Token Backing Ethereum Scaling Solution Optimism Rallies 20%

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Decrypt
16w ago2022-08-04

The price of the Optimism (OP) token has surged by more than 80% in a single week to hit a high of $2.22 on Thursday morning, according to data from CoinMarketCap.

Despite OP backtracking to $1.99 by press time, the token is still up an impressive 20.27% over the past 24 hours, massively outperforming the rest of the crypto market.

Optimism’s latest price action follows a series of developments surrounding the Ethereum layer-2 scaling protocol, which uses a technology known as rollups to speed up Ethereum’s transactions and reduce their costs

Earlier this week, OP Labs, the company behind the Optimism protocol, revealed that its planned Bedrock upgrade is about to arrive as early as Q4 2022, “and when it does it will change the rollup game forever.”