• Coinbase announced the launch of its L2 platform, Base, on OP stack.
• The news saw the Optimism token OP rise 16%, hitting highs of $3.10 on Coinbase.
• A separate token called BASE spiked more than 250% amid speculation.
Coinbase Launches Base On OP Stack
Coinbase has announced the launch of its Ethereum Layer-2 network, Base, on Optimism’s OP stack. This news saw the Optimism token (OP) surge 16%, hitting highs of $3.10 on Coinbase – not far from its all-time high of $3.19. A separate token called BASE also spiked more than 250% amid speculation related to this announcement.
Bullish Sentiment For OP Token
Sentiment across the OP community flipped bullish as reaction to Coinbase news pushed the token higher. According to Coinbase, Base will offer „a secure, low-cost and developer-friendly“ platform for people to create, deploy or interact with decentralized apps – aiming to onboard 1 billion or more people into the crypto space.
OP Price Rises 16% On Coinbase News
The price of Optimism rose 16% after Coinbase’s announcement that it had launched Base on Optimism’s OP stack. Market activity was also up, with data from CoinGecko showing trading volume rose nearly 90% in 24 hours to over $733 million – suggesting bulls were in control following this news release.
Could We See A New All-Time High?
Optimism price reached its all-time high of $3.19 back in early February 2021 and with a positive technical outlook in place, it’s likely we could see a new all-time high for OP/USD if current bullish sentiment continues over time.
As an Ethereum Layer 2 solution using Optimistic Rollups to increase transaction speed and reduce gas fees, Optimism is one of the top chains in the Ethereum ecosystem – and looks set for further gains following this recent news from Coinbase about their launch of Base on Optmimism’s blockchain network