Optimism’s OP token (OP) recovered from early Wednesday’s broad market selloff amid news that venture capital firm Andreessen Horowitz (a16z) would plans to build a stack rollup – a type of scaling solution – on the layer-2 blockchain.
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The token was trading at $2.66 midday Wednesday, a 5% bump up from its 24 hour lows. Most of the Wednesday rally immediately preceded a16z’s announcement at 10:49 am ET. OP had already rallied Tuesday on trader speculation of an a16z deal before giving back its gains – and then some – alongside sizable declines in the broader cryptocurrency markets.