An Ethereum (ETH) scaling altcoin is surging in worth whereas crypto markets proceed to commerce sideways on the day.
Optimism (OP), the layer-2 (L2) scaling resolution for Ethereum, exploded in worth by 78% previously week, reflecting a common upward pattern in crypto during the last seven days.
The OP native token soared from a low of $0.64 final week to a excessive of $1.14 this week. At time of writing, OP has retraced to $1.09 and has a market cap of $234.7 million.
Coinbase, the highest US crypto change, listed OP for buying and selling on Could 31. With the announcement, OP soared from $0.79 to $1.92, a 143% improve.
Optimism’s worth leap appeared to coincide with the upswing of the general crypto market. Bitcoin (BTC) shot to a excessive of $21,013 this week from a low 5 days previous to $18,696, a 12% improve. At time of writing, Bitcoin is altering fingers at $20,540. Ethereum elevated from final week’s low of $1,255 to a excessive this week of $1,595, a 27% improve.
The worth improve additionally adopted Optimism’s announcement of “an eventful week.”
“Properly nerds, it’s been a really eventful week right here at Optimism! There’s lots to get you caught up on, so let’s bounce proper into this week’s recap. First, we introduced the OP Stack: a set of modular parts able to assemble into customized chains to suit any use-case.”
Optimism says they’re a inexpensive and extra environment friendly blockchain for apps to function on.
“Optimism is a quick, steady, and scalable L2 blockchain constructed by Ethereum builders, for Ethereum builders. Constructed as a minimal extension to present Ethereum software program, Optimism’s EVM-equivalent structure scales your Ethereum apps with out surprises. If it really works on Ethereum, it really works on Optimism at a fraction of the fee.”
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