the low point in October. The token is trending higher, benefiting from the broader cryptocurrency rally. Nonetheless, OP is trending upward but has not recovered its 2023 high of around $4.2.

To drive home the point, Cochran compares how the number of active users on the BNB chain has skyrocketed. During the last bull market, the chain had a vibrant decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The popularity and soft landing of BNB Chain is due to the fact that the smart contract platform is linked to Binance, the world’s largest cryptocurrency exchange.

The partners further claim that Solana’s success leads to the success of the now-defunct FTX. At its peak, FTX invested billions of dollars in Solana development. We have also been actively involved in raising funds for some of Solana’s active protocols.

Large collection of support events

Currently, Coinbase is streamlining its operations and recently discontinued support for Bitcoin, Litecoin, and other UTXO tokens through Coinbase Commerce. their Concentrate upon It’s on an Ethereum-compatible token, which could provide a hint that Coinbase Commerce may soon be integrated into Base.

At the protocol level, Ethereum plans to implement upgrades to make transactions on layer 2 platforms more affordable. The Dencun upgrade is scheduled for March and will see Ethereum improve as part of its long-term expansion roadmap.

Optimism TVL |  Source: L2Beat
Optimism TVL | Source: L2Beat

March 1 L2Beat data show Optimism’s total TVL (value locked) is $7.8 billion, about half that of Arbitrum. Meanwhile, Base is climbing the ranks with a TVL of around $1 billion.

Featured image from Shutterstock, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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