Chennai-headquartered cryptocurrency exchange Giottus, on Thursday announced the launch of Optimism (OP) token on its platform for trading. The company claimed that it is the first Indian exchange to launch OP tokens.
The token is already available for trade in international exchanges such as Binance, KuCoin and Coinbase.
The company added that the OP/INR pair is currently live for trade in Giottus while deposits and withdrawals of the token will be enabled in the upcoming days.
Giottus platform allows buying and selling of cryptocurrencies in eight Indian languages including Tamil, Telugu, Hindi and Bengali. The platform has over 120 varieties of cryptocurrencies including Bitcoin, Ethereum, Ripple, Tron, Dogecoin among others.
The company said Optimism is a Layer-2 scaling solution that aims to be a low-cost and fast processing machine on top of the Ethereum blockchain. OP is the governance token of the platform.
Optimism solves one of the core problems with the Ethereum network - its scalability. As more and more decentralised apps (dApps) are built on the network, the speed of transactions has slowed along with an increase in cost of using the network, creating the need for scaling solutions. Layer-2 solutions such as Optimism help solve the above by creating a processing engine that executes transactions without using Ethereum’s blockchain while extending its security.
More than 225 million OP tokens (~5% of supply) have been airdropped to Optimism’s early users this week while the total supply for the token is pegged to be 4.3 billion, Giottus said.