Kraken, the cryptocurrency exchange, has added yet another new coin to its platform. Optimism (OP), the cryptocurrency, will be available for trading and futures contracts on Kraken.
Kraken announced the new development on Twitter, indicating that the futures contracts facility including OP is already available on the popular trading site. Futures contracts enable a trader or investor to deal with an asset without directly owning it.
The exchange also taken the initiative to explain to users how to begin trading OP futures contracts on Kraken. To open OP futures contracts on Kraken, users must first deposit their USDT, USDC, or USD to the exchange’s futures wallet. These monies serve as security.
What Exactly Is Optimism?
According to its website, Optimism (OP) is a crypto network that runs on Ethereum’s Layer-2 (L2) blockchain. It takes pride in being equal to the Ethereum Virtual Machine (EVM), which means that any programs that work with EVM will also work with Optimism.
This equivalency to EVM was apparently reached following an upgrade in November 2021. In a recent tweet, Optimism reported a new milestone of reaching 10 million transactions since its debut.
OP Market Positions
A brief glance at OP’s market position on CMC reveals that the currency had a relatively balanced day. The current price is $1.36, a 1% decline from the previous day.
OP is now ranked 2,807 in the statistics, with an 18% rise in 24-hour volume to $628 million. However, its statistics reveal no undiluted market cap or circulating supply. The diluted market cap is approximately $5.98 billion.
Cryptocurrency prices typically rise after they are posted on an exchange. However, it is important to understand that the crypto market is now in a state of flux. Still, it remains to be seen whether Optimism will follow suit.