Main purpose of launching its own network is to provide seamless low cost and faster transactions. The pieces are in place it is now down to execution.Optimism as name suggested project aim to accelerated Ethereum scaling with layer 2 blockchain solution. If it can bring in new users, then there is certainly room for growth.

The bottom line for Optimism will revolve around its market share.

It has also attracted attention from large crypto projects. However, the project has unique hopes of giving back to other projects and businesses. The major sell-off following the airdrop may not be a great sign for the future. Optimism is a new project, which also makes it a speculative investment. Benzinga offers a crypto price table for your convenience, which is a useful tool for anyone looking to be aware of crypto prices at all times. It is important to stay informed and on top of crypto prices. Some see the 50%+ slides continuing, while others believe the bottom may be close. The first half of 2022 has been one of the worst years yet for both crypto and worldwide economies. It’s also a good idea to start exploring the Optimism Network, as there will be future OP Token airdrops! Cryptocurrency Market Outlook Keep an eye out for new projects on the Optimism chain, which can attract new users and impact the price. This protocol may make it difficult for Optimism to establish market share in such a saturated environment. While Optimism has a couple programs that are different from its competitors, the idea of optimistic roll ups are not new, with several other projects doing almost the same thing as Optimism. Optimism has already donated over $1 million to such projects. Portions of the total token supply are reserved for the funding and rewarding of projects that are helpful to society as a whole. Optimism has already attracted large projects, which have been easily integrated through the OVM.Īnother feature that sets Optimism apart from its competition is its focus on “Public Goods,” completed through the Ecosystem Fund and the Retroactive Public Goods Funding program. Some of the other large Layer 2 and sidechains include Polygon (MATIC), xDAI (xDAI) and Loopring (LRC). Optimism is definitely not the first project hoping to solve the issues on the Ethereum mainnet surrounding cost and speed. The first airdrop only released 5% of the total supply, so another 14% is still up for grabs in the form of future airdrops. Overall, 25% of the total OP supply is designated for the Ecosystem Fund, 20% for Retroactive Public Goods Funding, 19% each for airdrops and core contributors and 17% for investors. However, many recipients of the airdrop quickly sold their OP positions, and the token fell to around $1.50 within hours. The initial token price was around $4.50 on the day of the airdrop. The airdropped tokens were given to users who had interacted with the Optimism chain before the release. OP was released via an airdrop on May 31, 2022. It is mainly used to vote on projects and proposals on the chain. OP is the governance token for the chain. The use of the OVM has made it extremely easy for large projects, such as 1inch, Uniswap and MetaMask to easily integrate their projects onto the Optimism chain. Ethereum dApps can be loaded on to Optimism with little to no changes in the overall code. Optimism uses the Optimism Virtual Machine (OVM), which is an EVM equivalent. This process makes it easy for Ethereum developers to port over their dApps to Layer 2s and sidechains. Most sidechains or Layer 2 solutions use Ethereum Virtual Machine (EVM)-compatible mechanisms to deploy dApps. This system reduces the amount of energy needed to complete transactions, which in turn reduces transaction costs and increases speed.Īnother feature of the Optimism chain is the way that decentralized applications (dApps) are deployed. If it is fraudulent, then the verifier is rewarded, and the user who completed the fraudulent transaction is fined. If a verifier believes that a transaction is fraudulent, then they can request to have it verified. The “Optimistic” approach saves both time and money as each individual transaction does not have to be checked, unlike other methods of consensus. By default, all transactions are assumed to be accurate. To make the chain run faster at a lesser cost, Optimism uses a unique method of verifying transactions. Optimism is a Layer 2 solution for Ethereum that uses most of the major components of Ethereum but provides a unique architecture to limit transaction costs and increase transaction throughput.

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