Optimism
Why Optimism is down 24.1% today
Analysis
Optimism (OP) fell 24.1% over the past 24 hours as traders reacted to Decrypt’s report that Coinbase’s Base network may move away from Optimism’s tech stack, raising concerns about reduced future demand or influence for Optimism’s ecosystem. While The Block noted a positive adoption signal with Ether.fi shifting its non-custodial crypto card product to OP Mainnet, that development wasn’t enough to offset the negative sentiment from the Base-related headline.
Contributing Factors (3)
Coinbase-Backed Ethereum Network Base to Dump Optimism Tech as Potential Token Looms
Ethereum layer-2 network Base is leaving behind the Optimism technology stack as it seeks faster upgrades and reduced overhead.
Ether.fi shifts non-custodial crypto card product to OP Mainnet from Scroll
Ether.fi will migrate roughly "70,000 active cards, 300,000 accounts, and millions in user TVL to Optimism," over the coming months.
Monad hires former FalconX, BVNK and Optimism executives
The appointments add traditional finance and institutional crypto experience as the layer-1 blockchain scales its post-launch strategy.
Move Details
Explanation Confidence
Moderate confidence. Multiple factors may be contributing.