How to buy and hold OP with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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Optimism (OP) token review
OP is the native ERC-20 governance token of Optimism, a layer-2 blockchain designed to solve Ethereum’s scalability issues. OP allows its holders to vote in the governance decisions for Optimism’s ecosystem and ensures that the platform remains decentralized.
Optimism was launched in 2019, founded by Jinglan Wang and Benjamin Jones. Optimism solves Ethereum’s scalability issue by processing the transactions in batches using optimistic rollups. Optimism offers cheaper gas fees and fast throughput.
OP Use Cases
Governance: The OP token works on the Ethereum blockchain and follows the ERC-20 token standard. The Optimism Collective, a decentralized autonomous organization (DAO), is utilized to facilitate OP’s governance feature. The Optimism Collective consists of two main components: the Token House and the Citizens’ House.
The Token House is responsible for governance proposals. OP token holders have the power to decide the future scope of the Optimism ecosystem as the token gives them the right to vote on proposals or delegate their votes on matters such as protocol improvements, software upgrades, and project funding.
The Citizen’s House, currently under development, will focus on public goods funding decisions, giving the token holders the chance to give funding to projects that will benefit the Optimism ecosystem.
Rewards: The optimism ecosystem rewards its users, who contribute to the development, testing, or promotion of Optimism’s technology with OP tokens airdrop. Optimism has plans for multiple OP airdrops in the future.
OP has the maximum total supply of 4.29 Billion out of which 8% is currently circulating. The remaining tokens are allocated to the optimism core team(19%), user airdrops (19%), ecosystem fund (25%), public goods funding (20%), and Sugar Xaddies (investors) (17%).
Optimism plans to inflate the total supply of OP at a rate of 2% per year and 64% of the tokens will be managed and distributed to the community by its foundation, with 30% of the initial total supply going to the foundation for further distribution, although this percentage may change if voted by OP token holders.
Optimism blockchain has shown great potential as one of the leading solutions for Ethereum’s scaling problem but it's still in its early stages of development. Optimism has many other layer-2 solutions competing with it, offering similar or different features with lower gas fees such as Polygon, zkSync, and Validium. To stay ahead of them Optimism needs to focus on constant improvement and innovation.
You can buy OP tokens directly in the Wigwam crypto app or from trading platforms like Crypto.com, and centralized exchanges such as Coinbase, and Binance.
Optimism doesn’t support OP staking, and the primary role of the OP token is to enable its holder to participate in key decision-making of the Optimism ecosystem. However, it is possible to find DeFi platforms that might provide this option.
You can view it by visiting Optimistic Etherscan and entering your wallet address in the search bar.
Before adding OP to your crypto wallet, add Optimism network in your wallet by clicking on “Add Network” from the network menu, and make sure that the wallet supports ERC-20 tokens. The steps specifics might vary based on the wallet you are using, but the general steps to add OP tokens will be as follows:
Open your crypto wallet, click on the option of “Add tokens”, and then enter the OP token details as follows
- Token Contract Address: 0x4200000000000000000000000000000000000042
- Token Symbol: OP
- Decimal Precision: With 18 Decimals
After entering the token details click on “Save” to add the OP token to your wallet.
OP is a cryptocurrency and comes with a high risk of the crypto market and price volatility. It's essential to thoroughly investigate before investing in OP or any cryptocurrency. At the time of writing this article, The Bearish Bullish indicators are signaling 64% market sentiment on Optimism and a score of 75(Greed) on the Fear & Greed Index.