OP - Optimism

What is Optimism (OP)?

Optimism (OP) stands out as a promising Layer 2 scaling solution for the Ethereum network. As the blockchain community seeks ways to overcome the challenges of scalability and transaction efficiency, Optimism has emerged as a game-changer.

At its core, Optimism is an innovative Layer 2 scaling technology designed to enhance the performance of the Ethereum blockchain. It achieves this through a process known as "Optimistic rollups," which bundle large amounts of transaction data into digestible batches.

Operating as an extension of the Ethereum network, Optimism is unlocking its full potential while ensuring seamless integration. By adopting this approach, Optimism can significantly improve transaction throughput and reduce gas fees, making it an attractive alternative for users and developers alike. When a transaction is initiated on the Ethereum network, Optimism assumes that it is valid and will be successfully executed. This optimistic assumption allows for faster transaction confirmations and lower fees. Learn more

How to Deposit OP Into Your Coinmetro Account

For all information on how to deposit OP into your Coinmetro account, please see the following help center article: How to Deposit OP.

As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000 for ETH. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk of loss of assets caused by a too-low gas limit.

If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts or using a full ETH wallet as an intermediary.

How to Withdraw OP From Your Coinmetro Account

For all information on how to withdraw OP from your Coinmetro account, please see the following help center article: How to Withdraw OP.

Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be confirmed via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.

Withdrawals waiting for approval can be canceled and the withdrawal status can be found by selecting the Wallet on your Coinmetro Dashboard. Please note that already-approved withdrawals cannot be canceled. If there is no Cancel button visible, this unfortunately means the withdrawal can no longer be canceled, and you will find a transaction ID (TXID) instead. This is a link to the relevant transaction hash on a Blockchain Explorer website where the status can be checked further.