Can you directly buy ETH on Optimism? Read this guide and discover the best places to buy Optimism ETH without signing up at an exchange.
Optimism (OP) is the native governance token of the Optimism blockchain, a Layer 2 scaling solution for Ethereum. In addition, there is Optimism ETH representing the Ethereum(ETH) token on the Optimism blockchain.
There are several reasons why you might want to get ETH on Optimism. First, Optimism ETH is a good investment if you believe in the long-term success of the Optimism blockchain. Optimism is one of the most promising Layer 2 scaling solutions for Ethereum, and it is already being used by a number of popular DApps.
Second, Optimism ETH can be used to pay transaction fees on the Optimism network. This can be helpful if you are planning to use the Optimism blockchain for transactions or to interact with DApps.
Finally, Optimism ETH can be used to participate in the Optimism DAO. The Optimism DAO is a decentralized organization that governs the Optimism network. By participating in the Optimism DAO, you can have a say in the future direction of the network.
By continuing to read this guide you’ll learn to overcome the main pitfalls in buying ETH on Optimism:
- The best crypto platforms to buy Optimism ETH
- Learn what non-custodial cryptocurrency exchanges are
- Example of how to buy Optimism ETH with MetaMask
Best Places To Buy Optimism ETH
At the time of writing, buying Optimism ETH or getting ETH on Optimism can be a real bummer. Therefore, below is a list of some reliable places where to buy Optimism ETH:
- ChangeNow(Non-custodial cryptocurrency exchange)
- SwapZone(Online aggregator platform)
- MetaMask(Popular Web3 wallet[fiat-to-crypto])
Later on in this guide, I’ll go into further detail on how to buy Optimism ETH on particular platforms. Consequently, by sharing some screenshots and data.
Optimism ETH and Ethereum ETH(L2 vs L1 tokens)
First of all, there is ETH on the L1 chain which is the native Ethereum token that exists on the Ethereum mainnet. It is used to pay for transaction fees and to interact with smart contracts on the Ethereum blockchain.
Optimism ETH on the L2 chain is a representation of ETH on the Optimism Layer 2 scaling solution. It is used to pay transaction fees on the Optimism network and to interact with DApps on the Optimism blockchain.
The main difference between ETH on the L1 chain and Optimism ETH on the L2 chain is that Optimism ETH is much faster and cheaper to use. This is because Optimism bundles transactions together and processes them off-chain, before finalizing them on the Ethereum mainnet.
Here is a table that summarizes the key differences between ETH on the L1 chain and Optimism ETH on the L2 chain:
|Feature||ETH on L1-Chain||Optimism ETH on L2-Chain|
What is a Non-custodial Cryptocurrency Exchange?
Non-custodial cryptocurrency exchanges like ChangeNow and SwapZone are platforms that allow users to buy, sell, and trade cryptocurrencies. Additionally, without having to deposit their funds into the exchange’s custody. This means that users retain full control over their private keys and crypto assets at all times.
Non-custodial cryptocurrency exchanges work by acting as intermediaries between buyers and sellers. When a user places a trade order, the exchange matches the order with another user’s order and facilitates the trade without ever taking possession of the user’s funds.
Overall, they offer a number of advantages over traditional custodial exchanges, including:
- Security: Users’ funds are always under their control, which makes non-custodial exchanges less vulnerable to hacks and other security breaches.
- Privacy: Non-custodial exchanges typically do not require users to create an account or provide any personal information.
How To Buy ETH on Optimism
Earlier in this guide, I shared a summary of platforms you can use to acquire the Optimism ETH tokens. Next, a more detailed look at every single crypto platform:
ChangeNow is a non-custodial cryptocurrency exchange that allows users to buy and sell cryptocurrencies without the need to create an account. This platform supports over 300 cryptocurrencies, including Optimism ETH.
To buy Optimism ETH on ChangeNow, simply go to their website and select Optimism ETH from the list of supported currencies. Then, enter the amount of Optimism ETH you want to buy and select your preferred fiat currency or payment method. ChangeNow will then provide you with an address to send your fiat currency or payment. Once your payment has been received, ChangeNow will send the Optimism ETH to your wallet address.
Pros of using ChangeNow:
- Non-custodial exchange: ChangeNow does not require users to create an account, so your funds are always under your control.
- Supports a wide range of cryptocurrencies: ChangeNow supports over 300 cryptocurrencies, including Optimism ETH.
- Fast and easy to use: ChangeNow is very easy to use, even for beginners.
Cons of using ChangeNow:
- Higher fees: ChangeNow charges higher fees than some other cryptocurrency exchanges.
- Limited payment methods: ChangeNow does not support all fiat currencies and payment methods.
Swapzone is an aggregator that compares exchange rates from over 350 cryptocurrency exchanges. This allows users to find the best possible exchange rate for the cryptocurrency they want to buy. Swapzone supports over 1,500 cryptocurrencies, including Optimism ETH.
To buy Optimism ETH on Swapzone, simply go to the Swapzone website and select Optimism ETH from the list of supported currencies. Then, enter the amount of Optimism ETH you want to buy and select your preferred fiat currency or payment method. Swapzone will then show you a list of cryptocurrency exchanges that offer the best exchange rates for Optimism ETH. You can then select the exchange you want to use and complete the transaction.
Pros of using Swapzone:
- Best exchange rates: Swapzone compares exchange rates from over 350 cryptocurrency exchanges, so you can always find the best possible exchange rate for the cryptocurrency you want to buy.
- Supports a wide range of cryptocurrencies: Swapzone supports over 1,500 cryptocurrencies, including Optimism ETH.
- Non-custodial exchange: Swapzone does not require users to create an account, so your funds are always under your control.
Cons of using Swapzone:
- Limited payment methods: Swapzone does not support all fiat currencies and payment methods.
- More complex to use: Swapzone is more complex to use than some other cryptocurrency exchanges.
MetaMask is a non-custodial decentralized wallet and is very popular in the Web3 environment. It means that you own your backup phrase and private keys, thus, you fully control your funds.
On top of that, it is a multi-coin crypto wallet that allows you to store several cryptocurrencies(like Optimism) in the same place. Finally, it’s free to download or install for mobile or web extensions.
How to Add Optimism ETH to MetaMask
Before diving into the buying process it’s important to add the ETH(OP) token first. Below are the steps you have to take to achieve this:
- Login to MetaMask first
- Find Networks and click on it
- Select a network and click Add Network button
- Choose Optimism from the list of Popular Networks
- Click Approve button
At this point, Optimism has been added to your MetaMask wallet. Moreover, it will show the ETH(OP) token by default as your first added token. Now you can find your ETH deposit address by clicking on the Ethereum token shown below:
Particularly, at MetaMask you have the option to buy with fiat currency(USD, EUR, etc). In our case, you have to click the big blue Buy ETH button. This is very straightforward where a new screen appears that asks you to choose a Payment Method. Overall, you can use a debit/credit card or Apple Pay and other options depending upon your local situation.
Finally, I want to mention that fiat-on ramps are convenient and fast, however expensive where you have to pay 3 to 5% in additional fees to third parties.
Practical Example: Buy Optimism ETH by Using MetaMask
Suppose you have some USDT Tether tokens in your MetaMask wallet and want to use them to buy some ETH on Optimism.
Consequently, here will be the steps to perform on a non-custodial exchange like ExchangeNow:
- Select USDT(erc20) as your “You Send” currency: In the ChangeNow exchange interface, choose “USDT” as the cryptocurrency you want to exchange (the “You Send” currency). Enter the amount of USDT tokens you wish to exchange for Optimism ETH.
- Select Optimism ETH as your “You Get” currency: In the “You Get” field, choose “Optimism ETH” as the cryptocurrency you want to receive in exchange for your OP tokens.
- Enter your Optimism ETH wallet address: Provide the address of your MetaMask wallet where you want to receive the exchanged Optimism ETH tokens.
- Review and confirm the transaction: Carefully review the transaction details, including the exchange rate, an estimated amount of Optimism ETH you will receive, and any applicable fees. Once you’ve verified the information, click on the “Confirm” button to proceed with the exchange.
The steps on Metamask to finish the transaction:
- Approve the transaction in MetaMask: A pop-up window will appear in your MetaMask wallet, requesting your approval to confirm the transaction. Review the details again and click on the “Confirm” button to proceed.
- Receive Optimism ETH: Once the transaction is complete, the exchanged Optimism ETH tokens will be credited to your MetaMask wallet address. You should receive a confirmation message on both the ChangeNow website and in your MetaMask wallet.
Conclusion: Best Places To Buy Optimism ETH
In conclusion, acquiring Optimism ETH presents a promising investment opportunity, especially for those who believe in the success of the Optimism blockchain. Its advantages over L1 tokens, such as faster transaction speeds and lower fees, make it a valuable asset for those looking to transact and interact with DApps on the Optimism network.
This guide highlights the convenience and security of non-custodial cryptocurrency exchanges like ChangeNow and SwapZone, where users maintain control over their assets. Furthermore, MetaMask’s role as a popular decentralized wallet provides users with an efficient means of managing and purchasing Optimism ETH.
While fiat on-ramps offer accessibility, it’s essential to be aware of associated fees. Overall, I hope this guide will give you a better understanding of the pitfalls associated with buying ETH on different types of blockchains. All in all, it should help you in finding the best option that suits your preferences.
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