Can Optimism [OP] benefit from the latest Coinbase move?

Optimism protocol may reap benefits from Coinbase’s new product. However, its token may get impacted negatively. The much-awaited Coinbase layer 2 solution will be launching on the Optimism network very soon. It’s important to note that multiple factors are in favor of Coinbase’s new initiative. The success of Coinbase’s layer 2 solution could have a […]

The exchange would be contributing a portion of its fees collected on its network to the Optimism protocol. With the help of the fees collected through Coinbase, Optimism can earn more revenue.

This would make the Optimism network more attractive to crypto users and it would help the layer 2 solution outperform its competitors such as Arbitrum.Even though the Coinbase collaboration may help improve the conditions of the Optimism protocol, it may not have the same effect on the OP token. This is because USDC is issued by Centre, a consortium co-founded by both Circle and Coinbase. If USDC does end up becoming the native token of Coinbase’s layer 2 solution, OP may not be able to reap the same rewards as the Optimism protocol.However, for the time being, OP observed a lot of growth. According to Santiment’s data, both its prices and volume continued to rise.

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