Good day everyone,

I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. With the recent banner headline on Publish0x that the site is migrating to the Optimism Network, along with changing its tipping tokens to both $OP and $ETH, its time to check out what the Optimism Network is like.

Optimism Network

Optimism is a Layer 2 network focused on scaling Ethereum applications through the use of Optimistic Rollups. These optimistic rollups basically work in a way which allows multiple transactions to be bundled together into a single batch, reducing the number of transactions to be processed on the Ethereum network. Optimism can achieve a 10–100x improvement in scalability, depending on the nature of the transaction, which also doing it at a fraction of the cost compared to Ethereum.

It is a fast, stable, and scalable blockchain which was built by Ethereum developers, for Ethereum developers. It was created as a minimal extension to existing Ethereum software, which basically means that OP Mainnet's Ethereum Virtual Machine's (EVM) architecture scale Ethereum apps without any issues. They are proud to claim that if an app works on Ethereum, it works on OP's Mainnet at a fraction of the cost.

The native governance token $OP is used to enable token holders voting rights on proposals and changes to the Optimism network. This will help to shape the future of Optimism and gives holders a voice in the direction of the network. This can be related to software upgrades, public-goods funding, and other aspects of the Optimism ecosystem. 

The $OP works as a standard ERC-20 token, and its governance features are facilitated through the Optimism Collective, a decentralised autonomous organisation (DAO). There are two main components to the Optimism Collectives: the Token House and the Citizens’ House.

The Token House

This is responsible for various governance proposals, such as software upgrades and protocol improvements. All token holders can participate in the decision-making process by voting on proposals using their OP tokens.

The Citizens’ House

This is currently under development and will focus on public-goods-funding decisions. Token holders will have the chance to contribute to projects that benefit the wider Optimism community.

The current price of $OP is hovering around $1.43 at the time of writing, although it did reach a peak of over $3 back at the beginning of 2023. Its all time high was achieved back in February 2023, where the price reached $3.22 (according to Coin Gecko).

Existing Tokens

For those who have been on Publish0x long enough, you will be well used to the switching of tokens at this stage. From FARM and FTM in the recent year or two, all the way back to BAT and LRC, the site has often changed its tipping tokens. While I cannot say for definite exactly how the swap will work this time considering the site is migrating to the Optimism Network, it is safe to say that users will have the option of withdrawing their existing tokens or allowing the site to swap them out for the equivalent value in $OP and/or $ETH.

An example of this was back when the site decided to move away from the $STA on the Phantom network back in July 2022, and instead began tipping in $ETH. Users were given a deadline to decide whether or not to withdraw their existing balances, or leave them on the site. If the balances remained, then they were automatically swapped out and replaced with the new token. An example of how this worked is shown below, where the $STA was automatically swapped out for its same value in $ETH.

I would assume a similar process will happen this time around, although it will be interesting to see exactly what happens as the Optimism Network has its own version of $ETH on its blockchain, similar to how Polygon has $WETH on its network. I am sure more information on this will be announced in the coming weeks as the site moves towards its migration onto the Optimism Network.

Projects on Optimism

Currently there are a number of interesting projects on the Optimism network. Among the categories are DeFi, NFTs, Bridges, Wallets, Tools, and Portfolio Trackers. The main players such as Uniswap, 1Inch, and MetaMask have all incorporated the Optimism Network into their D'apps, while there are plenty of options in terms of DeFi and much much more. The ecosystem of Optimism is constantly growing and the options are endless for those who love to delve into Web3.

Exciting times ahead for all Publish0x users, and great news that the $OP token will be tipped alongside $ETH. Its always great to get exposure to new tokens and a new blockchain, and this can only be a good thing for Publish0x users going forward.

Have a great day.

Peace. CryptoGod-1.

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