Optimism x Coinbase Quests For NFTs And OP Tokens

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Written by

#Club1BCH

1 year ago

Topics: Optimism, Coinbase, Blog, Cryptocurrency, Experiences, ...

If you are a Coinbase user for as long as I was... you will remember the sweet Learn2Earn campaigns that were available for 99% of the users. The earning opportunities moved to Coinbase Wallet, where users can connect to DeFi and explore multiple chains.

I was amazed to see the Optimism quests, that rewarded $35 in OP to those that complete a set of tasks. Optimism is the layer-2 chain built on top of the Ethereum blockchain, with cheap fees and fast transactions. This is possible because the transactions will happen on Optimism, but the data is posted to Ethereum and validated there.

The first quest was to transfer $ETH to Optimism and be rewarded $5 worth of $OP tokens. The funds can be transferred from other wallets, and bridging for your Coinbase account is not mandatory. The next quest was to swap crypto on Optimism, easy completed with only few clicks.

The first $10 mission was to mint the unique Optimistic pfp, which is available only on Coinbase. I looked for it on Metamask and the option is not available.

Users can create an NFT to represent their blockchain presence, choosing from a long set of traits and custom colors, skins and backgrounds. The Optimist NFT was added to my wallet, and the reward was credited soon after the minting.

This was only my 3rd NFT on Coinbase, but one of the ones I like a lot. I minted an OP x Coinbase celebration card for free, but can't remember if it was part of another mission of not.

The two NFTs on Optimism are joining the weird dancers I minted when Coinbase organized a Polygon mint for early Wallet users. More NFTs were added after Base was launched... but this is a story for another day.

Another $10 quest become available after I completed the first set of tasks, and this one was a quick dive into DeFi and yield farming. The users are invited to deposit and earn yield with Yearn.

Yearn is a decentralized suite of products helping individuals, DAOs, and other protocols earn yield on their digital assets. Time to try another protocol and see how good if the optimistic farming.

I never used it before and it looked a bit outdated, but I managed to stake all the $OP tokens I earned from the previous quests. 22.70 tokens where staked and transformed into 22.56 yvOP, the auto-compounding Yiern version of OP.

The 0.55% APY is not great, but I had to hold the LP for a week to be rewarded. The reward was credited after one week of staking, and I deposit it on top of the existing yvOP. It's not much but it's honest work!

The Optimism x Coinbase partnership was rewarding, adding one cool NFT and over $35 worth of OP tokens in my portfolio. I decided to keep the tokens staked on Yearn, and let the rewards slowly build up my optimistic dream. Have you completed the quests?