Optimism launches OP token with Airdrop for early adopters

Tier 2 season is coming. Optimism, a Layer 2 (L2) network designed to scale Ethereum by executing transactions off the main chain, is launching “Optimism Collective”, a bicameral governance system that will be tasked with increasing demand for the network.

One of the two houses of the collective will be governed by Optimism’s new OP token, which will be rolled out to early adopters. Qualifying activities include making early or frequent transactions on Optimism, as well as non-L2 related actions such as Gitcoin donations, which facilitate the funding of public goods. Token House, as the token-governed branch of governance is called, will be able to vote on “protocol updates and project incentives as part of a Governance Fund,” said the Optimism post describing the new governance system.

Users curious to know if they are eligible for the drop can check here. The Defiant published a guide to optimism last year warning our readers of a possible airdrop.

Citizens’ House

The second house, called the Citizens’ House, will be ruled by what Optimism is calling the “soul” NFTs. This means non-transferable NFTs, meaning the token would act as a decentralized identity in the context of Optimism’s governance. Casa do Cidadão will be tasked with distributing “retroactive public goods”, something Optimism has been working on for some time. This governance branch will come into operation at the end of 2022.

“Possibly the biggest attempt at non-tokenholder-centric DAO governance so far. Looking forward to seeing where this goes.” Vitalik Buterin

To guide the process, Optimism is launching the Optimism Foundation, which “will serve as an administrator of the Collective”. According to the launch post, the Optimism Foundation will progressively dissolve and hand over its governance functions to the collective. This method of gradual decentralization has been championed by projects like MakerDAO, whose foundation was dissolved last July.

TVL on ATH

At 226,000 ETH ($655 million), the amount of Ether moved into Optimism is up on April 26.

The optimism highlighted that there will be “an entire season of airdrops” rather than just one. In light of this, the amount of ETH locked in L2 is likely to grow as users interact with protocols built into the network in hopes of receiving subsequent OP airdrops. In fact, while 5% of the total OP supply was allocated as part of this first airdrop, a further 14% of the OP supply will be distributed in the future, according to a chart of token allocations.

If successful in attracting more users to its network, the Optimism token launch could likely put pressure on other L2s such as Arbitrum to follow suit. Disclaimer: The text presented in this column does not necessarily reflect the opinion of CriptoFácil. Also Read: NEOS Newsletter: Latest NFT Market News Also Read: How Blockchain Bridges Became Top Hackers Targets Also Read: ApeCoin (APE) Increases Over 40% in Just One Week Before New Metaverse Launches