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Optimistic and non-optimistic price predictions for OP tokens • BZ


Have you decided to take part in the action? You can buy OP tokens on Coinbase.

Optimistic roll ups have been an interesting development in the Ethereum ecosystem. The scaling solution could potentially make the Ethereum network much faster and cheaper by deferring some of the work from Ethereum’s on-chain activity. Optimistic rollups use a credit-based system where transactions await approval on the Ethereum blockchain but are granted credit on the layer 2 chain. Optimism uses this new technology.

As Layer 2 solutions flood the market, optimism was noticeable after a major airdrop this week. Additionally, a number of Vitalik Buterin’s tweets drew attention to the potential of Optimism.

What is Optimism?

Optimism is a layer 2 solution for the Ethereum network. Its goal is simplicity. Simplicity is achieved through the limited code added to Ethereum. With a close connection to Ethereum, Optimism’s success is entirely dependent on the continued growth of the Ethereum network.

Processing transactions on Optimism is simple. In fact, it’s comparable to using a credit card. A transaction made on Optimism is given a window of time to be challenged as fraudulent before being uploaded to an Ethereum block. This window is seven days.

Fees on the Optimism network are much lower than Ethereum. Thanks to its numerous transactions, Optimism receives impressive revenues which are exploited in multiple ways in the Optimism ecosystem, inciting the builders to continue the development of the network.

Of Optimism’s total token supply (OP), 19% is dedicated to airdrops. The initial airdrop took place last week, delivering 5% of the total OP supply. More airdrops are promised to come, for anyone providing a net positive sum for the vision of Optimism.

The governance of Optimism is unique. One part of the governance is the Token House, and the other side of the governance is the Citizens House. While the Token House focuses on incentive projects, upgrading protocols, and funding the Treasury, the Citizens House focuses on the overall public good. The implementation of Soul-Bound Tokens (SBT), which are non-fungible tokens (NFTs) containing personal data, including individual achievements and work references, is also unique to Citizens House. However, unlike standard NFTs, they cannot be transferred, making them tied to the individual. This new technology makes a soulbound NFT untransferable and permanent.

Optimism market position

Optimism’s position in the market is difficult to understand. With a recent airdrop and debut in the market, it is almost impossible to predict where the OP coin will go. However, airdrops are historically exchanged for cash. In OP’s case, it turned out no different.

The community responded with outrage to those who threw away their freshly airdropped OP bags. Many seek to ban sellers from future airdrops.

As the coin has risen from $4.50 to just over $1, investors will have to truly believe in the longevity of the project for it to rally. While Optimism has many exciting features, the competition for market superiority in the Layer 2 space is fierce.

Vitalik Buterin’s Bull case for optimism

Ethereum co-founder Vitalik Buterin praised Optimism’s governance structure. Buterin appreciates decentralization, and making Optimism partially structured by the Maison des Citoyens could be seen as a step in the right direction. While most projects use governance coins to make decisions, the potential of SBTs could be very beneficial.

Tom D Crypto’s Bear Case for Optimism

Popular crypto analyst Tom D Crypto presents a bearish case for optimism (OP). In his recent video, he showcases a number of other projects that used airdrops. Notable examples were ENS, LooksRare and dYdX.

The constant theme is that airdrops dump historically. At least in the short term, Optimism (OP) could be in trouble. It might make sense to wait for the selloff to slow down and the token to bottom out before joining the project.

Where to buy optimism

Exam in 1 minute

Coinbase is one of the largest cryptocurrency trading platforms on the internet. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally easy to buy and sell major cryptocurrency pairs.

You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.

Although Coinbase doesn’t offer the most affordable prices or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single transaction.

Best for

  • New Cryptocurrency Traders
  • Cryptocurrency Traders Interested in Major Pairs
  • Cryptocurrency traders interested in a simple platform
Advantages

  • Simple platform is easy to use
  • Full mobile app mirrors desktop functionality
  • Coinbase Earn feature rewards you with crypto to learn more about available coins
The inconvenients

  • Higher fees than competitors

Optimism can be purchased on most major trading platforms. Particularly in the United States is Coinbase Global Inc. (NASDAQ: CURRENCY). Another place to buy optimism is through a decentralized exchange, commonly known as DEX – Uniswap would be a great way to try.

How long will it take for optimism to hit $5?

The most pressing pricing issue for Optimism is that it suffered an airdrop. It is human nature to take money out of a new OP investment for profit. While this action may put downward pressure on the token in the short term, that doesn’t necessarily mean it won’t recover. If Optimism can become a reputable layer 2 solution for Ethereum, its token price will reflect that. A price above $5 is certainly possible for Optimism (OP).

Where to Safely Store Optimism

While software wallets can help you interact with Web3 applications, securing your digital assets is equally important. If you’re looking for maximum protection, a hardware wallet is a great choice.

Best Hardware Wallet: Ledger Nano S

Buy now

securely through the Ledger Hardware Wallet website

Exam in 1 minute

Launched in 2014, Ledger has evolved into a rapidly growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for businesses and individuals. Born in Paris, the company has since grown to over 130 employees in France and San Francisco.

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims to secure the disruptive new class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates with a secure chip for its line of wallets. So far, Ledger is proud to be the only market player to provide this technology.

Best for

  • ERC-20 tokens
  • All experience levels
Advantages

  • Easy to install and use
  • Supports over 1,500 different digital assets
  • Inviolable
  • Portable
  • Long battery life
  • Bluetooth Connectivity Features

The Ledger Nano S is the latest hardware wallet from Ledger. It protects your digital assets and protects them from phishing scams.

Best Software Wallet: MetaMask

Software wallets are required to connect to the many decentralized applications provided by Web3. A great choice to check out is MetaMask, the most popular Ethereum wallet that can also be used on the Optimism Network.

Current Crypto Prices

The broader crypto market has been under pressure. As the crypto and equity markets experienced a liquidity rush, prices fell. Bitcoin, along with the majority of altcoins, saw their valuations halved from their all-time highs in 2021.

So, is optimism a good investment?

Optimism is an interesting layer 2 solution that seems to have a great governance structure. The network could help scale Ethereum and build an open Internet. However, the recent airdrop is not a good sign for bag holders. Airdrops usually cause prices to drop, as those claiming the token quickly sell out for cash.


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