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Optimism’s OP Token Jumps Ahead of a16z Project Announcement
Traders anticipated Andreessen Horowitz's plans to build a scaling product on top of Optimism.
Optimism’s OP token recovered from early Wednesday's broad market sell-off amid news that venture-capital firm Andreessen Horowitz, which is also known as a16z, plans to build a "stack rollup" – a type of scaling product – on the blockchain.
The token was trading at $2.66 midday Wednesday, a 5% bump up from its 24-hour low. Most of the Wednesday rally immediately preceded Andreessen Horowitz's announcement at 10:49 am ET. OP had already rallied Tuesday on traders' speculation of an a16z deal before giving back its gains – and then some – alongside sizable declines in the broader cryptocurrency markets.
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Elizabeth Napolitano
Elizabeth Napolitano was a data journalist at CoinDesk, where she reported on topics such as decentralized finance, centralized cryptocurrency exchanges, altcoins, and Web3. She has covered technology and business for NBC News and CBS News. In 2022, she received an ACP national award for breaking news reporting.
