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What Is Optimism Token?

What Is Optimism Token?

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DateAug 19, 2023

Key Takeaways:

  • OP is the native governance token of Optimism, a Layer-2 network built to address Ethereum’s scalability challenges.

  • Optimism utilises a technology called optimistic rollups to bundle transactions and reduce fees on the Ethereum network.

  • OP token holders can participate in the governance of Optimism through the Optimism Collective.

  • Users can acquire OP tokens through exchanges, trading platforms, airdrops, or by participating in Optimism’s ecosystem.

Introducing the OP Token

OP is the native governance token of the Optimism network. It plays a crucial role in the direction and operation of the Optimism ecosystem, as OP token holders can participate in key decision-making processes and help shape the future of Optimism.

The OP token’s primary purpose is to enable token holders voting rights on proposals and changes to the Optimism network. This ensures that the community has a voice in the development and governance of the platform. OP token holders contribute to important decisions related to software upgrades, public-goods funding, and other aspects of the Optimism ecosystem.If you Want to Start a Blockchain Business, Reach - Best Blockchain Development Company

Understanding Optimism 

Before diving into the OP token, it’s important to understand the concept of Layer-2 scaling and how Optimism fits into the Ethereum ecosystem. Layer-2 scaling solutions are designed to alleviate the congestion on the Ethereum network by processing transactions off-chain and periodically posting them on the main Ethereum blockchain (Layer-1).

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Source- https://crypto.com/university/what-is-op-optimism

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