Ethereum

Rocket

Base

Optimism

Adam Cochran, a partner and professor, is bullish about OP, the native token of Optimism, the layer-2 scaling solution for Ethereum.&nbsp; 
Taking to X, Cochran is&nbsp;<a class="editor-rtfLink" href="https://twitter.com/adamscochran/status/1763224779954225228" target="_blank" rel="noopener nofollow">convinced</a>&nbsp;OP is undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange and investor in multiple products. In 2023, Coinbase backed the development of Base, a layer-2 scaling solution for Ethereum that uses Optimism infrastructure for its optimistic roll-up.&nbsp; 
<h2 id="op-will-rocket-because-of-coinbase-and-base">OP Will Rocket Because Of CoinBase And Base</h2> 
In coming up with this assessment, the investor highlights Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, as aforementioned, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels.&nbsp; 
Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in daily trading, will be crucial to Optimism’s success. This is particularly relevant when looking at OP prices when writing. <a href="https://www.tradingview.com/x/y8kk9nOt/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/y8kk9nOt/" alt="OP price trending upward on the daily chart | Source: OPUSDT on Binance, TradingView" width="1233" height="592"></a> 
When writing, OP is stable but up 220% from October lows. The token has been trending higher, benefiting from the broader crypto rally. Even so, though in an uptrend, OP has not reclaimed 2023 highs of around $4.2. 
To drive the point home, Cochran compares how the BNB Chain blew up in the number of active users. In the last bull run, the chain had an active decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The BNB Chain’s popularity and soft landing is because the smart contracts platform is associated with <a href="https://www.newsbtc.com/news/ethereum/justin-sun-moves-100m-to-binance-stacking-ethereum/" target="_blank" rel="noopener ">Binance</a>, the world’s largest cryptocurrency exchange.&nbsp; 
Further to the point, the success of Solana, the partner argues, lends its success to the now-defunct FTX. At its peak, FTX injected billions to fund the development of Solana. It was also actively involved in financing some of Solana’s active protocols.&nbsp; 
<h2 id="the-great-convergence-of-supportive-events">The Great Convergence Of Supportive Events</h2> 
Presently, Coinbase is streamlining its operations, recently stopping support for Bitcoin, Litecoin, and other UTXO tokens via Coinbase Commerce. Their&nbsp;<a class="editor-rtfLink" href="https://twitter.com/brian_armstrong/status/1758962246175408414" target="_blank" rel="noopener nofollow">focus</a>&nbsp;is on Ethereum-compatible tokens, which could provide hints that Coinbase Commerce might soon be integrated into Base. 
From the protocol level, Ethereum plans to implement upgrades to make transacting on layer-2 platforms even cheaper. The Dencun Upgrade is scheduled for March and will see Ethereum enhance as part of its long-term scaling roadmap. 
<img loading="lazy" decoding="async" class="size-full wp-image-590936" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot559.png?resize=970%2C501" alt="Optimism TVL | Source: L2Beat" width="970" height="501" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot559.png?resize=970%2C501?w=970 970w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot559.png?resize=970%2C501?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot559.png?resize=970%2C501?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot559.png?resize=970%2C501?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot559.png?resize=970%2C501?w=750 750w" sizes="(max-width: 970px) 100vw, 970px" data-recalc-dims="1"> 
L2Beat data on March 1&nbsp;<a class="editor-rtfLink" href="https://l2beat.com/scaling/summary" target="_blank" rel="noopener nofollow">shows</a>&nbsp;that Optimism has a total value locked (TVL) of $7.8 billion, roughly half that of Arbitrum. Meanwhile, Base has been rising up the rankings, commanding a TVL of approximately $1 billion.

Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base

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