Nexo lists Optimism’s OP token

By:
on Jul 13, 2022
  • Optimism is the latest layer 2 solution whose token is live on Nexo.
  • The listing allows anyone to buy, borrow and spend OP tokens.
  • The Ethereum layer 2 scaling solution launched the OP token in May.

Nexo, one of the leading crypto platforms seeing ‘business as usual’ amid a bearish market, has added a “dose of optimism” for the community via the listing of OP, the native token of Ethereum layer 2 scaling solution Optimism.

In an announcement shared with Invezz, Nexo said that with OP token’s listing, can now buy, exchange, spend and borrow” the tokens on the exchange.

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What is Optimism (OP)?

As pointed out, Optimism is an Ethereum layer 2 scaling solution that launched in January 2021, with development boasted by a $25 million venture funding from Andreessen Horowitz.

One of the leading smart contracts-enabled layer 2 solutions on Ethereum, Optimism supports mainnet decentralized applications (dApps) to scale via its Optimistic rollups technology.

The technology allows for large transactions to be processed on the Optimism chain, with validation on the Ethereum mainnet – helping to scale the world’s largest smart contracts network.

Optimism launched its native token on 31 May, 2022, with 214 million OP tokens airdropped to 231,000 wallet addresses.

OP is live on Nexo: what can you do?

Nexo’s listing of OP tokens allows anyone who wasn’t lucky enough to be among the airdrop recipients to scoop up some while also enjoying other benefits.

  • Buy: Buying is within seconds and at zero fees once you have an account. Use your card to buy OP and enjoy up to 0.5% back.
  • Exchange: Nexo allows for easy OP swaps  on the Nexo Exchange. There are six pairs OP/BTC, OP/USDC, OP/USDT, OP/EURx, OP/GBPx, and OP/USDx
  • Borrow: You can borrow against your OP with rates on Nexo as low as 0% APR.
  • Spend: Nexo Card allows you to use your OP as collateral.
  • Boost: With Nexo, you can leverage your portfolio to get up to 3x more OP.

 The OP token currently trades around $0.44 in the market.

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