• Coinbase has launched an Ethereum scaling solution called Base, leading to buying pressure across multiple Optimism-based tokens.
• OPX Finance (OPX) has skyrocketed 182% in the last 24 hours, due to the Coinbase launch and a successful token burn.
• Other tokens to see major gains include Sonne Finance (SONNE), VELO Protocol (VELO) and DFI.Money (YFII).
Coinbase Launches Ethereum Scaling Solution
Coinbase has launched an Ethereum scaling solution dubbed Base, which leverages Optimism’s OP stack. The news of this launch has caused buying pressure across multiple Optimism-based tokens resulting in sharp price gains.
OPX Finance Token Soars 182%
Optimism’s native token OPX has seen substantial price gains following the Coinbase announcement with its value rising nearly twofold from lows of $4.78 to highs of $8.58 at the time of writing. The token was up by 182%, oscillating near $7.89 amid some profit booking.
Other Tokens Experiencing Gains
Other tokens that have experienced significant price surges as a result of the Coinbase news include Sonne Finance (SONNE), VELO Protocol (VELO) and DFI.Money (YFII). All these tokens have seen their prices rise significantly since the beginning of this week as investors look for opportunities in the space after seeing strong returns from other coins like Bitcoin and Ethereum in 2021 so far.
What is Optimism?
Optimism is a decentralized finance platform powered by a Layer 2 scaling technology known as OPstack which enables users to build complex financial applications without compromising on security or speed while still enjoying all the benefits that come with operating on top of a blockchain network such as trustlessness, immutability and censorship resistance among others.
Conclusion
The latest cryptocurrency news involving Coinbase’s launch of an Ethereum scaling solution has provided new momentum for multiple Optimism ecosystem tokens resulting in sharp price gains across many projects such as OPX, SONNE, VELO and YFII among others indicating confidence among investors in these protocols despite uncertain market conditions overall this year so far