Optimism might see OP go high after these developments

Optimism, the Layer-2 scaling answer, is one which was hit by a large bear wave over the past weekend. However, 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 printed by OP Labs, the group introduced its transaction system referred to 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 can be just like a Web2.0 service referred to as “If This Then That” (ITTT) which permits executing transactions underneath sure circumstances. Interestingly, the most recent integration with Chainlink can be anticipated to assist the Drippie mechanism.

It’s a ‘Curve’ball

In reality, Curve Finance has additionally submitted a grant proposal to Optimism in response to an Optimism update despatched out on 24 July. The proposal, which is but to be permitted by Optimism, goals to extend liquidity. This will successfully enhance the worth of the Optimism community and consequently have an effect on the OP token.

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According to the proposal, a million OP tokens value roughly $850,000 might 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.

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

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

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

Meanwhile, the OP token continues to go underneath because the crypto reduction rally takes a serious blow.

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

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