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Optimism (OP)

What is Optimism?​

Here are 5 key points about the Optimism Blockchain:

  • Optimism is a Layer 2 scaling solution for Ethereum that aims to increase transaction throughput and reduce costs by utilizing Optimistic Rollup Technology.

  • The Optimistic Rollup Technology bundles multiple transactions off-chain and submits a succinct summary (rollup) of these transactions to the Ethereum mainnet for verification.

  • Optimism is fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to deploy existing Ethereum smart contracts and decentralized applications (dApps) on Optimism without modification.

  • By periodically submitting batched transaction data to Ethereum, Optimism ensures that its security is anchored to Ethereum's robust and decentralized consensus mechanism.

  • Optimism ETH is the currency used to pay gas fees and all Optimism transactions. The Optimism token (OP) is an ERC-20 governance token that allows its holders to participate in the Optimism DAO governance protocol.

tip

Learn more about the Optimism Blockchain by reading the Gem Wallet Learn article:
What Is The Optimism Blockchain?

Optimism on Gem Wallet​

Gem Wallet has the following features enabled for Optimism:

OP on GEM WalletSwap OP on GEM Wallet

What are Optimism ERC20 tokens?​

  • ERC20 tokens are a type of digital assets issued via smart contracts on the Ethereum network.
  • Optimism supports the transfer and interoperability of ERC20 tokens from the Ethereum network to the Optimism network. Optimism itself does not have its own native ERC20 tokens.
  • They allows users to access a wide range of ERC20 tokens and decentralized applications (dApps) on Optimism while benefiting from its scalability and low transaction fees.

OP ETH on GEM WalletOP ERC20 Tokens on GEM Wallet

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Learn more about ERC20 tokens from this Gem Wallet Learn article: What Is ERC20 and What You Need to Know About Tokens on the Ethereum Blockchain

How to Get Optimism ETH?​

Here are some ways to acquire some Optimism Ethereum (ETH):

  • Buy Optimism Ethereum (ETH) directly on the Gem Wallet app.
  • Receive OP ETH with the unique Optimism Ethereum address on the Gem Wallet app.
  • Swap ERC20 tokens to OP ETH. This requires that you already have OP ETH on your wallet to pay for fees.

Buy OP on GEM WalletReceive OP on GEM Wallet

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Send only Optimism Ethereum (ETH) to the address.

Transaction Fees on Optimism​

The fees on Optimism are summarized as follows:

  • Users conducting transactions on the Optimism network pay fees denominated in Optimism Ethereum (ETH).
  • Compared to Ethereum's mainnet, Optimism's transaction fees are generally lower, making it more cost-effective for users to interact with decentralized applications (dApps) and transfer assets.

Send OP Fee Swap OP ETH to OP Fee

How to Check Optimism (OP) Balance?​

Gem Wallet app connects to the Optimism Network to show the OP balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on OP Etherscan.

View Address Link to OP Etherscan OP Address on OP Etherscan

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OP Etherscan is the default OP explorer of Gem Wallet. You can manually check balances and transactions by going to OP Etherscan and search for your OP address.