OP is the native currency of the Optimism chain, a Layer-2 network built on top of Ethereum. It is used for governance of the Optimism Collective.

Risk Rating
What we like
OP has intrinsic value via governance rights over the Optimism network. It is expected to accrue value at some point in the future from distribution of sequencer revenue to token holders.
What we like less
OP currently relies on a single centralized sequencer who is solely responsible for producing the Layer-2 blocks and posting transaction data back to the Ethereum Layer-1.
What it means for you
Offers you a great asset to bet on the long-term value accrual of network participants moving to faster and more scalable Layer-2 networks.
  • Optimism
Key Metrics
  • Market Cap: $956.3M
  • Fully Diluted Valluation: $6.4B
  • FDV / MC: 6.7
  • Ranking inside Exponential (excluding stables): #15
  • Circulating Supply: 644,594,782
  • Total Supply: 4,294,967,296
  • Total Supply: 4,294,967,296
  • Volume (24H): $114.1M
  • ATH: $3.22 (02/24/2023)
  • ATL: $0.40 (06/18/2022)
Risk Assessment
Asset Strength

OP is a low-cap asset that represents the protocol's native governance or utility token. OP is used for decentralizing the governance of the Optimism chain, but it is not used to pay for gas fees on Optimism. The asset has an uncapped supply.

Asset Volatility

OP is highly correlated to the overall market.


Optimism has no dependencies.

Things to know about OP

What is OP used for?

OP is a new type of governance token that does not provide token holders sole governance rights over the protocol. Instead, OP holders share governance rights with "appointed citizens". This is based on the working constitution per the Optimism Collective, which is a large-scale experiment in decentralized governance. Within the collective, OP holders and OP citizens equally coexist in order to balance short-term incentives with the foundation's longer term vision. The Optimism network currently generates revenue through a centralized sequencer, and is expected to share this with OP token holders at some point in the future.

OP tokenomics

OP launched with a total supply of ~4.3M tokens with a 2% perpetual inflation rate per year. The token supply allocation includes 20% to be used retroactively for public goods funding, 25% reserved for ecosystem funds, 19% airdropped to eligible users, 17% to investors, and 19% to core contributors. The majority of investors and core contributors are subject to 2-year lock-up periods. Tokens reserved for community are vested for 1 year or less.

How does OP accrue value?

OP token holders share governance rights with OP Citizens but maintain enough control over the Optimism network to accrue value. The network also generates revenue through its centralized sequencer. The sequencer's role is adding and ordering transactions to Optimism. It generates revenue by selling block space. The sequencer fee consists of the L2 execution fee and the L1 data fee. Currently, this revenue accrues to the Optimism Foundation, a non-profit that donates all surplus to fund public goods on the network. As more developers and users are incentivized, activity is expected to increase on the network, thus increasing demand for block space and creating a flywheel effect.

OP Pools