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Optimism (OP) up 16%, Here Are 2 Key Factors Fueling Its Bullish Sentiment

Wed, 03/01/2023 - 13:09
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Godfrey Benjamin
Optimism may be biggest beneficiary of Base protocol hype
Optimism (OP) up 16%, Here Are 2 Key Factors Fueling Its Bullish Sentiment
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Getting bullish sentiment that can fuel a sustained short- or long-term rally in the highly volatile Web3.0 ecosystem is very hard to come by nowadays. Despite this reality, Optimism is riding on this wave, which has pushed its price to $2.82, up 0.61% on the daily and by 16.67% in the trailing seven-day period.

Optimism-USD Weekly Chart
Image Source: CoinMarketCap

For Optimism, the major sentiment it is riding on right now is its affiliation with Coinbase Exchange's own Layer 2 protocol, Base. Coinbase revealed that the Base protocol was built using the Optimism Stack, a revelation that has given additional credence to the high performance of the latter protocol.

The race among Layer 2 networks is growing at a sporadic rate, and while Polygon and Arbitrum are known as formidable competitors, Optimism has now obtained a major ally, whose growth may become a yardstick for its own success in the long term.

Optimism (OP) Maintains 10% Weekly Growth Amid Hard Fork Update: Details

A number of outfits have already affirmed that they will be integrating the Base L2 network. These include but are not limited to Dune Analytics and Animoca Brands, and the broader influence of these firms based on the highlighted correlation will further foster the growth of Optimism.

Imminent Optimism show-off

Amid its growing ecosystem count and adoption rates, members of the Optimism protocol are also expecting to see some showing off at the forthcoming ETHDenver 2023 Conference.

The expectation is that some new protocol upgrades will be announced, or additional partnerships that will help add to the bottom line of the Layer 2 network. Optimism started this year on a stellar note, with a steady price uptrend to show for it.

The protocol now ranks as a high-performance protocol that has been making the right alliances, including with the yet-to-be-launched competitor, Shibarium.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.