Optimism’s native token, OP, is on the rise after Coinbase’s announcement.
Following Coinbase’s Base announcement, the Optimism token has surged more than 12 percent in the last 24 hours, according to data from CoinGecko.
Optimism Rises After the Announcement
Coinbase will build its newly announced Layer-2 Base on Optimism. Optimism’s token price has soared after Coinbase announced that it will build its Layer-2 network on the OP Stack and will be the core developer of the software.
The OP was trading above $3, up 6.7 percent since the announcement, according to CoinGecko data. The token price has increased by about 12 percent in the last 24 hours. After the announcement, this bullish momentum lost its momentum. Optimism is trading at $2.84 at the time of writing.
OP’s graphCoinbase today introduced Base, the testnet version of the new Ethereum Layer-2 network. Base is designed to work on the main Ethereum network at the end of the test. As Base is built on Optimism’s open source OP Stack, Coinbase will also join Optimism as the core developer of OP Stack.
Jesse Pollack, senior engineering director at Coinbase, announced that they plan to make Coinbase’s Base and other chains operating on the OP network inexpensive, decentralized, and secure by collaborating with Optimism and creating the OP Stack.
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