Nexo now supports the Optimism (OP) token
Cryptocurrency lending platform Nexo now supports Optimism’s OP token on a wide selection of its services. Nexo users can now purchase OP tokens with their debit or credit cards with 0% fees for a limited time, or trade OP across 6 different trading pairs. OP swaps on Nexo give users up to 0.5% on crypto rewards.
Since Nexo specializes in crypto lending, users can of course also provide their OP tokens as collateral to borrow funds. Through the Nexo Booster product, customers can leverage their positions up to 3x by using crypto-backed credit lines.
Optimism is a leading layer 2 project that utilizes optimistic rollups to give Ethereum users a much faster and more cost-efficient alternative. In simple terms, the technology allows many transactions to be batched together into a single transaction that is then submitted to the Ethereum mainnet.
Several leading projects on Ethereum have launched their protocols on Optimism, including the likes of Uniswap, Aave and Curve. According to DeFi Llama, decentralized finance protocols on Optimism have a combined total value locked (TVL) of about $273 million.
The OP token launched on May 31, and is designed to facilitate the governance process for the Optimism platform. OP holders vote on proposals as part of the Token House, which is one of the two main entities handling Optimism governance.
Coming back to the token’s listing on Nexo, OP holders can now also spend their tokens using the Nexo Card, which offers up to 2% in crypto rewards. Users can provide their OP as collateral and spend up to 90% of its value with the card:
“The credit line can utilize just your OP tokens or a combination of multiple assets as collateral. It allows you to spend up to 90% of the value of your crypto without selling it.”
By spending their tokens through the Nexo Card, users can potentially also benefit in terms of tax optimization.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.