Optimism’s native token OP climbed 13% after being listed on South Korea’s largest cryptocurrency exchange, Upbit.
On July 28, OP began trading on the platform against Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), a significant milestone for the Ethereum Layer-2 scaling solution.
The listing has spurred good market sentiment, pushing OP to recover above the $0.80 level and erase its recent losses.
Trading volumes surged on a daily basis by more than 200%, well above $340 million, as Korean investors rushed to purchase the newly-listed asset.
Upbit Listing Sparks Liquidity Boom and Bullish Momentum
The listing of OP on the Upbit opened much-needed liquidity channels, trading opening at 16:30 KST on July 28.
Upbit then allowed deposits and withdrawals within just two hours after the announcement, essentially putting the doors wide open for all users.
Aside from enhancing OP’s visibility, the listing also stirred an intense price rally and raised excitement among the token traders.
In addition to this particular excitement, there was greater enthusiasm in the broader markets, thanks to a favorable atmosphere created by the U.S. and EU trade climate.
Also Read: Upbit Announces Celestia and io .net Listings as Token Prices Surge 13% & 22% Respectively
OP Token Rebounds From Week-Long Drop, Up 52% in July
The recent price increase allowed Optimism’s OP token to recover from a previous loss during the week, gaining traction as part of a broader crypto market rally.
Optimism’s native token, $OP, climbed 13% in the past 24 hours, and on the monthly chart, $OP has increased by over 52%, being among the top-performing DeFi tokens in July.
The rally positions Optimism well in the Layer-2 space as it is still neck and neck with other leading scaling networks like Arbitrum and zkSync.
The rally also reflects an overarching trend of heightened interest in DeFi and Ethereum-based scaling solutions.
Superchain Upgrade 16 Strengthens Optimism’s Network Foundation
Superchain Upgrade 16 by Optimism is one of the significant drivers of the performance of the OP token.
It is a substantial infrastructure upgrade aimed at enhancing interoperability across its network.
The upgrade introduces major smart contract changes that align the OP Mainnet with other Layer-2 chains such as Base, Mode (Ink), and Zora (Unichain), making it capable of reaching L2Beat’s updated Stage 1 benchmarks.
Among the major technical advancements are a larger gas limit of 500 million per block, which enhances transaction capacity and scalability. These are seen as a major milestone towards Optimism’s vision for the long term to be a more decentralized and robust Ethereum scaling layer.
Also Read: Upbit Announces Listing of Ravencoin in Korean Won Trading Market Leading to 90% Surge In $RVN Price
Upbit’s Listing History Reflects Strong Market Power
Upbit’s token price action influence is already well evidenced, seen in recent listings. On July 10th, Hyperlane ($HYPER) previously surged 160% minutes following its listing on Upbit, while trading volume swelled to $196 million.
Similarly, on July 3rd, Solana-based memecoin MOODENG saw a 50% price hike and $365 million in volume upon its listing on the exchange.
Upbit’s gate-listing method and compliance with South Korea’s tight financial regulations lend gravity and authority to newly listed tokens.
Optimism’s listing on Upbit provides not only access to a new generation of Korean investors but also wider confidence in its future usability and ecosystem potential.
