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Optimism (OP): Project Review, Recent Developments, Future Events, Community

  • Layer 2 Ethereum scaling solution, Optimism, has seen a lot of positive sentiment following its announced launch of Drippie.
  • Drippie is a trust-minimized Ethereum-native conditional transaction system that will increase the efficiency of transactions on the network.
  • Curve Finance submitted a grant proposal to increase the liquidity and utility of the Optimism network. 
  • The positive sentiments have caused a significant boost in the price of Optimism (OP), gaining more than 85% in the last week.

Project Review

Optimism is one of the leading Layer-2 scaling solutions for the Ethereum network. Optimism implements advanced data compression techniques called Optimistic rollups, to speed up and cut the costs of Ethereum transactions. 

Optimism aims for the minimum number of moving parts while building a layer-two solution for Ethereum. By keeping the codes as simple as possible, Optimism improves the efficiency and speed of the Ethereum transactions.

Optimism is led by the Optimism Foundation and is governed by its eponymous token, or OP for short. OP tokens are used to vote on governance proposals on the network.

Social Media: Website | Twitter | Twitch | Discord | Github | Blog

Recent Developments and Future Events

Optimism recently published the launch of Drippie, a trust-minimized Ethereum-native conditional transaction system that allows users to execute transactions under certain conditions.

Drippie is a programmable Web2 service that can combine different triggers with actions. According to Optimism, Drippie aims to address automation problems with on-chain activity, increasing the performance of the Optimism blockchain.

In a July 24 update, Curve Finance submitted a grant proposal to increase the liquidity of the Optimism network with the aim of consequently affecting the network’s native Optimism (OP) token.

The proposal will see one million OP tokens worth roughly $1.56 million at current prices distributed over 20 weeks on the Curve pool. The OP tokens will act as incentives to liquidity providers (LPs).

The incentives are expected to increase the utility of the Optimism network and attract more LPs to the Optimism network. This could continue to increase the utility of the Optimism network and improve the price of OP.

DeFiLlama’s data shows that Optimism’s total value locked (TVL) has been on the rise. Over the last 24 hours, the TVL in Optimism has grown by 13.6% and now stands at $568.8 million.

The surge in Optimism’s TVL is due to an increase in the use of Velodrome, a decentralized exchange deployed on the Optimism blockchain. One of the key features of Velodrome is that it incentivizes trading fees rather than simply providing liquidity.

Price Updates

The barrage of positive development has caused the price of Optimism (OP) to move upwards alongside an ascending support line since July 13. 

Optimism has gained 85% in the last 7 days, growing from as slow as $0.75 to trade as high as $1.72.

The 7D price chart of Optimism (OP). Source: CoinMarketCap

In the last 24 hours, the price of OP has gained more than 30%, making it the best-performing crypto.

The 24-hour price chart of Optimism (OP). Source: CoinMarketCap

The rally has seen Optimism break into the top 100 cryptos as its market cap has spiked above $341 million.

On the Flipside

  • The proposal is still being voted on by the members of the Optimism community.
  • Whether it is accepted or not, OP still holds a position on the list of badly-performing tokens, dropping by 65% since its May 31 ATH.

Community

Optimism is a community-governed project trying to include its community members in the development of the project as much as possible.

The Optimism team recently concluded its first-ever Optimistic Meme Competition, which garnered over 450 total submissions. The winner, a tweet from @Freddmannen posted;

Optimism community members remain bullish about Optimism’s future (OP). One user, @Smartecio, wrote on Twitter:

With the growth of the Optimism TVL, @ex0t1c_markets put up a vote asking the community to predict what the trend will be.

Why You Should Care

Optimism already stands as one of the most used layer-2 Ethereum scaling solutions. The utility of Optimism could grow even further if Curve Finance’s proposal passes along with the launch of Drippie. The price of Optimism’s governance token (OP) is expected to grow even further with the increasing utility of the protocol.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.