What is Optimism?
Optimism (OP) is a layer 2 scaling solution for Ethereum, or more specifically Optimistic Rollup, that can support all Ethereum Dapps. Optimism allows users to send transactions on the Ethereum network and complete them faster with much lower gas fees.
Optimism announced on April 27 that it will create a decentralized autonomous organization, or DAO, called the Optimism Collective. Along with this news, Optimism announced the Optimism (OP) token and giveaway.
The Optimism Collective will be managed by: VÀ Token House Citizens House.
What’s special of (Optimism OP)
Scalability is currently the biggest problem with the Ethereum network. Scaling solutions such as “flattening” aim to improve the overall experience for the end user.
Due to high demand, Ethereum has become too expensive for the average user. When the network is congested, users have to fight a gas war trying to move their transaction to the next block.
Layer 2 scaling solutions aim to solve this problem by processing the transaction “off-chain” and instead publishing very little “proof” on the Ethereum network to prove that the data is correct. By doing this, Optimism saves a lot of work for the Ethereum network and also makes it more efficient and accessible to end users.
Optimism will debut in the second half of 2021. Optimism currently provides a set of applications available for use with many of the dapps currently offered on the web, including leading protocols such as Uniswap, Synthetix.
The massive migration of Ethereum dapps to layer 2 protocols like Optimism is expected to really accelerate over the course of the year. This process will only accelerate as more and more users move from Tier 1 to take advantage of the efficiency and availability of the Optimism network.
Following a series of network upgrades that implemented gas cuts, Optimism now offers the lowest transaction fees on all existing Optimistic Rollups, including the Arbitrum and Boba network.
At the time of writing, Optimism currently offers users a $0.7 token swap fee, followed by $0.77 Boba Network and $1.02 Arbitrum.
The more people who join Optimism, the more revenue Optimism will receive from protocol fees. Essentially, this gives optimism a higher budget when paying for Tier 1 gas fees, further reducing the fees for the end user.
Now the network is fully compatible with the EVM. While it doesn’t affect the end user experience, EVM parity is a big win for developers as it’s now much easier to deploy a dapp on Optimism since you don’t have to worry about it, worry about the compiler.
Token standard: ERC-20.
Token type: utility, control.
In circulation: update …
Initial offer: 4,294,967,296 OP.
Distribution of tokens
Ecosystem Fund: 25%.
Custom airdrops: 19%.
Core contributors: 19%.
Sugar Xaddies: 17%.
Retroactive Public Goods Financing (RetroPGF): 20%.
The Ecosystem Fund will be used to directly fund communities and companies that contribute to the expansion of the collective ecosystem (OPCO). Allocations specifically for the Ecosystem Fund will be further broken down into the following categories:
Management fund: 5.4%
Partner Fund: 5.4%
Seed fund: 5.4%
The Ecosystem Fund is conceived as a startup mechanism that will be completely closed when the OP in the fund is depleted.
The Optimism Foundation will distribute a portion of the OP to members of the Optimism and Ethereum communities in batches.
Airdrop #1 distributes 5% of OP tokens. This distribution is intended for active members of their community. The addresses and amounts have been chosen to reward Optimism users, as well as to attract mainstream Ethereum users to Optimism.
Optimism distributes OP to over 250k addresses.
Distributed to those who helped bring the Optimism Collective from concept to reality, and will continue to pay for the development of the protocol. The distribution of the main participants is limited by the blocking period.
Investors. Sugar Xaddies appropriations are subject to a freeze.
Retroactive Public Goods Financing (RetroPGF)
Distributed by the House of Citizens. RetroPGF rounds are planned to be held on a quarterly basis to ensure that all OPCOs are adequately rewarded.
Token use case
Optimism Collective is based on the idea of creating a powerful and valuable development ecosystem:
Cumulative value for OP token holders
Value is created by contributors and is directly dependent on funding. “Retroactive financing of public goods”.
Value is created by users and community members through ongoing OP giveaways, as well as through project incentives made possible by funding from the OP ecosystem.
Most recently, on March 17, 03, Optimism announced it had raised $2022 million in a Series B round at a $150 billion valuation. According to TechCrunch, this round is associated with Paradigm and Andreessen Horowitz (a16z) co-lead.
In February 02, Optimism announced a $2021 million Series A funding round led by Andreessen Horowitz.
Optimism (OP) is traded on which exchange?
You can trade and invest Optimism (OP) here