![]() ![]() OPTIMISM TOKEN HOW TOHow to Use Layer-2 Solutions to Save on Ethereum Fees: Optimism Traders Speculate that Optimism Token Could Launch After Coinbase Glitch Ethereum and Uniswap Tank Despite Optimism News ![]() Optimism Moves Toward Decentralized Governance Structure With OP Token Launch The Token House will be governed by OP token holders while the collective's other entity, the Citizens’ House, will use the revenue generated by the L2 to "distribute retroactive public goods funding," Optimism said in a blog post in late April. Optimism Collective is a bicameral governance system that will be governed co-equally by two entities, the Citizens’ House and the Token House. I hope the OP Labs team takes this seriously going forward.- polynya June 1, 2022Īs reported, Optimism announced the launch of its governance token OP in late April, which would further help the initiative move toward a decentralized governance structure known as the Optimism Collective. And there should have been testnet simulations done for all 250,000 participants claiming within the hour or so. With blockchains, we *must* assume the worst, most adversarial case, and not the average case. Although this didn't come into play today, also need to think about how fee markets and congestion work for rollups," Polynya said. "They should also have had multiple RPC endpoints prepared and worked with Alchemy, Infura etc. RPC that users can talk to, to submit transactions." They said that Optimism should have prepared better since they knew the number of airdrop participants and that overall public interest was high. The researcher explained that what failed was "public infrastructure - i.e. "This is *scaling* - let's be very clear about it," the researcher added. They said that at peak, the L2 solution had more traffic than the Ethereum mainnet, yet used less than 5% of mainnet gas. Polynya, a pseudonymous Ethereum researcher, argued that despite the "botched" airdrop, the Optimism chain and the sequencer, the party in charge of block production, operated fine with "100% liveness throughout." We’re working to heavily provision more capacity before our official announcement-in the meantime, the public RPC may respond slowly," Optimism said in a Twitter post. ![]() “We have NOT officially announced yet, but we’re already experiencing an all-time high demand. With Optimism’s RPCs going down, users could not buy or sell OP tokens since they were not able to access the Optimism blockchain. OPTIMISM TOKEN SOFTWARENevertheless, Optimism experienced an unprecedented demand following the launch of its governance token, causing delays on the Optimism blockchain mainnet and remote procedure calls (RPCs).Īn RPC is a software communication protocol that one entity, such as MetaMask, can use to request a service from another protocol, like L2 blockchains. Most recently, US-based crypto exchange Coinbase revealed that it would "add support for Optimism (OP) on the Optimism network." It’s like an extra mini airdrop," Optimism said in late May.Ī number of crypto exchanges, including OKX, LBank, MEXC, and AAX, have announced plans to list the Optimism token. "All of the OP recovered will be redistributed proportionally to other recipients of Airdrop #1. While the L2 solution initially intended to include 248,000 addresses, it later removed 17,000 addresses that were considered to be airdrop farmers or sybils, those who create multiple wallets and execute small trades to increase their total earnings when an airdrop occurs. The drop did face some issues, however, which the team said they were able to solve. OPTIMISM TOKEN FREEThe Layer 2 (L2) scaling solution launched the much-anticipated airdrop of its OP token on late Tuesday, distributing free tokens among early users of the project who had interacted with the network before June 23, 2021, as well as early DAO voters, more than 24,000 Gitcoin donors, and others. At 7:35 UTC on Wednesday morning, OP is trading at USD 1.77, up by 23.8% over the past 24 hours, according to CoinGecko. The token, after briefly plunging to as low as USD 1.38, hit an all-time high of USD 2.10 in the early hours of its debut, and subsequently started a correction. OP token by Optimism, a second layer scaling solution for Ethereum (ETH), went on a roller coaster following a "turbulent launch" that led to unprecedented demand and caused delays on the Optimism blockchain mainnet. ![]()
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