Optimism OP Price

Table of contents

• Stock Market Price Graph Today
• Current Value and Cost
• All Time High Price
• Exchange Rates on Trading Markets
• Optimism Profile
• OP Token
• Optimism's History
• Optimism Technical Information
• Summary

Optimism Profile

Optimism is a Layer 2 protocol and smart contract platform that is designed to provide low-cost, almost instantaneous Ethereum transactions. It is based on Optimism Rollup technology that scales shared smart contracts to provide instant transactions in the Ethereum network.

The idea of rollups is to bind hundreds of transactions into one single one. It is the one for which gas is paid, which is distributed to all users, and as a result, the amount of payment is reduced by many times.

In addition, in contrast to the Ethereum network, the Optimistic Virtual Machine (OVM) algorithm identifies all transactions as authentic until the opposite is proven. Transaction speeds can potentially reach up to 2,000 transactions per second, while Ethereum itself processes an average of 14-16 transactions per second.

OP Token

OP is a management token for the Optimism network, whose holders can propose and/or vote for developments. In addition to management functions, the developers decided that OP would be used to pay transaction fees while previously using ETH.

When building the structure of the Optimism network and the OP token, the creators developed The Optimism Collective management model, which has two levels. The first is Token House, which is responsible for technical issues. The second is called Citizens' House, which is dealing with financial aspects.

You can buy OP without problems on popular exchanges, and the number of exchanges that are supporting this new token is only increasing. All you need to do is to have a MetaMask wallet and the necessary amount of USDT, USDC or BTC coins to make the purchase.

Optimism's History

• The developer company, a nonprofit organization called Plasma Group, was founded in 2019 and later changed its name to OP Labs PBC.
• In October 2019, the OP Labs PBC team launched the Optimism protocol test network.
• In 2020, the team got the form of a separate Optimism PBC project to attract venture capital investment.
• The final release of the main network with EVM support took place in December 2021.
• On February 10, 2022, the hacker discovered a vulnerability in Optimism that, in theory, allowed attackers to create as much Ethereum in the Optimism account as they wished. For his discovery, hacker Jay Freeman received the largest bounty-hunter reward in history in the amount of $2,000,042. The problem was fixed by Optimism within hours after its existence was confirmed.
• On April 27, 2022, the developers announced the release of their own token for participation in the life of the project. Already on June 1, the first airdrop was held, with 232,000 people involved.
• At the end of July 2022, the Optimism team introduced an Ethereum transaction automation system called Drippie.
  
• On February 23, 2023 Coinbase launched its own sidechain based on Optimism called Base. The new product is expected to become a cross-chain bridge through which users will be able to connect to various Ethereum ecosystem sidechains. Coinbase claims that the project will be aimed at decentralization, and the source code will be open for public access.
  

Optimism Roadmap