Optimism’s OP token jumps 10% to $0.80 with 200% trading volume surge after Upbit listing, boosting liquidity and DeFi appeal.
OP, the native token of Optimism, a Layer-2 Ethereum scaling solution, is experiencing a substantial 10% increase in value due to its most recent listing on Upbit, a cryptocurrency exchange in South Korea. The Optimism price has surged above $0.80 due to this new listing, which has also led to a significant increase in liquidity. The daily trading volume has also increased by 200% to exceed $340 million.
The Optimism Price Experiences a Significant Jump Following the Upbit Listing
The listing of Optimism (OP), a Layer 2 scaling solution for Ethereum, on the Upbit platform was announced by one of South Korea’s largest crypto exchanges today. According to the crypto exchange, trading will commence on July 28 at 16:30 KST. Deposits and withdrawals will be accessible within two hours immediately following the announcement. The OP token will be traded against the KRW, BTC, and USDT pairs.
As a result of the new exchange listing, OP experienced a significant increase in price and trading volumes, which was a much-needed liquidity boost. The recent ecosystem upgrades and forthcoming DeFi launches have fueled a bullish sentiment on social platforms. Bitcoin and other digital assets are also experiencing an increase in value today due to the US-EU trade agreement.
The OP token has recovered from last week’s losses due to the Optimism price increase that occurred today. The Ethereum Layer-2 token has already experienced a 52% increase on the monthly chart and participated in the crypto market rally in July. This places OP among the top DeFi coins on investors’ radar.
Launch of the Optimism Superchain Upgrade
The most recent upgrade, which includes modifications to smart contracts, is another factor contributing to the price recovery of Optimism. The latest Superchain Upgrade 16 incorporates smart contract modifications to enhance interoperability throughout the Superchain ecosystem.
The update enhances the network’s security posture and decentralization by ensuring that OP Mainnet, Base, Mode (Ink), and Zora (Unichain) comply with L2Beat’s revised Stage 1 criteria for Layer-2 chains.
Additionally, the update incorporates technical enhancements to the OP Stack. Consequently, it significantly enhances gas limits to 500 million per block, facilitating increased transaction throughput and scalability across supported chains.