Optimism Activates Fault-Proofs On Mainnet, OP Is Down 55% In 3 Months

In a major milestone for Ethereum and layer-2s, Optimism, a layer-2 scaling platform for the second most valuable network, has announced the activation of open source and permissionless fault proofs. Even though the platform manages over $7 billion of assets, according to L2Beat, Optimism, like most optimistic rollups, lacked a way of trustlessly verifying transactions. It relied on a centralized sequencer and fraud-proof system for this function. Optimism Activates Trustless Fraud-Proof System Activating the open-source fault-proof system is crucial to creating a more decentralized and secure future for the Optimism ecosystem. Overall, fault proofs are a critical component, allowing users to verify the validity of all offchain transactions. Related Reading: Ex-Ripple Director Explains XRP Price Slide Amid Good News Most importantly, it allows users to challenge any fraudulent activity on Optimism, creating a safeguard against unauthorized withdrawals, for example, and much more.   In a post, Optimism Labs said the layer-2 platform relied on a centralized system. Here, the Optimism Security Council held the power to initiate withdrawals. However, the platform eliminates this dependency with trustless fault proof in place. This means that any user can withdraw tokens without the council intervening. The power move is huge for the community and decentralization. Even so, to ensure the safe implementation of this fault-proof system, the Optimism Security Council will still have the power, at least temporarily, to intervene in cases of critical failures. This decision means Optimism will continue to operate securely as it decentralizes gradually.   Eventually, the platform plans to release a “multi-proof nirvana” that is open-source and modular, possibly including zero-knowledge proofs. This will go beyond the current “Cannon” system. Buterin Acknowledgement, But Why Is OP Crashing? Vitalik Buterin, the co-founder of Ethereum, acknowledged this milestone, welcoming Optimism to the “club of stage 1+ L2s.” Nonetheless, the co-founder still needed more zero-knowledge proof-based layer-2 platforms to join the ranks.   Optimism is the second layer-2 platform after Arbitrum to announce the release of fault-proof systems, though both are still being tested. Dubbed the Bounded Liquidity Delay (BOLD), Arbitrum’s fraud-proof system was launched on Testnet early last month. Despite this milestone, OP is firm but under pressure in the first half of June. Related Reading: Shiba Inu Loses 14% In Last 7 Days Will The Misery Worsen? At spot rates, OP is down roughly 55% from March highs. With Ethereum and Bitcoin prices under pressure, the token could break May lows of $1.8 with eyes on $1.1. Feature image on Canva, chart from TradingView

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Market Downturn? Not For Optimism: A16zs Major OP Purchase Sends Price Skyrocketing By 9%

In a month marked by a challenging correction in the crypto market, Layer 2 (L2) blockchain protocol Optimism has emerged as a standout performer. Within the past 24 hours, Optimisms native OP token skyrocketed by 9%, positioning it as the best-performing token among the top 100 cryptocurrencies.  Behind this surge lies venture capital firm a16z, [...]

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Optimism Network Activity Metrics Approach Record Levels, Propelling OP 9% Higher

Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics in the first quarter (Q1) 2024, with its native OP token surging 9% on the back of this bullish momentum. Optimism Sees Higher Activity And Rising Transaction Fees According to a recent Messari report, Optimisms circulating market cap increased 11% quarter-over-quarter (QoQ) [...]

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Optimism Soars By 17% Despite Recent Security Revelations

Optimism (OP) has grabbed investors’ attention in the last day following an intriguing positive price performance. Interestingly, OPs market gain has occurred following a recent disclosure of certain security flaws associated with the popular layer-2 platform. Related Reading: XRP Price Prediction: Analyst Says Prepare For 700% Jump To $4, Heres When OP Bounces Back Amidst Optimism Security Concerns On April 26, Offchain Labs, the initial developers of the prominent Ethereum L2 solution Arbitrum, highlighted certain security flaws found in the Optimism Stack fault-proof system. Via a blog post, the team at Offchain disclosed that they discovered two major systemic vulnerabilities in the newly released security program currently running on the Optimism testnet. In communication with OP Labs, they stated that these security flaws could enable a bad actor to bypass the existing security measures of the Optimism network by enforcing the acceptance of a malicious claim or the rejection of a right claim. By exploiting these flaws, OffChain Labs stated these hackers could initiate a network dispute that is irresolvable. The nature of these vulnerabilities is said to originate from the timers in the OP stack fault-proof system. If this program were introduced on the Optimism mainnet with such defects, users’ funds would be exposed to a very high level of risk.  However, these vulnerabilities were revealed to OP Labs about a month ago, which has now updated the Optimism testnet to address these security flaws. Interestingly, following these revelations, OPs price took a nosedive, falling by almost 5% to trade at $2.274 on April 27. However, in the last day, Investors expressed solid confidence in Optimisms security and future sustainability. According to data from CoinMarketCap, OP has gained by 17.16% in the past 24 hours attaining a market price of $2.69. In tandem, the tokens daily trading volume is up by 110.64% and is valued at $402.77 million. Related Reading: Bitcoin Drops Below 4-Hour MA Bearish Trend Ahead? Hold Your Altcoins, Analyst Says Why In the week following the Bitcoin Halving event, popular crypto analyst Michaël van De Poppe has advised users to invest heavily in altcoins. Via an X post on April 27, van De Poppe stated that the catalyzing effect of the Halving and the introduction of spot ETFs on Bitcoin are likely over, with momentum now shifting to the altcoin market. In comparison to BTC, the crypto analyst notes that most altcoins are undervalued and set for massive gains in the current bull cycle. Furthermore, van de Poppe predicted that the upcoming crypto bull run could last longer than the previous cycle, based on the current extended bear market. Particularly, van de Poppe identified Optimism (OP) as a promising altcoin with the potential to achieve three times the market growth compared to Bitcoin in this bullish cycle. Additionally, the analyst highlighted other tokens, including Chainlink (LINK), Woo (WOO), Celestia (TIA), and Skale (SKL), as potentially profitable investments. OP trading at $2.693 on the daily chart | Source: OPUSDT chart on Tradingview.com Featured image from Moneycontrol, chart from Tradingview

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Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

Optimism (OP) has been one of the hardest-hit cryptocurrencies over the last week as bearish sentiment around the coin rose rapidly. The reason for this was a massive amount of OP tokens that were unlocked this week, leading to significant buy pressure on the digital asset. However, the bearish trend does not seem to have ended yet given that the altcoin could see more buying pressure. $600 Million Token Unlock Sends Optimism Spiralling On Tuesday, Optimism saw one of its largest token unlocks when over 300 million were released into circulation. These tokens accounted for around 9% of the total OP supply, which was a significant amount to move into the market, especially during a bear market. Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close The coins totaling 386 million OP at the time were worth approximately $600 million. This meant that there was now $600 million worth of new potential selling pressure for the token and the altcoin began to respond before the unlock was live. In the hours leading up to the massive unlock, OP’s price first dropped around 7%. But then the unlock triggered further sell pressure and by the time the sellers were done for the day, the digital asset had already lost more than 20% of the value it began the day with. OP falls to five-month low | Source: OPUSD on TradingView.com More Pain To Come For OP Holders? While it does seem that OP sellers are starting to tire out, the bearish case for the altcoin continues. This is because the $600 million unlock was only the first unlock for core contributors and investors, meaning VCs and others. Data from Token Unlocks shows that Optimism has another token unlock coming up at the end of June for a total of 24.15 million tokens. This means that a month from now, another $34.5 million worth of tokens will be unlocked. This 0.562% of supply may be smaller than the 9% unlock that took place in May but it will put selling pressure on the token nonetheless. $34.5 million in OP set to be unlocked on June 30 | Source: Token Unlocks At the time of writing, the coin is down 10% on the daily chart and 33% on the monthly chart. OP’s price has now fallen to $1.37, a price level that has not been seen since January. This is a 50% decline from its 2023 highs. Related Reading: Here Are The Top 3 Chinese Coins To Buy As China Leads The Bull Run If the bulls fail to recover OP’s price this week, then it could fall below the $1.3 support. A fall below this level would be detrimental to holders as the next likely support for the digital asset would sit at $1.2, prompting a further 10% drop. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Coin Culture, chart from TradingView.com

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Optimism Price Prediction for Today, March 7 OP Technical Analysis

The Optimism price prediction shows that OP is gaining more strength as the coin crosses above the moving averages. Optimism (OP) Achieves Record High, Soars [...]

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Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base

Adam Cochran, a partner and professor, is bullish about OP, the native token of Optimism, the layer-2 scaling solution for Ethereum.  Taking to X, Cochran is convinced OP is undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange and investor in multiple products. In 2023, Coinbase backed the development of Base, a layer-2 scaling solution for Ethereum that uses Optimism infrastructure for its optimistic roll-up.  OP Will Rocket Because Of CoinBase And Base In coming up with this assessment, the investor highlights Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, as aforementioned, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels.  Related Reading: Bitcoin OTC Desks Dried Up To 40 BTC: What This Means Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in daily trading, will be crucial to Optimism’s success. This is particularly relevant when looking at OP prices when writing. When writing, OP is stable but up 220% from October lows. The token has been trending higher, benefiting from the broader crypto rally. Even so, though in an uptrend, OP has not reclaimed 2023 highs of around $4.2. To drive the point home, Cochran compares how the BNB Chain blew up in the number of active users. In the last bull run, the chain had an active decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The BNB Chain’s popularity and soft landing is because the smart contracts platform is associated with Binance, the world’s largest cryptocurrency exchange.  Further to the point, the success of Solana, the partner argues, lends its success to the now-defunct FTX. At its peak, FTX injected billions to fund the development of Solana. It was also actively involved in financing some of Solana’s active protocols.  The Great Convergence Of Supportive Events Presently, Coinbase is streamlining its operations, recently stopping support for Bitcoin, Litecoin, and other UTXO tokens via Coinbase Commerce. Their focus is on Ethereum-compatible tokens, which could provide hints that Coinbase Commerce might soon be integrated into Base. Related Reading: Fetch.AI (FET) Surges 21%: Why This Rally Is Just Getting Started From the protocol level, Ethereum plans to implement upgrades to make transacting on layer-2 platforms even cheaper. The Dencun Upgrade is scheduled for March and will see Ethereum enhance as part of its long-term scaling roadmap. L2Beat data on March 1 shows that Optimism has a total value locked (TVL) of $7.8 billion, roughly half that of Arbitrum. Meanwhile, Base has been rising up the rankings, commanding a TVL of approximately $1 billion. Feature image from Shutterstock, chart from TradingView

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Optimism Bedrock Upgrade Sends Network Transactions Soaring By 67%

Optimism (OP) is a layer 2 scaling solution that operates on top of the Ethereum mainnet, providing faster and cheaper transactions for Ethereum users. It was launched in 2020 and has quickly become one of the most popular scaling solutions for the Ethereum network. On June 6, Optimism released its much-anticipated Bedrock upgrade, which promised [...]

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Optimism Price Blasts 24% To New All-Time Highs At $2.50 – How High Can OP Go?

Optimism price was largely unbothered by a widespread retracement in the crypto market mid-through the week’s trading. Bitcoin price retraced from highs around $23k, testing [...]

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Optimism Price Bloats 25% – OP Seen Ballooning In Coming Days

Optimism price registered a spike of 25% after its opening at $1.9890. The OP/USD pair currently trades at $1.9510, with a high of $2.2150 and a low of $1.9390.  The current price movement of Optimism is going with the flow as far as the Ethereum layer-2 protocol is concerned. It makes use of rollups that enable quicker and low-cost Ethereum transactions. OP Labs of Optimism protocol has announced this week that the planned update will happen this quarter 4 of 2022. And when that happens, this will be a game-changer. Early Friday, OP has spiked by 11.43% and the sentiments show that it will escalate further. But, the coin was not able to keep up and dropped by 1.59% overnight. As the demand for Optimism increases, the coin’s bullish recovery also continues. The value of OP has risen to $2.2 which is the highest it has been since June 1, 2022. At present, the coin is now valued at $500 million as it increased by more than 421% from its all-time low. Related Reading: Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The Flatline? What Is Optimism? Optimism has a very ambitious goal as it seeks to solve a lot of Ethereum’s issues. It aims to speed up and also lower the costs of Ethereum transactions by enabling optimistic rollup. In the development of layer-two solutions geared for Ethereum, the network is looking to keep it minimal. Optimism wants to dispel the complexity and speed up Ethereum transactions. The Optimism Foundation is on top of the project and governs the OP token that is used for voting on governance proposals. On July 25, OP Labs launched Drippie that is native to Ethereum that aims to solve many pain points when it comes to blockchain automations. Chart: TradingView.com Optimism Sees Spike In Investor Interest Optimism price is on a surge due to the increase in investor interest and positive sentiment around the network’s recovery. More so, its TVL has also targeted a new high and there is also that increased fear of missing out (FOMO). Many people are optimistic that the bull run will continue especially after it has spiked by more than 400%. Investors are looking for another ATH or a price increase. More so, buyers are also excited with Optimism outpacing Polygon which currently has a TVL of more than $1 billion. The OP/USDT pair is beginning to recover as it skyrocketed above 38.2% following the Fibonacci retracement level that stretches at $1.389. Currently, the pair is trading at $1.891 and resistance at $1.700. A dip below this figure will pump up the selling trend until it reaches $1.389. Related Reading: SOL Loses $40 After The Exploit – What’s The Next Support? Crypto total market cap at $1.07 trillion on the daily chart | Source: TradingView.com Featured image from Crypto News, chart from TradingView.com

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Optimism (OP) Soars Over 6% Following Launch On BNB Chain

Optimism price is basking in the news of BNB Chain’s newly introduced Optimism-powered layer-2 testnet opBNB. On June 19, BNB Chain announced the launch of its opBNB testnet. The newly launched layer-2 scaling solution based on Optimism Stack will boost the Binance Chain network’s security and scalability.  Following the launch, the Optimism token has scored an over 6% price increase today, June 20, after an over 3% decline on June 19. Binance-owned Blockchain Newly Introduced Optimism-powered Layer-2 Scaling Solution The scaling solution, opBNB, will increase transaction throughput, reducing network fees. BNB Chain currently processes about 2,000 transactions per second at $0.10 per transaction. However, according to the latest announcement, opBNB would support over 4,000 transactions per second at a cost below $0.005.  Related Reading: Bullish Signal: Bitcoin Realized Profit And Loss Fall To October 2020 Levels BNB Chain noted that opBNB optimizes data accessibility, and catching layer, and adjusts the submission process algorithm to enable simultaneous operations. That would allow the network to increase the gas limit to 100 million per block from the 30 million currently allowed on Optimism. Binance described opBNB as the solution to the scalability challenge limiting the mass adoption of blockchain technology. Optimism scales transactions using Optimistic Rollups, which process data off-chain to fasten things on the Ethereum mainnet. The newly launched scaling solution is Ethereum Virtual Machine (EVM)-compatible. That means it is interoperable with Ethereum-based smart contracts, networks, and ERC-20 token standards. Furthermore, the announcement noted that the remote procedure call service layer simplifies the integration process through a user-friendly interface.  With that, developers can focus on building applications without worrying about complexities associated with layer-2 scaling. News of this development has increased Optimism (OP) sentiment, evident in the increased trading volume.  At the time of writing, the Optimism token has recorded a 24-hour increase in trading volume of over 140%. BNB Chain isn’t the only network to leverage Optimism’s scalability. Optimism is known for its excellent scaling capability.  In a previous development, World ID and World App, a grass-free crypto wallet founded by OpenAI CEO, Sam Altman, migrated to Optimism to leverage its layer-2 scaling solution. OP Coin Price Outlook Optimism’s bullish price momentum has propelled it to second place among top-gaining coins today. Optimism (OP) price has increased by 6.61% over the past 24 hours, with a seven-day price rally of 1.15%. Despite the current price pump, real-time technical analysis suggests a sell option for Optimism (OP).  The moving averages suggest a strong sell signal, while the oscillators indicate a buy signal. But BNB Chain is the third-largest blockchain in DeFi total volume locked (TVL) after Ethereum and Tron.  DefiLlama data shows a TVL of $3.35 billion and a 24-hour volume of $264 million.  Related Reading: Why Is The Bitcoin Price Up Today? The latest integration suggests more network activity and utility for Optimism, which could boost trading volume and propel the token’s price upward. Featured image from Pixabay and chart from TradingView.com

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Optimism Price Prediction for Today, February 8 OP/USD Technical Analysis

The Optimism price prediction reveals that the OP price remains above the 9-day and 21-day moving averages to continue the bullish movement. Optimism Price Could [...]

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Optimism (OP) Trading Volume Soars Amid Bullish Price Surge

Optimism is trading in the green today, with its trading volume up by over 54%. OP traded at $0.9231 on January 1, 2023, and peaked at $3.0294 on February 7, close to its all-time high value of $4.5692. Currently, OP is at the $1.6 price level as it seeks to consolidate its gains, which is [...]

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Optimism Layer-2 Is Upgrading: Is This What Bulls Want?

Optimism, one of the most popular Ethereum layer-2 platforms, will release the Bedrock upgrade on June 6, 2023. Optimism Upgrading Via Bedrock In Early June The layer-2 provider on Ethereum says the release is “highly anticipated” by the community and will introduce some changes that make the protocol even more scalable, reducing transaction fees. As it is, [...]

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Optimism (OP) Faces Potential Decline To $1.80 Analyst

Optimism (OP) has experienced a market rebound in the past week gaining by 35.76% based on data from CoinMarketCap. The Ethereum layer-2 token hovers above $2.20 with investors strongly bullish on future price gains. However, certain trading indicators signal otherwise. Related Reading: Optimism: Major Partnership Pushes OP Price By 24% Optimism Likely To Fall By 18% In a November 23 post on X, renowned crypto analyst Ali Martinez shared a bearish prediction on Optimism despite the tokens current upward trend.  According to Martinez, the TD Sequential has flashed a sell signal on OP’s 4-hour trading chart, presenting the potential for an imminent price dip. In trading markets, the Tom Demark (TD) Sequential indicator is commonly used to identify potential price exhaustion or continuations by analyzing patterns within price bars. After OPs rally in the past week, the TD sequential now points to a trend exhaustion, suggesting a possible price reversal. Following this signal development, Martinez predicts OP could slide to $2.0. However, further correction could force the tokens price to around $1.80 indicating a potential 18% decline from the current market price. Martinez’s price projection is further backed by OPs Relative Strength Index, an indicator that measures the speed and magnitude of an assets price movement to determine if it is overbought or oversold. According to data from OPs 4-hour trading chart, the tokens RSI valued at 65.18 and descending from the overbought zone indicates buying pressure is weakening and a potential price correction is imminent.  However, Optimism remains well above its 100-day simple moving average (SMA) which suggests a possible uptrend continuation.  This factor, combined with the present strong bullish sentiments in the altcoin market suggests OP may maintain its current price rally, reaching as high as $2.5 at which lies its next significant market resistance. Related Reading: Optimism Superchains L2 Mode Network Launches New Governance Model Heres Why Optimism Price Overview  At press time, Optimism exchanges hand at $2.29 following a 1.64% gain in the past 24 hours. Meanwhile, the altcoin’s daily trading volume is down by 13.17% and valued at $860.51 million. On larger time frames, OP is significantly impressive notching gains of 35.76% in seven days as earlier stated, and 33.77% in the past 30 days. Despite recent gains, the Ethereum-layer 2 token remains 54.65% away from its all-time high of $4.85. However, OP remains an investor favorite considering its status in the Ethereum ecosystem. According to data from Top 7 ICO, Optimism is the Ethereum layer-2 network with the third largest total value locked (TVL) valued at $6.46 billion falling behind Base ($7.02 billion) and Arbitrum ($14.3 billion). Featured image from Coinmonks, chart from Tradingview

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