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Optimism Token Up 6.5% as Coinbase Builds Its Layer 2 on the Platform
The layer 2 network, called Base, won't have a native token.
Updated Feb 23, 2023, 3:30 p.m. Published Feb 23, 2023, 2:08 p.m.
The price of optimism token (OP) rose by 6.5% Thursday after Coinbase (COIN) said it is building its layer 2 blockchain using the OP Stack in collaboration with Optimism.
OP is the native token of the Optimism protocol, a layer 2 scaling tool for the Ethereum blockchain that launched last year. It was recently trading at $3.04 following the Coinbase announcement.
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Coinbase's layer 2 blockchain, aptly named Base, won't feature a native token, unlike other layer 2 blockchains such as Polygon (MATIC). The price of MATIC was little changed following the announcement.
The first phase of Base will be a test network, but it's expected that the first decentralized exchange, lending protocol and decentralized apps (dapps) will perform well once the mainnet is live, as similar products surged in volume on protocols like Arbitrum, Polygon and Optimism.
This isn't Coinbase's first foray away from being a typical exchange. Last year, it opened a non-fungible token (NFT) marketplace, but volume has been low, compared with the volume on competitors OpenSea and LooksRare, according to data from Dune Analytics.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
Cosa sapere:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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