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The past 24-hours have seen a significant push in the trading price of Optimism. The value of the asset has been pumped by 11% in the mentioned period.
The reason why Optimism has experienced the push is that the investors becoming bullish about the future performance of the protocol.
Coinbase Using Optimism Technology
Coinbase, the second-largest name in the world of crypto exchanges, is set to achieve higher goals in the ongoing year. To achieve this, the exchange has been coming up with several upgrades to its services and protocols.
The latest upgrade that the exchange is aiming to introduce is the induction of its own blockchain. The sources reveal that the platform has been eager to introduce a network for Ethereum that will be layer-2 in nature.
In the token’s favor, Coinbase has tapped into Optimism technology for the formation of the new blockchain network.
Optimism’s Price Surge
Once the announcement was made, a great investor influx was witnessed in favor of the Optimism token.
In a matter of 24-hours, a strong 11% rally was formed that pushed the asset’s price higher. At the time of writing, the price of the Optimism token is at a high of $3.14.
Investors wanting to know about the asset’s performance in the past will be surprised to see how well it has performed.
The 7-day performance chart shows that the trading price of the asset has surged by 20%. The past 30-day performance chart shows that the value of the asset has been pushed up by 58%.
Compared to all the factors, it is the growing utility of the Optimism network that is helping the protocol increase its demand in the market.
With more technological utility, the demand for the token powered by the Optimism network would rise. This is eventually going to help Optimism achieve new milestones with respect to its value and growth.
Great Help for Optimism
Optimism is new to the crypto-blockchain industry and it has yet to prove its worth against the major protocols.
Coinbase is the name in the crypto world that is going to help it earn the respect it deserves in the industry. The ecosystem of Optimism is far from completion but the network has increased its efforts to make it happen.
The latest collaboration between Coinbase and Optimism technology holds a lot of significance for the entire protocol.
The open-source OP Stack technology offered by Optimism is what Coinbase is aiming to use for the development of the layer-two sidechain.
This is going to help the Optimism protocol a lot in fulfilling its mission of a remarkable ecosystem in the near future.
The protocol wants to fulfill its goal by the end of 2023 and Coinbase may help it get there.
Ethereum to Help Optimism
With so many developments taking place in the world of Ethereum, Coinbase, and then Optimism, the value of its latter’s token would eventually rise tremendously.
Despite the recent lows, the overall performance of the Ethereum blockchain has been extremely well. It has been performing better than Bitcoin since the New Year has begun.
When it comes to Coinbase, it is launching a blockchain and a bridge dedicated to Ethereum and Optimism is offering its helping hand there.
As the blockchain goes live, the utility of Coinbase would increase and as the price of Ethereum grows, more utilization would fall in favor of Optimism.
This is a clear example of each party involved in the particular development is hitting three birds with a single stone.
Coinbase and Ethereum are already well-established in the crypto industry so Optimism will be able to gain the most from the project.
At the moment, Optimism’s trading price is hovering at $3.14 and there is strong resistance at $3.15. If more optimistic data keeps coming in favor of the protocol, the asset’s price may surge to higher levels.
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