{"id":590935,"date":"2024-03-01T18:00:06","date_gmt":"2024-03-01T18:00:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=590935"},"modified":"2024-06-11T08:34:11","modified_gmt":"2024-06-11T08:34:11","slug":"op-is-undervalued-skyrocket-coinbase-base","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/op-is-undervalued-skyrocket-coinbase-base\/","title":{"rendered":"Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base"},"content":{"rendered":"

Adam Cochran, a partner and professor, is bullish about OP, the native token of Optimism, the layer-2 scaling solution for Ethereum.\u00a0<\/span><\/p>\n

Taking to X, Cochran is\u00a0<\/span>convinced<\/span><\/a>\u00a0OP is undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange and investor in multiple products. In 2023, Coinbase backed the development of Base, a layer-2 scaling solution for Ethereum that uses Optimism infrastructure for its optimistic roll-up.\u00a0<\/span><\/p>\n

OP Will Rocket Because Of CoinBase And Base<\/span><\/h2>\n

In coming up with this assessment, the investor highlights Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, as aforementioned, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin OTC Desks \u2018Dried Up To 40 BTC\u2019: What This Means<\/a><\/div>\n

Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in daily trading, will be crucial to Optimism’s success. This is particularly relevant when looking at OP prices when writing.<\/span><\/p>\n

\"OP<\/a>
OP price trending upward on the daily chart | Source: OPUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

When writing, OP is stable but up 220% from October lows. The token has been trending higher, benefiting from the broader crypto rally. Even so, though in an uptrend, OP has not reclaimed 2023 highs of around $4.2.<\/span><\/p>\n

To drive the point home, Cochran compares how the BNB Chain blew up in the number of active users. In the last bull run, the chain had an active decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The BNB Chain’s popularity and soft landing is because the smart contracts platform is associated with Binance<\/a>, the world’s largest cryptocurrency exchange.\u00a0<\/span><\/p>\n

Further to the point, the success of Solana, the partner argues, lends its success to the now-defunct FTX. At its peak, FTX injected billions to fund the development of Solana. It was also actively involved in financing some of Solana’s active protocols.\u00a0<\/span><\/p>\n

The Great Convergence Of Supportive Events<\/span><\/h2>\n

Presently, Coinbase is streamlining its operations, recently stopping support for Bitcoin, Litecoin, and other UTXO tokens via Coinbase Commerce. Their\u00a0<\/span>focus<\/span><\/a>\u00a0is on Ethereum-compatible tokens, which could provide hints that Coinbase Commerce might soon be integrated into Base.<\/span><\/p>\n

Related Reading: Fetch.AI (FET) Surges 21%: Why This Rally Is Just Getting Started<\/a><\/div>\n

From the protocol level, Ethereum plans to implement upgrades to make transacting on layer-2 platforms even cheaper. The Dencun Upgrade is scheduled for March and will see Ethereum enhance as part of its long-term scaling roadmap.<\/span><\/p>\n

\"Optimism
Optimism TVL | Source: L2Beat<\/figcaption><\/figure>\n

L2Beat data on March 1\u00a0<\/span>shows<\/span><\/a>\u00a0that Optimism has a total value locked (TVL) of $7.8 billion, roughly half that of Arbitrum. Meanwhile, Base has been rising up the rankings, commanding a TVL of approximately $1 billion.<\/span><\/p>\n

Feature image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Adam Cochran, a partner and professor, is bullish about OP, the native token of Optimism, the layer-2 scaling solution for Ethereum.\u00a0 Taking to X, Cochran is\u00a0convinced\u00a0OP is undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange and investor in multiple products. In 2023, Coinbase backed the development of Base, a layer-2 scaling solution for Ethereum that uses Optimism infrastructure for its optimistic roll-up.\u00a0 OP Will Rocket Because Of CoinBase And Base In coming up with this assessment, the investor highlights Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, as aforementioned, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels.\u00a0 Related Reading: Bitcoin OTC Desks \u2018Dried Up To 40 BTC\u2019: What This Means Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in daily trading, will be crucial to Optimism’s success. This is particularly relevant when looking at OP prices when writing. When writing, OP is stable but up 220% from October lows. The token has been trending higher, benefiting from the broader crypto rally. Even so, though in an uptrend, OP has not reclaimed 2023 highs of around $4.2. To drive the point home, Cochran compares how the BNB Chain blew up in the number of active users. In the last bull run, the chain had an active decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The BNB Chain’s popularity and soft landing is because the smart contracts platform is associated with Binance, the world’s largest cryptocurrency exchange.\u00a0 Further to the point, the success of Solana, the partner argues, lends its success to the now-defunct FTX. At its peak, FTX injected billions to fund the development of Solana. It was also actively involved in financing some of Solana’s active protocols.\u00a0 The Great Convergence Of Supportive Events Presently, Coinbase is streamlining its operations, recently stopping support for Bitcoin, Litecoin, and other UTXO tokens via Coinbase Commerce. Their\u00a0focus\u00a0is on Ethereum-compatible tokens, which could provide hints that Coinbase Commerce might soon be integrated into Base. Related Reading: Fetch.AI (FET) Surges 21%: Why This Rally Is Just Getting Started From the protocol level, Ethereum plans to implement upgrades to make transacting on layer-2 platforms even cheaper. The Dencun Upgrade is scheduled for March and will see Ethereum enhance as part of its long-term scaling roadmap. L2Beat data on March 1\u00a0shows\u00a0that Optimism has a total value locked (TVL) of $7.8 billion, roughly half that of Arbitrum. Meanwhile, Base has been rising up the rankings, commanding a TVL of approximately $1 billion. Feature image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":523139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[84309,87132,1393,1946,84942,71704,86072,86529,11738,87651,86141,83626,85361],"class_list":["post-590935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arbitrum","tag-bnb-chain","tag-coinbase","tag-ethereum","tag-ethereum-layer-2","tag-ftx","tag-op","tag-op-price","tag-optimism","tag-optimism-price","tag-opusdt","tag-solana","tag-solana-price"],"acf":[],"yoast_head":"\nAnalyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base<\/title>\n<meta name=\"description\" content=\"OP, the token priming the Optimism layer-2, will rally because of Coinbase and Base. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base","url":"http:\/\/uniquehot.com\/news\/op-is-undervalued-skyrocket-coinbase-base\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/op-is-undervalued-skyrocket-coinbase-base\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?fit=1280%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["arbitrum","bnb chain","coinbase","ethereum","ethereum layer 2","ftx","op","op price","optimism","optimism price","opusdt","solana","solana price"],"dateCreated":"2024-03-01T18:00:06Z","datePublished":"2024-03-01T18:00:06Z","dateModified":"2024-06-11T08:34:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/op-is-undervalued-skyrocket-coinbase-base\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/op-is-undervalued-skyrocket-coinbase-base\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?fit=1280%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"arbitrum\",\"bnb chain\",\"coinbase\",\"ethereum\",\"ethereum layer 2\",\"ftx\",\"op\",\"op price\",\"optimism\",\"optimism price\",\"opusdt\",\"solana\",\"solana price\"],\"dateCreated\":\"2024-03-01T18:00:06Z\",\"datePublished\":\"2024-03-01T18:00:06Z\",\"dateModified\":\"2024-06-11T08:34:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/590935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=590935"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/590935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/523139"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=590935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=590935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=590935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}