24h Change+3.65%
All Time HighMar 6, 2024$4.84
All Time LowMar 29, 2026$0.1
Market Cap$268.65m
Fully Diluted Valuation$536.04m
Circ. Supply2.153b OP
Max Supply4.295b OP
Outstanding FDV$345.34m
CEX Volume$46.13m
DEX Volume$36.5m
Seed · Jan 15, 2020$3.5m
Series A · Feb 24, 2021$25m
Series B · Mar 18, 2022$150m
Private token sale · Apr 30, 2024$90m
How much debt can be issued against OP as collateral across lending protocols.
Maximum possible exposure to OP
$23,665
$11,322 (max additional borrows against OP) + $12,343 (bad debt if OP was hacked now)
Compound V3
$23,665 at-risk exposure = $12,343 bad debt if hacked + $11,322 additional borrowable against OP
Showing collateral exposure for OP on OP Mainnet. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for OP as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
OP0x4200000000000000000000000000000000000042 | $11,322 | $12,343 |
Risk-management actions published about OP by tracked risk managers and governance contributors, newest first.
OP is actively used in Optimism Comets with 8-31% utilization, but caps are being set ~30% above current balances to compress headroom beyond observed demand and limit risk from elevated DeFi exploit frequency.
OP, as a governance token with limited historical data, exhibits higher price volatility and liquidity risks; simulations recommend conservative parameters like lower debt ceilings to mitigate bad debt accumulation during market stress.
OP positions remain small, with the largest around $60k on the USDT Comet and healthy health factors, supported by on-chain liquidity for safe liquidation. The cap increase aligns with Compound's new OP incentives to attract more suppliers and expand capacity beyond $1M.
Simulations with reduced sampling yield A=35 and 10% loan discount to handle Optimism token volatility; debt ceiling derived from 6-month liquidity trends on Optimism, using 20% of EMA minimum to facilitate arbitrage in low-liquidity scenarios.
OP supply cap usage has trended higher to 60% since launch, leaving $705,000 in remaining liquidity capacity. Doubling the cap to 1.4 million OP ($3.4 million) would attract larger borrowers, with top collateralized positions totaling $890,000 remaining safely liquidatable even if doubled.
Emission admin role was assigned to Lido on Optimism v3, enabling OP token rewards distribution to incentivize usage and grow TVL on the network.
OP has seen limited adoption with only $234k supplied and 2% utilization of its isolated debt ceiling, indicating low immediate risk from parameter changes. Simulations confirm sufficient on-chain liquidity to support higher borrowing against OP collateral even in severe market conditions, allowing for improved capital efficiency.
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Showing 10 of 46 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDC-OP0.3% | $234,391 | 616% | 616% | 138% | |||||
| open in new tabWETH-OP0.3% | $211,555 | 239% | 239% | 39.91% | |||||
| open in new tabWETH-OPCL50 - 0.05% | $88,585 | 729% | 729% | 1462% | |||||
| open in new tabOP-WETHVelodrome | $60,244 | 107% | 57.72% | ||||||
| open in new tabOP-USDCVelodrome | $30,016 | 78.57% | 94.87% | ||||||
| open in new tabTAROT-OPvolatile - 1% | $28,962 | 88.22% | 88.22% | 76.24% | |||||
| open in new tabRED-OPvolatile - 1% | $17,364 | 54.67% | 54.67% | 56.39% | |||||
| open in new tabOP-USDCUniswap | $15,608 | 220% | 85.33% | ||||||
| open in new tabVAMMV2-RED-OP | $12,660 | 65.04% | 65.04% | 67.79% | |||||
| open in new tabWETH-OPUniswap | $10,003 | 117% | 45.16% |
Showing 10 of 520 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabOP âžž WBTC | $2.7m | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž WBTC | $2.16m | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž WSTETH | $1.49m | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž WSTETH | $782,943 | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž WEETH | $635,060 | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž WETH | $485,742 | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž WETH | $363,808 | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž EZETH | $360,385 | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž RETH | $153,347 | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 | ||
| open in new tabOP âžž WSTETH | $138,470 | 2.23% | 2.23% | 0% | 65% | $89,697 | $36,583 |
