Optimism might see OP go high after these developments

Optimism, the Layer-2 scaling resolution, is one which was hit by an enormous bear wave during the last weekend. Nonetheless, that’s not all there could also be in retailer.

Optimism could also be on the verge of a breakthrough after the discharge of some main updates. As per a tweet revealed by OP Labs, the group introduced its transaction system known as Drippie.

With the launch of Drippie, Optimism goals to deal with automation issues with on-chain exercise. Drippie is a “trust-minimised Ethereum-native conditional transaction system” as per the group.

It’s also much like a Web2.0 service known as “If This Then That” (ITTT) which permits executing transactions below sure situations. Apparently, the newest integration with Chainlink can also be anticipated to assist the Drippie mechanism.

It’s a ‘Curve’ball

The truth is, Curve Finance has additionally submitted a grant proposal to Optimism in line with an Optimism update despatched out on 24 July. The proposal, which is but to be accredited by Optimism, goals to extend liquidity. This may successfully improve the worth of the Optimism community and consequently have an effect on the OP token.

Based on the proposal, a million OP tokens price roughly $850,000 will likely be distributed over 20 weeks on the Curve pool.

The OP tokens will act as incentives to liquidity suppliers (LPs) on Curve’s gauged swimming pools on Optimism.

Optimism can count on to see a rise in bridged property, largely stablecoins, to the community as LPs search superior yield alternatives on Curve.

Moreover, the rising incentives are anticipated to draw LPs on Optimism. This may, in flip, stimulate the utility of Optimism swimming pools.

The utility will then incentivize veCRV tokens extra “closely wight these swimming pools.” Lastly, with these rising incentives, Curve expects a rising curiosity of LPs in Optimism.

In the meantime, the OP token continues to go below because the crypto reduction rally takes a serious blow.

The place’s the token?

Optimism’s native OP token stood at $0.77 at press time. The token was the recipient of a giant blow through the weekend sell-off and took an 11.3% drop since 25 July.

Whether or not the proposal is accepted or not, the token nonetheless holds a place within the listing of badly-performing tokens, particularly within the present market situation.