OP

OP is the native governance and utility token of the Optimism protocol, a Layer 2 scaling solution built on the Ethereum blockchain using optimistic rollup technology. The token was introduced to decentralize governance of the Optimism network, allowing OP holders to participate in voting on protocol upgrades, treasury allocation, and other key network decisions through the Optimism Collective governance framework. Beyond governance, OP serves as an incentive mechanism for network participants and can be used to pay transaction fees on the Optimism network, though ETH remains the primary asset for gas payments. The token operates as an ERC-20 contract on Ethereum and is designed to align the interests of developers, users, and long-term stakeholders in the Optimism ecosystem. Optimism is notable for its focus on maintaining Ethereum equivalence, meaning applications deployed on Optimism behave identically to their Ethereum counterparts, reducing barriers to deployment and migration for developers. The OP token has become integral to the broader Ethereum scaling ecosystem and represents a significant shift toward decentralized governance in Layer 2 solutions.