TLDRCoinbase’s Base Layer 2 network has gone open-source to promote transparency and community contributions. This move simplifies development tasks and fosters collaboration.Optimism (OP), an Ethereum Layer 2 network, is set...
TLDR
Optimism (OP), an Ethereum Layer 2 network, is set for a significant token release on October 30, 2023, matching the value of a prior release.
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Coinbase’s Base Layer 2 network recently open-sourced its code repositories to enhance transparency and encourage contributions from the public. Meanwhile, Optimism (OP) is preparing for a substantial token release, generating excitement in the crypto market.
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Coinbase’s Base goes open source, boosting transparency and development
The Base Layer 2 network, incubated by Coinbase, recently made its code repositories open-source. This move aims to increase transparency and encourage public contributions to the project. Developers can now access Base’s core code, simplifying tasks from contract management to deployments.
Base’s decision to open its code aims to engage a broader developer community and harness collective expertise to boost its infrastructure. It also provides a platform for feedback, potentially revealing areas for improvement and undiscovered bugs.
Open sourcing, particularly in the crypto sector, serves multiple purposes. When Base publicly shares its smart contract repositories on platforms like GitHub, it provides transparency into its on-chain activities. This transparency can accelerate community-led audits, leading to quicker vulnerability fixes.
Optimism (OP) token release causes excitement in the crypto market
Optimism (OP), an Ethereum Layer 2 rollup network, is scheduled for another token release on October 30, 2023.
Following the unlocking of 14.16 million Optimism (OP) tokens, valued at approximately $32 million on September 30, the upcoming release will be of equal value. In expectation of this event, the token saw a 5% increase on October 24, benefitting from the overall positive sentiment in the crypto market due to Bitcoin’s surge. OP also surged in July amid a token unlock.
The unlock represents 2.74% of Optimism’s (OP) circulating supply, making it a significant event with potential price implications. According to Token Unlocks data, 18.04% of Optimism (OP) tokens, totaling 774.78 million OP, have already been unlocked. Meanwhile, 24.75% of the total supply, around 1.06 billion Optimism (OP) tokens, remains locked.
As per data from Optimism, the current OP token allocation is as follows: 23.6% for core contributors, 23.6% for airdrop recipients, and 21.1% for investors.
On October 25, 2023, Optimism (OP) was trading at $1.37. Experts say Optimism (OP) will rise to $1.52 by the end of the year, supported by a bullish momentum in the entire crypto market.
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