• Coinbase has launched an Ethereum scaling solution called Base, which has driven buying pressure across multiple Optimism ecosystem tokens.
• OPX Finance’s token OPX has soared 182% in the last 24 hours and has been further strengthened by a successful burn of 15,200 tokens.
• Other tokens to experience sharp price gains following the news include Sonne Finance (SONNE) and VELO (VELO).
New Ethereum Scaling Solution from Coinbase
Coinbase, one of the major crypto exchanges, recently announced the launch of Base – a Layer 2 blockchain that leverages Optimism’s OP stack. This news sent buying pressure across multiple Optimism ecosystem tokens including OPX Finance (OPX), Sonne Finance (SONNE), and VELO (VELO).
OPX Token Soars 182% in 24 Hours
The native token of the decentralised finance ecosystem platform OPX saw its value skyrocket by 182% in the last 24 hours. Its price rose from lows of $4.78 to highs of $8.58 at 6:00 am ET on Friday due to fresh momentum resulting from Coinbase’s announcement as well as a successful burn involving 15,200 OPX tokens. The token was oscillating near $7.89 amid some profit booking at the time of writing.
Other Tokens Experiencing Price Gains
Apart from OPX, other tokens that have also seen sharp price gains due to the Base L2 launch include Sonne Finance’s SONNE and VELO’s VELO token. SONNE is a lending protocol that enables users to borrow various digital assets with ease while VELO is a stablecoin built on top of Optimism technology for fast decentralized transactions with low gas fees. Both these tokens experienced significant price increases following Coinbase’s announcement.
Benefits From Coinbase’s Launch
The benefits associated with Coinbase’s launch are not limited to just higher prices for these digital assets but also extend towards faster transaction speeds and lower gas fees for users who wish to use digital assets built on top of Optimism technology such as VELO stablecoin or any other digital asset available in their platform. This is sure to bring more people into cryptocurrency markets as well as increase demand for these coins and tokens going forward..
Coinbase’s latest move marks yet another milestone in decentralised finance ecosystems powered by Ethereum-based platforms such as Optimism whose native token OPX saw huge gains over the course of this week due to its inclusion in Base L2 network along with other Optimism-based coins such as SONNE and VELO which also experienced notable price increases following this news release.