Rumor has it that Optimism is launching its own token, but several clues have recently emerged that confirm this.
Why is a token rumored for be launch soon?
According to Twitter users, Coinbase has added a pricing page for an Optimism token. It doesn’t show any price information, but it does include the name Optimism, implying that a token is on the way. Coinbase Wallet has already been integrated into the Optimistic Rollup testnet of Optimism in 2020, so the fact that the token could be listed on Coinbase at launch is not surprising, however, neither Coinbase nor Optimism have confirmed the launch of the token.
Another sign that the token is not far off is that Optimism published a blog post yesterday outlining the scaling solution’s plans for the coming months. He mentions that he is “approaching the end of one chapter and the beginning of the next, driven by community ownership and governance”. This appears to be a foreshadowing of the launch of a governance token to decentralize the network.
Some details on Optimism
Optimism is a blockchain scaling solution for Ethereum that aims to increase transaction rates while reducing transaction fees. Scaling solutions like this have recently attracted the interest of institutional investors. Optimism, for example, recently announced a $150 million funding round led by Andreessen Horowitz and Paradigm, valued at $1.65 billion.
Many Layer 2 solutions have been launched in the past few years, but Optimism has managed to rank in the top 3 of TVL (Total Value Locked) according to L2BEAT. It currently has a TVL of $590 million and protocols like Synthetix, Uniswap, Lyra, and Perpetual Protocol are deployed on the solution, but its competitor Arbitrum has a TVL of $3.68 billion, putting it ahead of Optimism.