The live price of Optimism is - per (OP / USD) with a current market cap of $1.19B USD. 24-hour trading volume is - USD. OP to USD price is updated in real-time. Optimism is -% in the last 24 hours with a circulating supply of 1.66B.
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Optimism is the first Ethereum L2 to develop an Optimistic Rollup solution compatible with the Ethereum Virtual Machine (EVM). Optimism runs in parallel with Ethereum, is able to process transactions at scale while inheriting the security of Ethereum, and its main feature is to make Ethereum on-chain transactions cheaper. Optimism provides Ethereum developers with the opportunity to use all the tools available on Ethereum without making changes. Its development team said that traders will need to pay 10 times lower mining fees. In addition, Optimism solves the problems of fraud and invalid state transitions using Optimism rollups.
The project is overseen by the non-profit Optimism Foundation. The organization is focused on the development and decentralization of the Optimism ecosystem. Unlike for-profit initiatives, Optimism is funded primarily by donations and grants and is committed to building infrastructure that facilitates public welfare products and services.
Optimism aims to leverage existing Ethereum code and infrastructure as much as possible, keeping the solution straightforward. It is said that the development of its ecosystem is based on actual needs and is constantly evolving to meet real-world needs. At the same time, it emphasizes sustainable growth and does not take shortcuts in order to facilitate long-term development.
In terms of technology, Optimism uses optimistic rollups to expand network capacity. Transactions are processed on its Layer-2 platform (L2) and then submitted in groups to Ethereum's Layer-1 (L1). During this process, users do not need to use the memory pool on L2, and can enjoy a seamless experience. However, transactions have a seven-day challenge period, and if no one questions them within seven days, the transaction will be finally confirmed. This feature affects the time it takes to withdraw funds from Optimism to Ethereum, which usually takes a week.
Optimism's security framework relies on the optimistic rollup mechanism. Through this scheme, the Layer 2 blockchain can process transactions and periodically send Merkle roots to the Ethereum blockchain for verification. This verification process will cause delays if funds are withdrawn from the Layer-2 platform based on optimistic rollups.
As of writing, the circulating supply of OP is 1,006,141,600.
The non-profit Optimism Foundation leads the development of the Optimism ecosystem. Optimism is based on the principles of Ethereum and is committed to building a fully decentralized non-profit public welfare organization. It is funded entirely by donations and grants. The Foundation aims to create and maintain infrastructure to promote the expansion and long-term sustainability of public welfare in the blockchain space.
The OP token is the governance token of the Optimism network and plays a pivotal role in its ecosystem. It gives holders voting rights, allowing them to influence key decisions within the Optimism platform, including participating in governance decisions related to software updates, public welfare product funding, and other important development and operation aspects of the network. In essence, OP tokens ensure that the community actively contributes to the future development of the Optimism ecosystem.
