Ethereum’s Optimism Launches Tokens: Announces Airdrop

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Key Takeaways 

  • Optimism launches Optimism Collective, an initiative to benefit public goods.
  • It has also planned an airdrop, and has many more lined up.
  • Users cannot yet claim the new token.

The scaling solution for Ethereum designed to support all its Dapps, Optimism, has announced the launch of its DAO, Optimism Collective and have asked users to bridge their ETH into Optimism. On April 26, it revealed its first governance token called OP. However, users are not yet allowed to claim any token. 

Bobby Dresser, the head of product of Optimism, also shared the news and commented on the launch as “the most thoughtful airdrop crypto has ever seen.” The official post talks about this initiative as a step towards rewarding public goods and building a “sustainable future for Ethereum”. 

Optimism values public goods as they do not want people to make a choice between making a profit and creating something for the public. Therefore, the Optimism protocol is built in a way to create tons of revenue (from transaction fees and auctions of the right to sequence transactions) which will be further invested into projects and communities that will help the company.  

For a better understanding of the audience, the goals of the Collective have been broken down into three parts by Bobby. The three defined parts include Economics, Governance, and Airdrop. 

The official post also talks about the governance included in the Collective. Two houses have been involved and will be known as the Token House and the Citizen’s House and will be driven by ” long-term vision” and “short-term incentives”. The former will be governing “project initiatives, protocol upgrades, and treasury funds” whereas the latter will be looking after the distribution of funds for public goods. Both the houses will collectively work to control parameters of the network that involves functions like allocating sequencer revenue. 

From an economic point of view, the new launch aims to drive the demand for blockspace into the design of the economy for the benefit of the public. The protocol revenue inculcated in the system will make it user-friendly and it will be made possible via “rounds of retroactive quadratic voting.” 

Optimism has also planned a 5% total initial token drop to 267,000 unique addresses and will include Gitcoin donors, bridge users, multisig signers, and snapshot voters. People who haven’t used OP can also be eligible if they fall under the eligibility criteria. The recommendations laid down for choosing the accounts will be : 

  • those who have used Optimism 
  • have contributed to communities in a “positive-sum ways”.
  • or are curious about L2 or have been priced out of L1. 

However, there is also good news for those who will miss out on the first drop. OP is reserving 14% of its total token supply for future drops and this is just the first of many. The first drop is meant to bootstrap the Token House and everyone eligible for it will automatically become a part of the Optimism Collective. 

Bobby Dresser, explaining the aim for launching $OP shared that they are working towards creating an economy with real values and that this initiative is an “optimistic and pragmatic approach.”

He also tweeted that, “Crypto needs to scale. The path to a superchain should be paved with public goods. The OP team’s ultimate goal is to decentralize itself into nothingness and cede full control to the community, another stone on the road,” 

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Shreya Bhattacharya
Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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