Optimism ($OP ), the native cryptocurrency of the Optimism layer-two blockchain on Ethereum, is showing strong signs of readiness for a major bullish breakout. Recent price action indicates a potential upward trend that could signal the start of a long-anticipated price rally.

## Key Support Levels Indicate Bullish Momentum

Recent analysis highlights that OP has successfully bounced off a critical support level, suggesting a solid foundation for a potential rally. According to data from TradingView, OP found its bottom after retesting the support level at **$1.06**. This support level was established back in June 2023, following a significant pullback from a substantial price rally.

August 5, 2024, marked a pivotal moment for OP as it retested this support for the first time, confirming it as the lowest price point for the cryptocurrency in 2024. Importantly, this price action has fulfilled a complete Fibonacci retracement based on the year's earlier price movements, further strengthening the bullish outlook.

## Recent Price Movements

Since reaching its low on August 5, OP has demonstrated remarkable resilience, rallying over **80%** within a span of two months. The price increased from **$1.06** to approximately **$1.94** before experiencing a slight pullback. Despite this minor dip, OP appears to have regained its bullish momentum and is currently trending upward.

## Conclusion: An Exciting Period Ahead for OP

With these encouraging signs, Optimism (OP) is on track for a breakout that could potentially ignite a broader altcoin rally. Investors and analysts alike are keeping a close eye on OP’s price action as it moves toward key resistance levels, signaling an exciting period ahead for this cryptocurrency. As the market evolves, OP could become a focal point for traders looking to capitalize on emerging trends within the altcoin space.

#OP #Optimism #OPUSDT

Ankr partners with Optimism for Rollup as a Service.

Service offers tailored Layer 2 solutions for Ethereum apps.

The collaboration aims to address blockchain scalability demands.

The blockchain sector, continuously evolving with technological advancements, has observed a notable development in the field of Ethereum app scalability. Ankr, a web3 development hub, and Optimism, a Layer 2 solutions provider, have recently united to introduce Rollup as a Service (RaaS), aimed at improving the scalability and performance of Ethereum-based applications. 

Ankr and Optimism’s Joint Venture to Enhance Ethereum’s Scalability

Scalability remains a central challenge in blockchain technology, especially for Ethereum, which hosts a significant number of decentralized applications. To address this, Ankr and Optimism announced a partnership on Tuesday, November 14, at the OP Labs’ Onchain Summit in Istanbul.

This collaboration has led to the launch of Ankr’s Rollup as a Service (RaaS), a solution designed to facilitate the quick creation and deployment of dedicated Optimistic Ethereum (OP) Chains. The service enables users to establish independent Layer 2 solutions, which are custom-built to support traffic from specific applications or projects. 

This approach aims to provide a more efficient and scalable environment for Ethereum-based applications, addressing a growing industry demand.

Tess Rinearson, Head of Product at OP Labs, commented on the collaboration, emphasizing the goal of making it simpler for developers to bring new users into an expanding Superchain ecosystem.

What Are Rollups and What Are They Used For? 

Rollups are a type of scalability solution for blockchains, particularly Ethereum, designed to address the challenges of limited transaction throughput and high transaction costs. They work by executing transactions outside the main blockchain on secondary networks while ensuring their outcomes are reflected on the main chain. This process involves grouping or “rolling up” multiple transactions into a single transaction, which is then posted to the blockchain.

Most rollups fall into the category of Zero-Knowledge Rollups (ZK-Rollups) and Optimistic Rollups. ZK-Rollups generate cryptographic proof, which is then submitted to the blockchain, and are more secure. On the other hand, optimistic rollups assume transactions are valid by default and are much less resource-intensive. 

Read Also: Dairy Queen opens NFT pop-up store in China

Rollups are crucial for improving blockchain networks, particularly for reasons like:

Increased Transaction Throughput: They allow the processing of transactions off the main chain, significantly raising the number of transactions a blockchain like Ethereum can handle, especially useful during high congestion periods.

Reduced Gas Fees: By batching multiple transactions, rollups reduce the transaction costs on Ethereum, especially during times of network congestion.

Enabling Complex Applications: The increased throughput and reduced costs make it feasible to run complex decentralized applications that are impractical on the main blockchain due to its limitations.

Nonetheless, while rollups offer numerous benefits, their technical complexity can be a barrier. Implementing and interacting with rollup solutions requires a higher level of understanding from both developers and users.

Despite their efficiency, rollups still rely on the underlying blockchain’s performance. If the main blockchain faces security vulnerabilities or network instability, these problems can indirectly affect the rollups built upon it.

This development is a critical step towards solving Ethereum’s scalability challenges. By enabling more efficient transaction processing and lower costs, it paves the way for a broader range of applications and increased mainstream adoption of Ethereum-based projects.

The post Ankr and Optimism Unite for Ethereum App Scaling appeared first on BitcoinWorld.

Bitcoin Price Analysis

This week has seen the majority of altcoins gain as markets rode on ETF approval anticipations. The Bitcoin price has jumped by 3.3% in the last 7 days to trade at $43.7K as of press time. The Relative Strength Index indicator is moving north while in the overbought region, showing bull dominance on the crypto king over the week.

The MACD indicator is also in the green zone, backing bullish prospects. The Bollinger bands are diverging away from each other, showing high volatility levels on Bitcoin over the period. 

BTC 7-day chart | Source: TradingView NEAR Protocol Price Analysis

NEAR Protocol (NEAR) has been among this week’s top gainers, having posted impressive gains. The NEAR price has jumped by 50% in the last 7 days to trade at $3.55 as of press time. The Relative Strength Index indicator is in the overbought region as it maintains its upward trajectory, displaying the immense bullish activity over the week on NEAR.

The MACD indicator is also in the green zone, an indication of a continuous pump in the short term. The Bollinger bands are diverging away from each other, showing high volatility levels on NEAR Protocol price over the week. 

NEAR 7-day chart | Source: TradingView Optimism Price Analysis

Optimism (OP) has been another gainer this week. The Optimism price pumped by 48% within the seven days as it traded at $3.32 as of press time. The Relative Strength Index indicator is also in the overbought region in attribution to the bullishness over the period.

The MACD indicator is also in the green zone, backing bullish prospects as the Bollinger bands diverge away from each other, showing high volatility levels on Optimism over the week. 

OP 7-day chart | Source: TradingView Stacks Price Analysis

Stacks (STX) was also not left behind, as it posted notable gains in the week. The Stacks price pumped by 49.8% over the period to trade at $1.5 as of press time. The Relative Strength Index indicator is also moving north while in the overbought region, showing bull dominance over the week.

The MACD indicator is also in the green zone, showing bullishness on stacks over the period. The Bollinger bands are diverging away from each other, showing high volatility levels on the Stacks price over the period. 

STX 7-day chart | Source: TradingView Sei Price Analysis

The Sei price has also jumped by 45% in the last 7 days to trade at $0.35 as of press time. The Relative Strength Index indicator is moving north, showing bull dominance over the week on the token.

The Sei price is, however, at risk of facing corrections should holders look to sell for profits, an action that could spark selling pressure, causing a price plunge. 

SEI 7-day chart | Source: TradingView

Zug, Switzerland, December 19th, 2023, Chainwire

Gelato announces expansion of its all-in-one Rollup-as-a-Service (RaaS) Platform. In addition to supporting Polygon CDK, Gelato now also services the OP Stack, the Optimism Collective’s open-source, modular development framework. As part of this expansion, Gelato enables Lisk, a Layer 1 blockchain launched in 2016, to join the Ethereum ecosystem by migrating to an Ethereum Layer 2. Lisk will join OP Mainnet, Base, and other OP Chains as the first Layer 1 committing to Optimism’s Superchain vision.

“Gelato’s expansion of support to the OP Stack underscores our mission to revolutionize the blockchain arena. By democratizing access to a modular blockspace, we’re empowering a diverse range of creators to deploy their unique, ready-to-launch Layer 2 blockchains. This pivotal move will unlock the full potential of mainstream crypto applications, marking a new era in blockchain adoption.” – Luis Schliesske, Founder at Gelato

Designed to alleviate the congestion problem of the Ethereum mainnet, the OP Stack is the standard, open codebase that powers the Optimism ecosystem and was built to support the Superchain. By leveraging Gelato’s Rollup as a Service platform, in addition to deploying, hosting, and monitoring of new Layer 2 chains, the OP Stack now gains native integrations with Gelato’s industry-leading Web3 middleware services including automation, off-chain data, and Account Abstraction to enable superior UX. Moreover, the platform provides out-of-the-box, native access to tier-one web3 services such as Etherscan, The Graph, LayerZero, and many more.

Layer 2 chains deployed with Gelato, like Lisk, get much more than the underlying blockchain. Layer 2 chains gains access to a fully production-ready web3 development environment. This is the first time in web3 that developers have access to an end-to-end serviced OP Chain with all necessary infrastructure dependencies deployed right from the start.

“We are excited that Gelato has extended support to the Superchain as a RaaS provider for Lisk, making it easier for developers to onboard new users into the Superchain ecosystem,” — said Ben Jones, Chief Scientist at the Optimism Foundation. “Gelato has already executed a million transactions on OP Mainnet for projects like Synthetix, Lyra, and Velodrome, and we’re looking forward to Gelato bringing their developer expertise to help bring the Superchain vision to reality.”

With just a few clicks and without the need to write any code, using Gelato Rollup-as-a-Service Platform anyone can easily deploy their fully serviced OP Chain, freeing up developers to focus on growing their core business.

“Using Gelato’s Roll up as a Service Platform allows the Lisk research and development team to be primarily focused on building additional products and tooling that developers and end users love, while also committing resources to the Superchain’s development.” – says, Dominic Schwenter, Chief Project Officer at Lisk

Gelato and Optimism share a vision of a world with thousands of interconnected blockchains, enabling the horizontal scaling of web3 applications. Gelato’s Rollup-as-a-Service platform will serve as a key component of this environment, running its customers’ underlying blockchains and offering an end-to-end development environment with integrated essential developer infrastructure services.

About Gelato

Gelato is an all-in-one Ethereum Rollup as a Service Platform built without limits. Designed to be super-fast, incredibly secure, and infinitely scalable, Gelato rollups allow anyone to build and deploy their fully serviced Layer 2 chains at a pace natively integrated with Web3’s favorite tools and services launching a production-ready web3 development environment from the Genesis block.

For more information visit Gelato’s: Official Website | Telegram | Twitter

About Optimism

Optimism is a project dedicated to scaling Ethereum’s technology and expanding its ability to coordinate people from across the world to build effective, decentralized power structures. The Optimism Collective builds best-in-class software for running L2 blockchains and aims to address key governance and economic challenges in the wider crypto ecosystem. The Optimism Collective is also committed to building a sustainable ecosystem through Retroactive Public Goods Funding. By rewarding the impactful projects, Optimism is scaling Ethereum’s present to provide funding for its future.

About Lisk

Lisk provides a cost-efficient, fast, and scalable Layer 2 (L2) network that is secured by Ethereum. As a long-standing Web3 infrastructure project, Lisk has been democratizing blockchain accessibility for developers and end users globally since 2016. Its core focus is to solve local problems in Emerging Markets by bringing solutions around real-world assets (RWA), off-chain assets (OCA), and DePIN onchain. As a member of the Optimism Superchain Lisk is contributing to onboarding the next 1 billion people to Web3.

Contact

Head of MarketingElla JonasGelato Digital GmbHpress@gelato.digital

Optimism’s native token, $OP , has witnessed a notable surge of 23% following the announcement of a significant milestone for the OP Mainnet. The Mainnet has successfully crossed the $5 billion Total Value Locked (TVL) threshold, signaling a robust adoption of its layer-2 blockchain solution tailored by Ethereum developers for Ethereum developers.

Renowned for its emphasis on speed, reliability, and scalability, the OP Mainnet’s achievement is underscored by data from L2Beat, revealing a TVL of $5.04 billion. This represents an 8.36% increase in the past 7 days, demonstrating a sustained upward trajectory in the platform’s usage and community engagement.

Optimism’s network has experienced exponential growth, boasting over 5.9 million addresses with a balance. This remarkable figure signifies a substantial 391% price surge from 1.2 million addresses recorded in January, further highlighting the escalating popularity and adoption of Optimism’s solutions.

What a year for @Optimism! The network currently counts over 5.9 million addresses with a balance, up 391% from 1.2 million in January!https://t.co/b6bBM1Qd6z pic.twitter.com/58gPngqEk3

— IntoTheBlock (@intotheblock) December 21, 2023

Currently, Optimism holds a prominent position among Altcoins on CoinMarketCap (CMC), securing a 26% gain and trading at $2.955. Simultaneously, the market value of the Optimism token has seen a substantial surge, reaching an impressive $2.68 billion.

As Optimism continues to carve a niche in the blockchain landscape, its recent achievements underline the platform’s capacity to meet the evolving needs of developers and users within the Ethereum ecosystem.

To conclude, the positive market response to both the $OP token and the Mainnet’s TVL milestone reinforces Optimism’s pivotal role in driving innovation and scalability within decentralized networks.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, and Metaverse news!

Image Source: iaroslav777/123RF // Image Effects by Colorcinch

One of the major crypto stories of 2023 was the rollout of the Coinbase exchange's layer 2 network, "Base," which made use of Optimism's blockchain technology.

The face of OP Labs, the main development firm for the popular Optimism protocol, is CEO Karl Floersch. He started in this role in May 2023, but he's been part of the company since May 2020, when he joined as CTO to focus on building what was then an experimental solution to scale Ethereum.

This profile is part of CoinDesk's Most Influential 2023. For the full list, click here.

During his time at OP Labs, he oversaw the release of the OP Stack, a set of tools that enable developers to build their own layer 2 chains using Optimism's technology. The stack went live during Optimism's Bedrock upgrade, which was a major overhaul to the network.

"I think that it actually represents a new and really exciting step forward in how we think about open source software development, to be honest," Floersch said of the OP Stack in an interview with CoinDesk.

Floersch is an old hand in the Ethereum scene. Before OP Labs, Floersch worked at development studio ConsenSys as a blockchain engineer, followed by a stint in research at the Ethereum Foundation, according to his LinkedIn profile.

Optimism's open-source stack has made its way around the Ethereum ecosystem. In 2023, it scored a major client, the largest U.S. crypto exchange, Coinbase. The team at Coinbase, led by Jesse Pollak (also on the Most Influential list), worked closely with Floersch and the folks at OP Labs to build their own layer 2, known as Base.

One of the reasons why the OP Stack was chosen, according to Pollak, is its "modular" framework. Over the past year, zero-knowledge rollups have been surging in popularity. They make use of complex cryptography to "prove" that a certain transaction exists almost instantaneously using only a snippet of information. By contrast, optimistic rollups, which the OP stack is based on, take far longer for transactions to finalize. Because the OP Stack is modular, it can eventually make use of proofs from both optimistic and zero-knowledge rollups, Pollak argues.

Cryptocurrencies started 2024 on shaky ground, but many major cryptos have shown signs of recovery in recent weeks. Crypto analyst Layergg is keeping a close eye on the market and shared his weekly watchlist on X of top altcoins that he believes have significant upside potential in the coming weeks.
According to Layergg, Ethereum layer 2 scaling solution Optimism (OP) looks poised for gains. With the upcoming Dencun upgrade planned for mid-March and the upcoming $2 billion ARBITRUM token unlock, Optimism stands to benefit as a leading Eth scaling solution.

Layergg also highlighted Curve (CRV), noting upcoming developments like the LlamaLend lending platform launch and recent “CRV is dead” sentiment he believes presents a contrarian opportunity. Chromia (CHR) and Polygon (MATIC) also made the list as two cryptos Layergg believes are undervalued relative to their fundaments.
On the NFT side, Layergg is watching MEME and MAVIA. With eligibility for the MEME airdrop staking rewards, Layergg believes the play-to-earn NFT token presents opportunity. He also noted Metacade’s 1 million global downloads and possibilities of a Binance listing as reasons for an upbeat outlook.
The Klaytn KLAY token and Klaytn derivative project Fiinschia also made the cut following the recent announced Klaytn-Fiinschia merger vote, which Layergg expects to pass and mirror bullish outcomes from prior mergers like Keep Network and NuCypher.
So while the crypto market remains turbulent, Layergg’s watchlist provides insight on some of the top altcoins he believes have significant upside potential worth keeping an eye on. As always in crypto, do your own research, but analyst watchlists can provide valuable perspective on where smart money is looking to gain an edge.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Optimism #altcoins❗️

An #airdrop is a promotional activity where a cryptocurrency project or blockchain platform distributes free tokens or coins to its users. The aim of an airdrop is to attract new users to the platform, increase its user base, and reward the early adopters of the project. Airdrops are also used as a marketing strategy to create hype around the project and generate interest among the cryptocurrency community.

In the example mentioned, #Optimism Layer 2 blockchain launched its token and distributed free tokens worth millions of dollars to its community members. The tokens were given to users who had voted on governance DAO or used different dApps on the blockchain. This was a way to reward users for their early adoption of the platform and to incentivise them to continue using it.

Different protocols and projects may have different criteria for distributing their airdrops. For example, some projects may distribute tokens to users who hold a certain amount of a specific cryptocurrency, or who complete specific tasks such as sharing the project on social media or joining their Telegram group.

Airdrops can be a great way for new users to earn free cryptocurrency by simply participating in the project. By keeping an eye on new projects and trends in the crypto space, users can discover new opportunities to earn free tokens and coins through airdrops.

In conclusion, airdrops are a promotional activity used by cryptocurrency projects to increase their user base and reward their early adopters. It is a great way for new users to earn free tokens and coins by simply participating in the project. While different projects may have different criteria for distributing their airdrops, it is always an opportunity for users to earn some free cryptocurrency.

#Binance #crypto2023 #Airdrop

After rigorous testing that spanned 1.5 months and the partial mainnet launch in the middle of August, BNB Chain developers finally released opBNB to the public.

Binance’s opBNB is an Ethereum Virtual Machine (EVM)-compatible layer 2 solution and was developed using Optimism’s OP Stack and will make full use of the latter’s optimistic rollup technology. It was created to enhance the scalability of the Binance Smart Chain (BSC) and Optimism seems to have been the best choice with the latter being known for cost-effectiveness.

The tests held last June revealed that the network recorded over 7 million on-chain transactions with transaction times averaging just around one second. The network achieved a peak of 4,000 transactions per second; the next step is the maintenance of this 4,000 TPS.

Apart from this, opBNB's Testnet revealed its capacity to support an array of tokens, encompassing not only Binance's proprietary BNB but also widely recognized stablecoins like BUSD, USDT, and DAI. Lastly, the use of Optimism’s technology could potentially solve BNB Chain’s own security woes, as the chain has endured several expensive exploits in the past.

As the top cryptocurrency exchange in the world (by volume), Binance has been eyeing expansion not simply physically to other countries, but in the potential services it can offer. opBNB is one such endeavor and BNB Chain is currently initiating grants and builder programs for prospective developers who wish to build on the BSC ecosystem.

Optimism, on the other hand, has been at the forefront of the layer-2 solutions sector with the rolling out of its Bedrock upgrade. This has ushered in a revolution of sorts in the layer 2 sector because of the massive enhancements in transaction throughput but with significantly lesser fees. Optimism is also unique in its goal of creating a “superchain” where it is only one among many interoperable and connected chains. The launch of opBNB to the public is a further step towards more engagement from the crypto community, bridging closer its developers and users.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.