Giottus announces the launch of Optimism (OP) token on its platform
OP is a layer 2 scaling solution of Ethereum that competes with Polygon (MATIC)
Giottus, top-rated crypto asset platform, has launched trade of Optimism (OP) token, becoming the first Indian exchange to do so. OP/INR pair is currently live for trade in Giottus while deposits and withdrawals of the token will be enabled in the upcoming days.
Layer-2 scaling solution Optimism aims to be a low-cost and fast processing machine on top of the Ethereum blockchain. It claims to have already saved more than $1 billion in fees and competes in the same space as Polygon (MATIC). OP is the governance token of the platform and has seen considerable demand from early retail investors.
Optimism solves one of the core problems with the Ethereum network – its scalability. As more and more decentralized apps (dApps) are built on the network, the speed of transactions has slowed along with an increase in cost of using the network, creating the need for scaling solutions. Layer 2 solutions such as Optimism help solve the above by creating a processing engine that executes transactions without using Ethereum’s blockchain while extending its security.
More than 225 million OP tokens (~5% of supply) have been airdropped to Optimism’s early users this week while the total supply for the token is pegged to be 4.3 billion. OP is currently trading at a price of $1.25 per token with its daily volume surpassing $500 million as per CoinMarketCap. The token is already available for trade in international exchanges such as Binance, KuCoin and Coinbase.