Optimism PriceOP

What Is Optimism?

Ethereum's mainnet (layer 1) is layered with Optimism, a layer two chain. Optimism handles transactions, but data about them is collected on the mainnet for validation. A highway offers the safety of a side street but has the less crowded feel of a side road.

According to Defi Llama, it has smart contracts with a total value of $313 million, making it the second-largest Ethereum layer 2. The first place goes to Arbitrum with $1.32 billion.
 

A derivative liquidity protocol called Synthetix ranks first among the Optimism protocols, with a total value locked (TVL) of $125 million. The chain'schain's second most commonly used protocol is Unswap, a decentralized exchange (DEX). On Optimism, 35 protocols have smart contracts containing at least $1,000 as of this writing.

WHO ARE THE FOUNDERS OF OPTIMISM?

Kevin Ho, Karl Floersch, and Jinglan Wang co-founded Optimism in 2019. Data from Crunchbase indicates that the company raised $178.5 million so far in 2022.

KEY ATTRIBUTES OF OPTIMISM (OP)

The Optimism blockchain network supports all Ethereum decentralized apps, which is one of its key attributes. Increasing speeds and decreasing transaction costs are achieved by running all computations off-chain. The Ethereum blockchain, however, records all transaction details.
 

Scalability can be achieved without sacrificing security with Optimism, one of the best attempts at scaling Ethereum. On Optimism's infrastructure, transaction speeds have soared while costs have been reduced to a fraction compared with Ethereum's mainnet.

How does Optimism work?

Rollups, specifically optimistic rollups, are used by Optimism.

As the name implies, rolls combine (or bundle) hundreds of transactions, such as non-fungible token (NFT) mints and token swaps. On the Ethereum mainnet (layer 1), these transactions are combined into a single transaction. A blockchain transaction, or ""gas,"" fee, can be calculated by combining so many transactions into one transaction, conveniently distributing the charge across everyone involved.

Optimistic rollups are referred to as such because they assume valid transactions until proven invalid. The transaction computations concerning available state data can be challenged during a time window when fraud proofs can be submitted. Fraud-proof calculations are reimbursed by Optimism. This process is described in more detail here.

What's so special about Optimism?

The issue of state bloat in Ethereum can be addressed by Optimism as one of several potential solutions. There is a lot of capacity on the Ethereum network, and until upgrades to the main blockchain save the day, scaling solutions like Optimism ensure that Ethereum'sEthereum's decentralized finance industry will be able to grow and stay helpful to those who cannot afford it. 

A scaling solution that uses optimistic rollups is the protocol. Ethereum users can also save on fees by using Arbitrum and Boba Network. Immutable X, Loopring, and ZKSync also operate zero-knowledge rollups.
 

In the same way that Arbitrum lacks a native cryptocurrency to pay for gas fees, Optimism lacks a native cryptocurrency as well. In the same way as Arbitrum, it uses ETH. The Decentralization of Optimum is still in beta, as with Arbitrum.

How Is Optimism Funded and Monetized?

Community contributions are at the heart of the Ethereum ecosystem. There is no free labor involved in the development process. As the Ethereum Foundation does, the Optimism Collective coordinates developers.
 

A handful of venture capital firms, including Andreessen Horowitz and IDEO Colab, provide funding for Optimism. A total of $178.5 million has been raised by Optimism thus far. With an inflation rate of 2% annually, optimism tokens, or OP, are not limited in supply. 

The circulating supply of OP is 234.7 million. Optimism Collective, the public, and investors will have access over the next four years.

To introduce the OP token to the public, the Collective airdropped it on May 31. The Optimism network was jammed by the high demand for the token. 

In the coming months, Optimism will conduct even more airdrops, which will be announced on its social media channels. 

 

Is Optimism a Good Investment?

This is one of the newest Layer 2 solutions for Ethereum, optimistic. As Ethereum's blockchain continues to develop, it could play a critical role. As the world's most popular blockchain, Optimism has had scalability problems, which inhibited its growth.

Optimism allows users to reduce transaction costs and speed up transactions by utilizing innovative roll-up technology. The Virtual Optimism Machine (OVM) offers developers an alternative to other rollup technologies and sidechains for deploying their apps. OVM allows developers to deploy smart contracts with only a few tweaks to their code.

The philosophy behind Ethereum is as unique as its technology: its mission is to support Ethereum's values by producing infrastructure that promotes the growth and sustainability of public goods. In addition to this, the initiative has a well-known investor, a large following, and an extensive road map.


 

Optimism (OP) Token Metrics

Where is the Optimism (OP) coin available?

Optimism (OP)  is available on a variety of cryptocurrency exchanges. The list of quick, secure, and easy exchanges is listed below.

• Binance
• KuCoin
• Coinbase
• Uniswap
   

You can check the whole list of exchanges here to buy  Optimism (OP)