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We report the discovery of the optical counterpart to GRB 980326. Its rapid optical decay can be characterized by a power law with exponent - 2.10+/-0.13 and a constant underlying source at R_{{c}}=25.5+/-0.5 . Its optical colors 2.1 days after the burst imply a spectral slope of - 0.66+/-0.70 . The gamma -ray spectrum as observed with BATSE shows that it is among the 4% softest bursts ever recorded. We argue that the rapid optical decay may be a reason for the nondetection of some low-energy afterglows of GRB

The Rapid Decay of the Optical Emission from GRB 980326 and Its Possible Implications