OP is the native governance and utility token of Optimism, a Layer 2 scaling solution for Ethereum that uses optimistic rollups to increase transaction throughput and reduce fees.
Description: Optimism is a Layer 2 blockchain built on top of Ethereum, designed to scale the Ethereum network by processing transactions off-chain and submitting batched data to the main chain. It uses optimistic rollups, which assume transactions are valid by default and only run fraud proofs in case of disputes. The OP token is used for governance, allowing holders to vote on protocol upgrades and parameters. It also incentivizes network participants and aligns stakeholders. Launched in 2021, Optimism has become a major player in Ethereum scaling, hosting numerous DeFi and NFT projects. Its ecosystem includes the Optimism Collective, which distributes retroactive public goods funding.
