Optimism, a layer 2 scaling network on the Ethereum blockchain has finally launched its long-awaited Optimism token and airdrop.
The Layer 2 scaling network Optimism (OP) token is now live on the Ethereum blockchain after being so much anticipated by Crypto investors and enthusiasts. This was first hinted at when exchanges like MEXC, and Bybit announced that they are set to open the spot trading of OP tokens.
The airdrop was distributed to just 248,699 eligible addresses, only early users of the Optimism network including those who met other criteria such as having used the network before June 23, 2021, or participated in the DAO governance on the Ethereum network and donating to Gitcoin, were rewarded with the OP token airdrop. Although many didn’t receive their airdrop due to the huge demand for the token at the time.
OP was first introduced by Optimism in April when they announced plans to launch a decentralized autonomous organization called the Optimism collective, which holders can use to vote within the community. The DAO slates to use revenue from Optimism transaction fees to fund grants designed for “public goods,” such as open-source software. Since then, heaps of “airdrop hunters” have created vague wallets in the hope of being qualified for the token airdrop. And for this reason, Optimism opted for a phased airdrop campaign.
The team behind Optimism promised there would be an “entire season of airdrops” for more airdrops to come through in the future. This airdrop will be distributed further to users from 14% of the total supply after the team already allocated 5% of the 4.29 billion supply to the first airdrop.
Out of all the several projects on the Ethereum network, Optimism is part of the projects working to help Ethereum scaling by building out an ecosystem of the network’s Layer 2 platform. This will be achieved by leveraging its Optimistic Rollups, which is a form of Cryptographic technology that rolls up transactions into large batches to reduce traffic load on Ethereum’s network. In conjunction with ZK-Rollups, Optimism Rollups will also offer a way to use Ethereum at low cost with top speed without having to forfeit the Layer 1 network’s security.
To Wrap It All Up
OP is trying to be different from other projects on the Ethereum network, with a move different from other prior Ethereum Airdrops. OP is expected to play an important role in the Layer 2 ecosystem as its holders will basically have the power to decide later in the future, what the network should be like.
Also, the team is working on issuing non-transferrable soulbound tokens. The team has labeled OP recipients as members of the “Token House,” while the soulbound tokens will go to members of the upcoming “Citizens’ House.” Together, these two sects will form a bicameral system to govern the future of Optimism.
OP Price Outlook
According to Coingecko, as of writing, after the token began life around 12 hours ago, with the price tag of $1.43, and after the pump to $2.10, the token has now retreated and is trading at $1.36 per OP token.