OPX Finance,VELO and SONNE tokens are soaring: Here’s why

  • Optimism Token surged after Coinbase news helped inject renewed buying pressure.
  • OPX, VELO and SONNE all jumped, with OP up double digits.
  • Coinbase has launched an Ethereum scaling solution called Base.

OPX Finance (OPX) is one of the tokens to absolutely rip following the latest crypto news on blockchain platform Optimism.

Data from CoinGecko show that the native token OPX has surged 182% over the past 24 hours, and the decentralized financial ecosystem platform is one of the optimism-based tokens that has experienced a sharp price increase since Thursday.

As mentioned here, it all has to do with the renewed momentum with the news released by major cryptocurrency exchange Coinbase. See US-based digital asset platform on February 23rd. announced The launch of Base, a layer-2 blockchain that the company said would leverage Optimism’s OP stack.

This is the news of Base, a new Ethereum L2 scaling solution by Coinbase, which has raised the buying pressure of multiple Optimism ecosystem tokens to new levels. And then the ecosystem saw a sharp price increase as opposed to the sideways movement of most top coins.

OPX Token Leads Optimism Ecosystem Token Rise

As highlighted above, OPX Finance’s governance token, OPX, is one of the coins that will rally after Coinbase’s announcement. However, the token price was also helped by news of a successful burn containing 15,200 OPX.

According to CoinGecko data at 6 a.m. ET Friday, OPX’s price nearly doubled, pushing the token’s value from a low of $4.78 to a high of $8.58. The token is up 182% at the time of writing and the price is hovering around $7.89 amid profit taking.

Other tokens that have seen significant gains during the Base L2 launch include Sonne Finance (SONNE). The lending protocol is native to the Optimism ecosystem, and its token rose nearly 90% to hit a high of $0.44.

DEX platform Velodrome Finance also posted double-digit profits, with VELO prices up more than 20% over the past 24 hours, trading above $0.22. Meanwhile, his PERP, the native token of Perpetual Protocol, his Perpetual-focused DEX protocol, surged 44% to hit a new all-time high of $1.26.

Several other optimism ecosystem tokens are now trending alongside OP, with increased buy-side pressure.

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