South Korea's largest cryptocurrency exchange, Upbit, has officially announced the listing of Optimism (OP) across Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) trading pairs. Trading commences at 16:30 KST on July 28, with deposits and withdrawals available via the Optimism network within two hours of the announcement. Upbit emphasized user verification of network details to prevent transaction delays or asset loss.
Optimism operates as an Ethereum Layer 2 scaling solution using Optimistic Rollups to enhance transaction speeds and reduce gas fees. The OP token facilitates governance and community proposals within its ecosystem, which includes developer-focused initiatives like the OP Stack and Superchain.
To stabilize market activity, Upbit will implement temporary restrictions: a five-minute buying freeze post-launch, blocked sell orders priced >10% below the prior closing price during this window, and exclusive limit orders for the initial two hours. Pre-listing data showed OP's price rising from 1,005.8 KRW to 1,026.84 KRW, reflecting heightened demand. The exchange concurrently issued volatility warnings and compliance reminders regarding Korea's Travel Rule and wallet verification protocols.
Following the announcement, OP's price experienced a substantial surge, underscoring market anticipation for its debut on South Korea's dominant trading platform.