Optimism is launching OP token, new governance model and the coming airdrop

The Ethereum Layer 2 network Optimism revealed the launch of their governance token, called OP. This will mark the beginning of a transition for the Optimistic ecosystem. It is geared towards and gives users more power with a unique administration system.

Optimism unveils new token with entire airdrop season

The Ethereum scaling startup said it would shift to a new governance structure powered in part by a dedicated token. The latter will be established by the first OP Airdrop and will enable users to onboard the governance model. In that sense, OP holders will have a voice in the project’s future and will be able to vote on upgrades, incentives, and more.

In its latest series of tweets, Optimism announced its future governance process. The OP token will go live in Q2, 2022, via a first airdrop. Around 250,000 addresses are eligible for the event, but as the team behind Optimism said, the token will have a “season of airdrops” with plenty of room for users to participate. Specifically, 264,079 addresses are eligible to claim OP in this initial airdrop. Also, publish the requirements for users to receive the airdrop.

According to information from the project, this airdrop has six sets of criteria. “Two for Optimism users that target early adopters and active project users, and four for L1 Ethereum, which target active contribution, positive-sum behaviors, and active participation”, they stated.

We have clarified each condition for users to accept the airdrop as follows:

  • Optimism user: Used Optimism before June 23, 2021.
  • Repeat Optimism Users: This tier selects the most active Optimism users who repeatedly come back to use applications in the Optimism ecosystem.
  • Active Ethereum Participants:
    • DAO Voters: Address has either voted on or authored at least one proposal on-chain or at least two on Snapshot (off-chain).
    • Multi-Sig Signers:
      • Multi-sig signers are entrusted with larger pools of capital or control over key protocol functions. They are often the present (and future) DAO leaders and builders.
      • The address is a current signer on a Multi-Sig that has executed at least ten transactions (this cohort includes 95% of all multisig transactions).
    • Gitcoin Donors: As a user who donated on-chain to Gitcoin.
    • Users Priced Out of Ethereum: Still using ETH, but there are cross-chain bridge transactions to Polygon, Arbitrum, Gnosis Chain, and Solana.

In addition, the project also announced the allocation rate for its tokens. Optimism revealed that it might make more airdrops for the community soon. Besides, the post also did not forget to remind bridge ETH users to upgrade to Layer-2 solutions to have a better experience with their cryptocurrency trading.

5% of the token will be distributed in this first airdrop, with 14% destined for future events. 20% will be distributed to retroactive public goods funding, 17% to early investors, 19% to core contributors, and 25% to the ecosystem fund.

optimism-is-launching-op-token-new-governance-model-and-the-coming-airdrop

Besides, the project also announced the Overlap Bonus.

“Early Optimism users who also match multiple Ethereum criteria may be most likely to become important participants in the Optimism ecosystem, so these addresses were rewarded with an extra overlap bonus. Address matches an ‘Optimism Early Adopter’ criterion and matches at least four criteria sets in total (including Optimism criteria)”, they added.

About the global filtering criteria to ensure the airdrop will be distributed to real users and honest actors, you can read some basic filters to various criteria here. And don’t forget to visit the announcement page to check if you are eligible for Airdrop #1.

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