Market Cap: $2,216,883,412,111
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Cryptocurrencies: 29444
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Cryptocurrencies: 29444
Markets: 111580
Market Cap: $2,216,883,412,111     
24h Vol: $71,812,610,833
Seeking Alpha 2023-02-23 17:44:52

Coinbase layer 2 news sends Optimism's token price soaring

Coinbase layer 2 news sends Optimism's token price soaring
OP ( OP-USD ), the governance token of layer 2 scaling solution Optimism, jumped as much as 21.7% earlier in Thursday's session after crypto exchange Coinbase Global ( NASDAQ: COIN ) said it is developing its layer 2 blockchain on Optimism's open source OP Stack . The token has since pared its gains, rising 13.2% to $2.87 as of 12:44 p.m. ET. It's one of the best-performing cryptos year-to-date, garnering a nearly 200% climb. Coinbase ( COIN ), while announcing the launch of a testnet version of its own ethereum-powered, layer 2 network, noted that it is joining Optimism as a core developer of the OP Stack, Optimism's developer toolkit. Meanwhile, Seeking Alpha contributor Mike Fay warned earlier this month that OP ( OP-USD ) could be in for major dilution ahead .
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