OP Surges Following Coinbase Partnership; Spotify Tests NFT-Enabled Music Playlist

Daily Hot Token — Optimism (OP)

U.S. equity snapped a losing streak overnight, while the broader cryptocurrency declined, with Bitcoin and Ether down by 2.12% and 1.26% respectively in the past 24 hours as of the time of writing. The hot token today is OP, which registered a 24-hour return of 8.35%, outperforming the market due to the Coinbase partnership.

OP is the native token of Optimism, the leading Optimistic Rollup solution. OP will benefit if the on-chain activities of Optimism surge. The recent outperformance comes as Base, the Ethereum Layer 2 solution launched by the centralized exchange (CEX), Coinbase, was built on the OP Stack codebase. In return, Base will commit a portion of trading revenue to Optimism Collective treasury. Coinbase is likely to onboard its web2 users to Base and boost trading activities on top of OP’s solutions. Coinbase is not the first CEX to move its crypto trading on-chain. For example, Bybit’s collaboration with ApeX Pro has successfully boosted trading activities on ApeX Pro, which is powered by StarkWare's Layer 2 scalability engine

Check Out the Latest Prices, Charts, and Data for OP/USDT!

Talk of the Town

Music streaming giant Spotify has been testing a new service to allow music NFT holders to listen to tokenized music playlists directly on its platform. In detail, users can connect their web3 wallet to Spotify, listening to curated playlists embedded in their owned NFTs. The pilot program has started the trial with a few web3 NFT projects including, Overlord and NFTX Apoorv, among others. The innovation from Spotify may stem from its efforts to remain competitive against its web3 counterparts, such as Audius. 

Check out what else is buzzing in the crypto scene today:

Canadian regulators say no to algorithmic stablecoins. (Link)

Three Arrows Capital’s liquidator, Teneo, moved more than 300 of Starry Night Capital’s NFTs yesterday. (Link)

NBA Top Shot NFTs are 'plausibly' securities, Judge rules in Dapper Labs lawsuit. (Link)

Blur’s Pacman doxxes himself and outlines a plan to become the Binance of NFTs. (Link)

Ethereum developers schedule Shanghai upgrade on Sepolia testnet for Feb. 28. (Link)