There’s about to be a new way for users to participate in the Optimism ecosystem, with OPUSD and OPUSDT scheduled to go live on 5 August 2022 at 04:00 UTC.
When our new Bitcoin- (XBT) and Tether- (USDT ERC-20) margined contracts go live in just a few days’ time, users will be able to get trading exposure to the Optimism token (OP) – with up to 50x leverage. OPUSD and OPUSDT are now ready for our users to explore on Testnet.
For the 101 on our new OP contract listings, read on.
OPUSD Quanto Contract Specs
As with all quanto contracts, the OPUSD product will have a fixed Bitcoin multiplier, regardless of the OP/USD price. This will allow traders to long or short the OP/USD exchange rate without ever touching OP or USD.
Traders can post margin in XBT – and profit in XBT terms – as the OP/USD rate changes. This quanto risk premium may be one of the factors that results in the OPUSD swap trading at a premium/discount to the OPUSDT spot price.
For an explanation of the same concept for ETHUSD, check out this blog post.
Key contract details:
- Symbol: OPUSD
- Margin currency: XBT
- Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
- XBT Contract Value: OPUSD Price * Bitcoin Multiplier (10,000 Sat / 1 USDT)
- Underlying: .BOP
- Max Leverage: 50x
- Maker Fee: -0.01%
- Taker Fee: 0.075%
- Base Initial Margin: 2.00%
- Base Maintenance Margin: 1.00%
The OPUSD perpetual contract is now available on Testnet, along with the full contract specs.
OPUSDT Linear Contract Specs
OPUSDT is a linear perpetual swap, margined in USDT.
Key contract details:
- Symbol: OPUSDT
- Margin currency: USDT
- Contract Size: 0.001 OP
- Lot Size: 1000
- Minimum Trade Amount: 1 OP
- Underlying: .BOPT
- Max Leverage: 50x
- Maker Fee: -0.01%
- Taker Fee: 0.075%
- Base Initial Margin: 2.00%
- Base Maintenance Margin: 1.00%
Both the OPUSD and OPUSDT contracts will be visible on the platform from 4 Aug 2022 at 04:00 UTC as Unlisted. Trading will begin 24 hours after at 04:00 UTC on 5 Aug 2022.
Both the .BOP and .BOPT indices are based on prices from Binance, Gate.io, Kucoin, Huobi, and Coinbase.
What is Optimism?
Optimism is a low-cost, lightning-fast Ethereum layer-two (L2) blockchain. It’s also one of the biggest scaling solutions for Ethereum – and home to 35 protocols, such as Uniswap (UNI), Velodrome (VELO), and many more.
Optimism helps speed up Ethereum transactions and cuts their costs by settling them on another blockchain using advanced data compression techniques – a.k.a optimistic rollups.
Optimistic rollups work by “rolling up” multiple transactions into one transaction, settled on another blockchain, with receipts fed back to the main Ethereum blockchain. When multiple transactions are bundled into one transaction, the gas fee required to pay comes down to one transaction – conveniently distributed across everyone involved.
What is the Optimism Token (OP)?
Optimism launched its OP token on May 31 2022. OP is the token that fuels the Optimism Collective. The Optimism Collective is a two-tier governance system – made up of the Token House and Citizens’ House. Token House governs technical decisions related to Optimism, such as software upgrades. Citizens’ House will go live later in 2022.
OP Token Distribution
- 19% of the initial OP token supply is reserved for user airdrops. 5% of the initial supply will be distributed in airdrop number one, and 14% will be distributed in future drops.
- 25% of the initial OP token supply is allocated for Proactive Project Funding. This will be distributed via community governance, KPI-driven incentives, grants programs, and other mechanisms.
- 20% of the initial OP token supply plus inflation is allocated for Retroactive Public Goods Funding. The mechanics of this distribution will be an area of ongoing experimentation.
- 19% of the initial OP token supply is allocated to core contributors.
- 17% of the initial OP token supply is allocated to OP investors.
To be the first to know about our new listings, product launches, and giveaways, you can connect with us on Discord, Telegram, and Twitter. We encourage you to also check our blog regularly.
In the meantime, if you have any questions please contact Support.
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