Optimism’s native token, OP, is now available on Okcoin.
Customers can now deposit, withdraw, and trade OP tokens via Okcoin.
As noted in the update, all Okcoin customers “except for residents of the EU, the UK, Singapore, and Brunei” may trade OP tokens. As confirmed in the announcement, deposits are “live as of July 5.” And withdrawals/trading are “live as of July 6.”
The variable and often high transaction (gas) costs of Ethereum have “been a major topic of discussion over the past few years.” Many traders find themselves “paying upwards of $150 on one transaction.”
While there are hundreds of cheaper smart contract platforms to choose from (such as Solana, Cardano, and Polkadot), “many don’t because they believe strongly in the future of Ethereum.”
As Ethereum grew in popularity, “so too did the need for layer 2 scaling solutions (decentralized protocols that increase a blockchain’s processing capacity and relieve network congestion).”
As noted in the update from Okcoin, Optimism is “one such solution, making Ethereum transactions cheaper and faster.”
Using a construction called optimistic roll-ups, Optimism is able “to combine hundreds of smaller transactions into a single larger transaction.” To do this, transaction data “is stored on-chain while computation is carried out off-chain.”
The key use case for OP, beyond providing financial support to developers and projects, is governance.
The Token House and the Citizens’ House “are the two components that make up the Optimism Collective — a massive experiment in decentralized governance.”
Together, the collective “drives the long term vision of the protocol.” The protocol, just announced in May 2022, already “has a market value of $115 million, and it intends to keep expanding via more airdrops in the future.”
In another update, Okcoin noted that with most of the crypto market down about 60% since various all-time-highs, we’re “clearly in a bear market – for now.”
Since prices trend in opposite directions, trading in a bear market “may require different strategies than during a bull market.”
As noted by Okcoin:
“Depending on what you think is coming next, specific tools are available. Among these tools, the type of trading order you’re going to enter is especially important.”
There are nany different types of orders such as: Market orders; Limit orders; Stop orders.
For more details on this update, check here.
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