Bitget App
Trade smarter
MarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Blockchain
What is Optimism and What’s in Its Ecosystem?

What is Optimism and What’s in Its Ecosystem?

Beginner
2023-03-03 | 5m

Optimism is a Layer 2 scaling solution for Ethereum. Like Arbitrum, Optimism is of the Optimistic Rollup faction, designed to speed up Ethereum transactions and cut their ever-increasing gas fees. In this article, we will take you through the basic features and benefits of Optimism and take a tour into its vast, diversified ecosystem.

What is Optimism?

Optimism is built on the idea of Optimistic Rollup which, in short, is an ‘all’s well if no one protests’ approach toward processing and verifying transactions. Optimism rolls up transaction data from the Ethereum main chain, settles them in one bundle, and sends it back to the mainnet for validation. This way, gas fees can be 10 times cheaper than they are on Ethereum.

With its ability to save immense transaction costs - over $1B, according to them - Optimism has had an exponential growth over the past year, boasting over 3,000% growth in daily active users and 60% growth in transaction fees. Optimism’s native token, OP, also soars with such growth, presenting over 200% increase since the crypto market hit its rock bottom last November, miles ahead of many other major cryptocurrencies.

What’s in Optimism’s ecosystem?

Every Ethereum dApp can be deployed on Optimism with minimal modification. This helps curate a burgeoning ecosystem on Optimism, especially in the DeFi section.

Synthetix

Built on Optimism, Synthetix (SNX) is a decentralized exchange (DEX) and a platform for synthetic assets - synths. These synths allow you to expose yourself to various underlying assets without having to hold them. You can trade and exchange these synths and a share of your trading fees will be paid to all SNX - Synthetix’s native token - holders.

Synthetix also has an ecosystem of its own. With sUSD - synth USD, you can even trade spot, options and futures within this ecosystem.

Like OP, SNX has also climbed by almost 200% since last November, demonstrating its vast potential and beating the market in the process.

Velodrome Finance

Velodrome Finance (VELO) is an automated market maker (AMM) designed as the central trading and liquidity marketplace on Optimism Network. Unlike other AMMs, Velodrome rewards liquidity providers with tokens proportional to trading fees, not the amount of liquidity. This can drastically reduce ‘Farm Dumps’ and provide fair compensations for potential impermanent losses.

VELO has also had a great quarter, soaring over 1,000% since last November and still frequents our gainers list till this day.

Stargate Finance

As its name suggests, Stargate Finance (STG) is a fully composable liquidity transport protocol at the heart of Omnichain DeFi, a gateway for cross-chain asset transfer. Other dApps can also integrate Stargate to enable cross chain swaps and asset deployments. Stargate now supports multiple Layer 1 and Layer 2 blockchains including Ethereum, BNB, Avalanche, Polygon, Arbitrum, Fantom, and Optimism.

Like other DeFi protocols, Stargate’s native token STG has also had a good looking quarter with over 200% price increase since last November.

…And there’s more!

As the world’s largest copy trading platform, Bitget is actively expanding the variety of assets in our Spot Market. Now, with our dedicated Optimism Zone, anyone can discover and trade the latest and hottest assets in the Optimism ecosystem and beyond!

Where to find Bitget’s Optimism zone?

You can either access Bitget’s Optimism from our market page by scrolling down and click on ‘Optimism’:

What is Optimism and What’s in Its Ecosystem? image 0

Alternatively, you can access it from our Spot Trading page by clicking on ‘Optimism’ under the AI toggle:

What is Optimism and What’s in Its Ecosystem? image 1

Register now to start your easy, vibrant crypto trading journey at Bitget!

Share
link_icon
How to sell PIBitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
We offer all of your favorite coins!
Buy, hold, and sell popular cryptocurrencies such as BTC, ETH, SOL, DOGE, SHIB, PEPE, the list goes on. Register and trade to receive a 6200 USDT new user gift package!
Trade now