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Optimism rewards web3 artists with $40.8 million airdrop

Optimism, a layer 2 network that aims to scale Ethereum, has launched its fourth airdrop, distributing over 10 million OP tokens to web3 artists. The airdrop, which is valued at approximately $40.8 million at the current market price, is a gesture of appreciation for the artists who have brought creativity and innovation to the blockchain space.

According to an official statement, 22,998 recipients have until Feb. 13, 2025, to claim their tokens. The eligibility criteria for the airdrop were based on NFT art creation on the Ethereum mainnet or Optimism’s Superchain between Jan. 10, 2023, and Jan. 10 this year.

“A great society needs artists,” Optimism stated on its claim page. “This airdrop serves as an appreciation for the artists and their capability to infuse creativity into the blockchain. Your efforts are crucial to the success of the Optimism Collective.”

The Optimism Collective is a community of developers, users, and supporters who share the vision of scaling Ethereum and enabling a more open, decentralized, and inclusive web3.

The rewards were calculated on the popularity of an artist’s NFTs, determined by the gas fees incurred during minting or trading activities. For instance, generating 1 ETH worth of gas on the Superchain could earn a creator 5,000 OP, with a cap of 6,000 OP per address.

Additionally, token allocations could see a 50% increase or a one-and-a-half times multiplier for creators meeting specific bonus criteria, such as early contract creation or significant post-launch activity.

The latest airdrop follows three previous distributions, with the most recent prior event in September 2023 disbursing 19.4 million OP tokens. Optimism has announced plans for future airdrops, with approximately 560 million OP tokens still allocated for such events. The ongoing strategy, as shared on social media platform X, aims to refine reward mechanisms and encourage positive contributions within the Optimism network.

Optimism is one of the leading layer 2 solutions that leverage optimistic rollups, a technique that allows transactions to be executed on a sidechain and periodically verified on the main chain. This reduces congestion and fees on the Ethereum network, while preserving its security and decentralization.

Optimism’s Superchain, which launched in July 2023, is compatible with the Ethereum Virtual Machine (EVM) and supports smart contracts and dApps. Several prominent projects, such as Uniswap, Synthetix, and Chainlink, have integrated with Optimism to offer faster and cheaper transactions to their users.

Optimism’s native token, OP, is used for governance, staking, and paying fees on the network. The token has seen a significant increase in value and demand since its launch, reaching an all-time high of $4.08 on Feb. 21, 2024. The token currently ranks 37th by market capitalization, according to CoinMarketCap.

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