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Crypto Twitter has lit up with users excited to learn they will be eligible to claim Optimism’s OP tokens in an upcoming “season of airdrops.” On Tuesday, the popular Ethereum layer 2 rollup Optimism announced the creation of the Optimism Collective, a decentralized autonomous organization (DAO).

Along with this release, Optimism also lit up Crypto Twitter by announcing the long-awaited Optimism (OP) currency and airdrop.

Optimism Ethereum
source: https://cointelegraph.com/

A “Season of Airdrop” Optimism

A first airdrop of the OP token will take place in Q2 2022. The event is limited to 250,000 addresses, but the Optimism team has stated that the token will have a “season of airdrops” with lots of opportunities for users to participate.

Airdrops, like those for the Ethereum Name Service and dYdX, have become a popular approach for projects to inform people while rewarding early adopters and launching a token economy.

Unlike previous large airdrops, they announced “an entire season of airdrops” on Tuesday in a blog post. Early adopters and active Ethereum users will get 5% of the original OP token supply in the first airdrop (e.g., users who have participated in DAO governance).

Even if they didn’t qualify for the initial drop, they are employing numerous rounds of airdrops to urge individuals to utilize or contribute to the procedure. In all, 14% of OP’s initial token supply will be airdropped, with the Optimism Collective determining eligibility for future drops.

This first airdrop will give 5% of the token, with the remaining 14% reserved for future events. 20 percent will go to retroactive public goods financing, 17 percent to early investors, 19 percent to key contributors, and 25 percent to the ecosystem fund. The supply of the OP will be unlocked in the following order:

source: Optimism

The Ethereum creator Vitalik Buterin, as well as other members of the crypto community, responded to the news. The airdrop was widely expected, and it appears to be matching expectations thus far. Buterin stated:

“Possibly the biggest attempt at non-token-holder-centric DAO governance so far. Excited to see where this goes.”

source: https://thecoin.news/

“Optimistic” Rollups

Optimism allows users to use some Ethereum apps more cheaply without losing the network’s essential security guarantees. They are the primary way Ethereum is working to scale its ecosystem in the face of high gas fees and relatively low transaction speeds.

By processing transactions and executing smart contracts on a separate, rollup-specific chain, it expands the Ethereum network. The data processed on the same is packed and sent back to Ethereum, where Ethereum network participants can validate the information.

Optimistic rollups, such as Optimism, presume transactions are truthful once they reach the Ethereum layer 1 chain, and they offer network validators seven days to dispute transactions they feel are untrue (That differs from so-called ZK-rollups, which use complicated cryptography to validate transactions rather than assume their validity outright).

New Token, New Foundation

The Foundation will monitor the governance mechanism. This system will be managed “on behalf of the Collective” by a new entity before being disbanded.

Ben Jones and Jing, two of the project’s co-founders, will lead the Foundation. Optimism PBC, the firm in charge of building the Ethereum scaling solution, has both of them in top roles.

As the initiative moves toward full decentralization, the Optimism Foundation will serve as a bridge. In this regard, the project’s team also stated that Optimism PBC would be renamed OP Labs PBC, which will be responsible for “developing and decentralizing the protocol” as well as maintaining the ecosystem.

Liam Horne, the former Head of Engineering at Optimism PBC, will lead OP Labs. Karl Floersch, Josh Stein, Julien Boedec, Bobby Dresser, and others will provide their support to the new organization.

The declared entities’ ultimate purpose is to decentralize Optimism while allowing the project to grow its values through Web3 incentives. This so-called experiment was meant to go beyond Web2 corporations’ governance structures and expand beyond the technology.

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