How To Buy, Sell, And Trade Tokens On The Optimism Network
21 Januar 2024 - 6:00PM
NEWSBTC
Optimism (OP) is a Layer 2 network that solves Ethereum’s
scalability issues, bringing low fees and faster transactions to
users. Scalability and low gas fees have always been Ethereum’s
major problems. This is because, amid the trilemma of crypto, where
security, decentralization, and scalability are not equal, Ethereum
chose more security than decentralization and more decentralization
than scalability to focus on. This is the reason Ethereum has a lot
of layer 2s to help solve the scalability difficulties. Over
the years, people have had to spend huge amounts of ETH gas to
perform a transaction, but no one really cared at the time because
the value of ETH was small. For example, spending 0.001 ETH when
ETH was worth $300 means that you were spending $0.03 on gas fees,
which was cheap. This was also at a time when the network was
less congested, but over time, the value of ETH increased from $300
to over $2,000. In a more congested period, users have found it
could cost upwards of $80 in gas fees to approve a transaction on
the Ethereum chain. Related Reading: How To Buy, Sell, And
Trade Tokens On The BSC Network OP network is one of the Layer 2
fixes for ETH What better way to solve this issue than to introduce
the Ethereum Layer 2s, which will give you almost the same
properties as Ethereum but is expected to be better in what
Ethereum is lacking. Ethereum is lacking in the scalability aspect,
some of the layer 2s are helping to fill the void while some are
not. One layer 2 Ethereum chain that is helping to feel the void is
the Optmism chain. Ethereum is great, but imagine not wanting
to transact on the chain because you feel the gas fee is too
expensive. It’s like spending $50 on a delivery fee to buy a $10
item. Although Ethereum boasts of strong security, some people
still detest the expensive gas fee and decide to build on other
chains. Optimism (OP) Network Benefits: Cheap gas fees and
lightning-fast transaction speed Optimism is an Ethereum
rollup that is known for cheap gas fees and lightning-fast
transaction speed. Using the chain to transact will make you
appreciate it so much and will make you want to transact on the
chain regularly. Related Reading: How To Buy And Trade Tokens
On The SEI Network If you were used to paying $10 on gas fees on
the ETH network, you would appreciate the Optimism network more, as
you would spend less than $0.01 on gas fees. The Optimism Network
is one of the most successful Ethereum layer 2 chains, with a very
successful airdrop of its native token called Optimism (OP), which
can be traded on centralized exchanges. Important things to
know about the Optimism Ecosystem: Let’s explore the Optimism
ecosystem to help you know how to navigate and use the
decentralized applications (DApps) on the network, which keeps you
safe from falling for fake sites and phishing links. The
optimism mainnet chain uses optimism ETH, opETH, for gas fees.
Tokens on the chain are sometimes represented as opX, where X
represents the token. For instance, if you have Bitcoin on the
Optimism chain, it is represented as opBTC, so Ethereum on the
Optimism chain is opETH. How to Buy, Sell, and Trade Tokens
on the Optimism Chain or Network: To buy any token on the optimism
chain, you need optimism ETH; you can get OPETH in two ways:
through the centralized or the decentralized way. Let’s talk about
the centralised way first because it doesn’t require much
effort. Related Reading: Celestia Network: How To Stake TIA
And Position For 5-Figure Airdrops If you have a Binance account,
Bybit, Kucoin, or HTX, and you have some USDT, you can trade the
USDT for ETH. Then, withdraw the ETH on the Optimism network to
your EVM wallet like Metamask. Decentralized Way To Buy
Optimism (OP) To get opETH the decentralised way, you would need to
know what wallets to use. Optimism network supports varieties of
EVM wallets. Here are some EVM wallets that are compatible with
Optimism network; we have Metamask, which’s the universal EVM
wallet, Trustwallet, Coinbase Web 3 wallet, Rainbow wallet, Brave
wallet, Taho wallet, OKX Web 3.0 wallet, Rabby Wallet, Zerion
wallet, and lots more. Check here for the full list of
Optimism ecosystem wallets. How to Bridge to Optimism
Network: You should have your compatible EVM wallet and your ETH in
wallet ready, the next step is to bridge your ETH. There are
different ways to bridge your ETH. You can use native ETH or other
layer 2 ETH, and you can get native ETH from centralized exchanges
or through P2P from your local crypto vendor. You can also
get native ETH by buying directly from Metamask like this: Go to
Metamask portfolio and connect your Metamask wallet or whatever EVM
wallet you have. Choose your location, and select a payment method.
After that, you can select the coin you want to do, this method
gives you a variety of coins on different chains. You can
select ETH on the optimism chain and easily get the ETH on the
optimism chain, this way it’s easier for you to get ETH on the
optimism chain or any other chain without using any centralized
crypto platform. The downside to this is the spread; you can spend
$100 only to end up getting $75 worth of ETH, and the rest will be
used for charges. However, if you already have native ETH or
ETH on Arbitrum or any other layer 2 chains, you can bridge in two
ways. Bridging using the Optimism native bridge: With this, you can
bridge from the available ETH networks to the Optimism network.
This bridge primarily supports bridging from native ETH to optimism
but doesn’t primarily support other chains to the optimism chain.
So it uses a secondary bridging platform like hop protocol,
stargate, and more. Related Reading: How To Bridge And Trade
On The Injective (INJ) Network Using the Optimism bridge is pretty
easy, but you will have to have native ETH in your wallet. Go to
the site, connect your wallet to the site, and review the deposit.
From the review deposit, you will see that you have to pay a gas
fee to the optimism chain. This gas fee is for the optimism chain,
and after paying that, you still need to pay another gas fee to
initiate the transaction, depending on the gas fee congestion at
that moment. For instance, the gas fee congestion states I
pay an extra $8.51 because the Ethereum chain has a high gas
fee. So if you do the math, you will notice that we have
spent over $16 just to bridge from the Ethereum mainnet to the
optimism chain. This is why we need to consider the other bridging
option, which is bridging using the secondary bridging
platforms. There are varieties of secondary bridging
platforms you can use, and each of them has its different bridging
fees. Bridging using the Optimism app bridge: You can access
all the secondary bridging platforms on the Optimism app bridge
https://www.optimism.io/apps/bridges. Even though most of them are
cheaper than the native bridge option, you have to do your research
and find the cheapest with the fastest transaction time. Most
of them are pretty easy to use, and some recommendations include
Orbiter. finance, Bungee, and Layerswap. Transactions on these
platforms are pretty cheap and can support bridging from other
chains. Related Reading: Solana Meme Coins: A Guide to
Buying, Trading, And Profiting From SOL Investments Enter their
sites from the Optimism bridging apps, choose any of your choices,
connect to your wallet, select what network you want to bridge to
the optimism chain, approve, and bridge. How to Find and
Trade Tokens on the Optimism Chain: With your optimism ETH in your
wallet, let’s trade. To trade on the optimism chain, you need to
know what to trade. On the optimism chain, you can only trade
tokens on the optimism chain. To find tokens on the Optimism, you
will have to use Dexscreener. Dexscreener is an on-chain
tracker used to check most EVM and non-EVM coins and tokens.
However, we will be focusing on the optimism chain right now, so
navigate to the Optimism chain Dexscreener. You can see a variety
of tokens to trade on the optimism chain. If you have a specific
optimism token in mind, you can type the name in the search button.
If you don’t know the name of the token but have the smart contract
address, you can also input that and the token will be
displayed. From Dexscreener, you can also find the token
contract address just by clicking the token name on
Dexscreener. For Instance, click on any token, scroll down
and you will see the contract address, just like Smile in the red
box. Related Reading: How To Buy, Sell, And Trade Tokens On
The BSC Network Now you know how to get token smart contracts, it’s
time to trade them. There are different DEXes to trade these
tokens, as shown below: Check the Optimism Defi Section to select
which DEX to use. People mostly use the Uniswap DEX, 1INCH DEX, and
Sushi Swap. Let’s use SushiSwap to show how to trade optimism
tokens on the optimism network. Go to the SushiSwap swap section.
Connect your wallet and change the network to the optimism
network. If you want to swap opETH for any optimism token,
click on the denominator side, input the contract address of the
token, and approve the token. Now you can trade. Related
Reading: How To Buy And Trade Tokens On The SEI Network Conclusion
The Optimisim network is just like any other decentralized network
when it comes to trading and buying these tokens carry their own
unique risks. A lot of the tokens on decentralized exchanges are
new, and are therefore untested. So when trading these tokens,
always risk what you are willing to lose in the event a project
does turn out to be a scam or a rug. Featured image from Smart
Valor
Uniswap (COIN:UNIUSD)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Uniswap (COIN:UNIUSD)
Historical Stock Chart
Von Apr 2023 bis Apr 2024