Optimism, the Ethereum scalability solution, is launching its governance token, the OP, along with Optimism Collective—a bicameral governance system tasked with increasing demand for the network.
Optimism, the Ethereum-based decentralized infrastructure platform that allows for instant transactions and scalable smart contracts founded in 2019, is launching its governance token, the OP, together with the Optimism Collective. The announcement was made on Twitter.
The press release posted on Optimism’s website describes Optimism Collective as “a large-scale experiment in digital democratic governance, built to drive rapid and sustainable growth of a decentralized ecosystem, and stewarded by the newly formed Optimism Foundation.” It will be controlled by the Token House and the Citizens’ House, each having its own responsibilities, plus the shared purpose of supporting a sustainable ecosystem.
New OP Token
Along with the launch of this new governance is the launch of OP, Optimism’s new OP token, which Optimism users will receive throughout “an entire season of airdrops.” According to Optimism’s tweet thread, early users will receive the tokens via airdrop number one, which will go live sometime in Q2. They also warned that any claim that users can get OP tokens now is fraudulent.
Around 250,000 addresses will be eligible for the first airdrop, which accounts for 5% of the total tokens. Fourteen percent will be assigned for future events, 20% distributed to retroactive public goods funding, 17% to early investors, 19% to core contributors, and 25% to the ecosystem fund.
Certain qualifying activities make users eligible for the first airdrop. These include making transactions on Optimism and actions not related to Layer 2 (L2), such as Gitcoin donations that facilitate public goods funding.
User Eligibility Requirements for OP Airdrop Number One | Image from The Defiant
The Token House, the token-governed branch of governance, would vote on “protocol upgrades and project incentives as part of a Governance Fund,” as per Optimism’s press release.
On the other hand, the Citizens’ House will facilitate the distribution of retroactive public goods funding generated from the network’s revenue. Interested users can be part of the Citizens’ House through “soulbound,” a process involving non-transferrable NFTs.
Although the Citizens’ House will launch later this year, both houses will unite in their goal to help direct revenue from Optimism L2 to undertakings that promote public goods and support the Collective’s growth.
Optimistic for Optimism Collective
Vitalik Buterin, the inventor of Ethereum, and other crypto community members expressed hopefulness for Optimism Collective. This early, it seems that the forthcoming airdrop is already highly anticipated and meeting huge expectations.
“Possibly the biggest attempt at non-token-holder-centric DAO governance so far. Excited to see where this goes,” said Buterin.
A new foundation called the Optimism Foundation will run the governance model “on behalf of the Collective” before its eventual dissolution, on its way to migrating to complete decentralization. In line with this, Optimism PBC will be renamed OP Labs PBC and be tasked with “building and decentralizing the protocol” and supporting the ecosystem.
Two of Optimism’s founders, Ben Jones (formerly Chief Scientist) and Jing (formerly CEO), will lead the foundation. They will be joined by several new faces, including Eva Beylin, Executive Director of The Graph Foundation; Abbey Titcomb, Council Member of the Radicle Foundation; and Brian Avello, former General Counsel to the Maker Foundation.
On the other hand, Liam Horne, former Head of Engineering at Optimism PBC will run OP Labs. His support system will include Karl Floersch, Josh Stein, Julien Boedec, Bobby Dresser, and others.
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