Introduction: ONC vs OP Investment Comparison

In the cryptocurrency market, the comparison between One Cash and Optimism has always been a topic investors cannot ignore. The two not only show significant differences in market capitalization ranking, application scenarios, and price performance, but also represent different positioning of crypto assets. One Cash (ONC): Based on a fork of BasisCash, it is designed for bolder experiments on the Basis protocol model and positions itself as the most innovative experimental project within the Basis protocol ecosystem. Optimism (OP): As a low-cost, lightning-fast Ethereum Layer 2 blockchain launched in 2022, it has gained market recognition by addressing practical needs of developers and users. OP serves as its native governance token, primarily used for protocol governance. This article will comprehensively analyze the investment value comparison between One Cash and Optimism from multiple dimensions including historical price trends, supply mechanisms, market positioning, and ecosystem development, attempting to answer the most pressing question investors face:

"Which is the better buy right now?"

I. Historical Price Comparison and Current Market Status

One Cash (ONC) and Optimism (OP) Historical Price Trends

• 2020: One Cash reached its all-time high of $1634.01 on December 31, 2020, during the early cryptocurrency bull market.
• 2024: Optimism achieved its all-time high of $4.84 on March 6, 2024, reflecting strong performance in the Layer 2 scaling ecosystem.
• Comparative analysis: Over the market cycle from inception to present, One Cash has declined from $1634.01 to $0.02465, representing a 99.85% decrease, while Optimism has decreased from $4.84 to $0.3268, representing a 32.47% decrease, indicating significantly different market trajectories.

Current Market Status (January 6, 2026)

• One Cash current price: $0.02465.
• Optimism current price: $0.3268.
• 24-hour trading volume: One Cash $11,839.94 vs Optimism $995,220.96.
• Crypto Fear & Greed Index: 26 (Fear).

Click to view real-time prices:

• View ONC current price Market Price.
• View OP current price Market Price.

二、影响 OP 投资价值的核心因素

供应机制对比（Tokenomics）

• OP: Total supply is unlimited. OP tokens function through governance and distribution mechanisms, including community incentives and protocol rewards through the Optimism Foundation.

• 📌 Historical Pattern: Unlike deflationary models with fixed supply caps, OP's unlimited supply structure emphasizes governance participation and ecosystem development over scarcity-driven price appreciation. Token utility derives from voting rights in the Optimism Collective and participation in RetroPGF (Retroactive Public Goods Funding) programs.

机构采用与市场应用

• Institutional Holdings: OP benefits from backing by top-tier venture capital firms including Paradigm and A16z, with cumulative funding of $178.5 million across three rounds and a valuation of $1.65 billion. Coinbase serves as a core development participant through OP Labs.

• Enterprise Adoption: OP Mainnet has significantly reduced Ethereum usage costs by over 90%, enabling broader adoption across decentralized finance protocols, applications, and payment solutions. Base, the Layer 2 network built on OP Stack and developed by Coinbase, has become the highest-revenue L2 in the Ethereum ecosystem with average daily revenue of $185,291.

• Regulatory Environment: OP operates within clear governance frameworks through the Optimism Collective and OP Labs dual-organization structure, enhancing institutional confidence. The ecosystem's alignment with Ethereum's development roadmap provides regulatory clarity compared to competing Layer 2 solutions.

技术发展与生态建设

• OP Stack Architecture: OP Stack represents a modular development stack for constructing Layer 2 blockchain ecosystems. The Bedrock upgrade, completed in June 2023, marked the first official version of OP Stack. The architecture features six abstracted layers: Data Availability Layer, Sequencing Layer, Derivation Layer, Settlement Layer, Governance Layer, and Proof Modularity, enabling seamless support for future OP Superchain implementations.

• Technical Innovation: The Data Availability Layer demonstrates high compatibility with EIP-4844, positioning OP Stack for optimal adaptation to future Ethereum upgrades. The Settlement Layer includes next-generation fault proof mechanisms (Cannon) and supports zero-knowledge proof integration. The modular design allows builders to modify existing modules or create entirely new ones to meet specific application requirements.

• Ecosystem Development: OP Mainnet maintains a virtuous cycle model where network revenues accumulate through centralized Sequencer operations, with proceeds redistributed by the Optimism Foundation to fund public goods through RetroPGF. This mechanism attracts users, developers, and builders to the ecosystem, driving token adoption and network utility. Base L2 has emerged as a leading platform within the OP ecosystem, attracting significant transaction volume and DeFi applications.

宏观经济与市场周期

• Inflationary Environment Performance: OP's value proposition centers on transaction cost reduction and scalability rather than inflation hedging. In high-fee environments, lower-cost Layer 2 solutions become increasingly attractive to users seeking cost efficiency in blockchain interactions.

• Macroeconomic Policy Impact: The viability of Layer 2 scaling solutions benefits from institutional capital inflows, particularly through spot ETF adoption of Bitcoin and Ethereum. Q2 2025 demonstrated over $14.6 billion in net inflows to Bitcoin and Ethereum spot ETFs, signaling growing institutional participation. Lower interest rate environments typically encourage speculative demand for blockchain infrastructure assets and increase transaction volumes on scaling solutions.

• Geopolitical Factors: OP's strength in enabling borderless transactions and decentralized applications creates value in environments requiring high transaction throughput and cross-border financial services. The ecosystem's alignment with Ethereum positions it as part of broader digital asset infrastructure adoption trends, particularly as traditional finance institutions integrate blockchain technologies for settlement and custody operations.

III. 2026-2031 Price Prediction: ONC vs OP

Short-term Prediction (2026)

• ONC: Conservative $0.0179945-$0.02465 | Optimistic $0.035496
• OP: Conservative $0.268632-$0.3276 | Optimistic $0.452088

Mid-term Prediction (2028-2029)

• ONC may enter accumulation phase, estimated price $0.018194165-$0.04141322757
• OP may enter growth phase, estimated price $0.229664409975-$0.471855969585
• Key drivers: institutional capital inflows, ETF approvals, ecosystem development

Long-term Prediction (2030-2031)

• ONC: Base case $0.030723659428-$0.0407088487421 | Optimistic scenario $0.055364034289256
• OP: Base case $0.36466532587485-$0.52476229821015 | Optimistic scenario $0.582486151013266

View detailed ONC and OP price predictions

ONC:

OP:

IV. Investment Strategy Comparison: ONC vs OP

Long-term vs Short-term Investment Strategy

• ONC: Suitable for investors focusing on experimental protocol innovations and willing to accept extreme volatility in pursuit of potential recovery from deeply depressed valuations
• OP: Suitable for investors seeking exposure to established Layer 2 infrastructure with institutional backing, regulatory clarity, and ecosystem growth driven by practical blockchain scalability solutions

Risk Management and Asset Allocation

• Conservative investors: ONC 5% vs OP 15%
• Aggressive investors: ONC 20% vs OP 25%
• Hedging tools: Stablecoin allocation 40-50%, put options on Layer 2 volatility, diversification across multiple L2 solutions (Arbitrum, zkSync)

V. Potential Risk Comparison

Market Risk

• ONC: Extreme illiquidity ($11,839.94 daily volume) creates severe slippage risk; 99.85% historical decline indicates limited market recovery momentum; micro-cap status exposes investors to pump-and-dump schemes and abandoned project risk
• OP: Layer 2 competitive pressure from Arbitrum and Base; unlimited token supply creates long-term dilution risk; governance token utility dependent on Optimism Collective participation rates

Technical Risk

• ONC: Protocol obsolescence risk due to minimal development activity; lack of technical upgrades compared to evolving Layer 2 standards; fork-based architecture may not adapt to future Ethereum upgrades
• OP: Sequencer centralization creates temporary single-point-of-failure vulnerability; fault proof mechanism (Cannon) requires ongoing security audits; smart contract complexity in modular OP Stack increases exploit surface

Regulatory Risk

• Global regulatory frameworks increasingly scrutinize Layer 2 governance tokens; SEC classification of OP as potential security remains uncertain despite Optimism Collective structure; jurisdictional restrictions on governance participation could limit token utility; ONC faces additional risk from minimal regulatory clarity due to lack of institutional adoption

VI. Conclusion: Which Is the Better Buy?

📌 Investment Value Summary:

• ONC Advantages: Extreme volatility offers potential multi-bagger returns from current depressed valuation; minimal regulatory scrutiny; experimental protocol flexibility
• OP Advantages: Institutional-grade backing from Paradigm and a16z; established Layer 2 market position with $185,291 average daily Base revenue; clear governance framework through Optimism Collective; 2026-2031 price predictions suggest 60% upside potential; aligned with Ethereum's technical roadmap; significantly higher liquidity ($995,220.96 daily volume)

✅ Investment Recommendations:

• Beginner investors: Allocate to OP as core Layer 2 exposure; avoid ONC until fundamental recovery signals emerge
• Experienced investors: Consider small ONC allocation (5-10%) as speculative recovery play; maintain OP position (20-30%) for Layer 2 infrastructure exposure; rebalance based on governance participation metrics and RetroPGF program outcomes
• Institutional investors: OP suitable for ESG-aligned blockchain infrastructure portfolios; establish positions through spot purchases ahead of potential institutional adoption cycles; utilize OP governance participation for protocol influence; ONC inappropriate for institutional mandates due to illiquidity and abandoned project risk profile

⚠️ Risk Warning: The cryptocurrency market exhibits extreme volatility. ONC has experienced 99.85% decline from peak; OP remains subject to Layer 2 competitive dynamics and regulatory uncertainty. This article does not constitute investment advice. Conduct independent due diligence before making investment decisions.

FAQ

ONC和OP分别是什么？它们各自的定义和主要功能是什么？

ONC是一种加密资产，主要用于特定生态的治理和交易。OP是Optimism生态的原生代币，用于网络治理、交易费用支付和生态激励。两者均为Layer2或特定区块链生态的重要资产。

ONC与OP之间有什么主要区别？在技术架构、应用场景上的差异是什么？

ONC专注于访存密集型算法优化，采用Op Fusion策略；OP涵盖更广泛的优化方案，在CodeGen后端实现差异。两者应用场景不同，ONC针对特定计算密集场景，OP适用于通用优化需求。

ONC和OP各自的优缺点是什么？应该在什么场景下选择使用？

ONC优势在跨链资产桥接和流动性支持，缺点是生态应用较少。OP优势在Layer2扩展和低成本交易，缺点是跨链能力有限。选择ONC用于跨链场景，选择OP用于低费用交易。

ONC和OP的兼容性如何？它们能否一起使用或集成？

ONC和OP具有良好的兼容性，支持无缝集成。两者可以协同工作，通过跨链桥接技术实现价值流动，增强生态互操作性和用户体验。

ONC和OP在性能、成本、易用性方面如何对比？

OP性能更高效，交易成本更低廉，确认速度快。ONC成本相对较高，但安全性更强。易用性方面，OP更友好，ONC需要更多专业知识，但长期价值潜力更大。