Optimism Has Spiked To 8-Month High At $2.188 As Kraken Introduces USDT On OP Mainnet

Optimism has experienced a significant surge, reaching an 8-month high at $2.188, following Kraken’s announcement of Tether $USDT deposits and withdrawals now being available on Optimism through their platform.

👀 Kraken unleashing USDT on OP Mainnet https://t.co/CoJAkzZhRd

— Optimism (✨🔴_🔴✨) (@optimismFND) December 7, 2023

The native governance token for Optimism, OP, plays a vital role in this Layer 2 scaling solution integrated into the Ethereum network. By utilizing optimistic rollups technology, Optimism enhances transaction throughput and reduces fees on the Ethereum mainnet by consolidating multiple transactions. OP token holders enjoy the privilege of participating in decisions related to the protocol’s future development, upgrades, and parameters.

Kraken Speeds Up Tether Deposit And Withdrawal On Optimism 

Kraken’s facilitation of Tether (USDT) deposit and withdrawal on Optimism, coupled with the recent approval of Canyon (a permanent storage network based on Substrate) on OP Mainnet across superchains, has propelled the Optimism token to an impressive 8-month high, showcasing a gain of over 23%. Its current trading value stands at $2.188.

Yesterday, the governance vote for the first post-Bedrock network upgrade, Canyon, passed successfully. This means that as of Jan. 11, Canyon will be activated on OP Chain mainnets across the Superchain.

Node operators will need to upgrade their nodes before the Canyon upgrade!

— OP Labs (@OPLabsPBC) December 7, 2023

This development marks a pivotal moment in enhancing the utility and accessibility of the Optimism network, offering users improved capabilities for decentralized transactions and promoting wider adoption.

The notable surge in Optimism’s token value reflects the positive market sentiment surrounding these advancements, underlining a significant milestone for both the Optimism protocol and its community.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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