With the maximum supply of 4.3 billion tokens and a 2% yearly inflation, the token is available for trading on a big number of both centralized and decentralized exchanges such as Binance and Uniswap. The OP token itself is built on top of Ethereum as it can be stored on any ETH-compatible wallet like Metamask or Coinomi. Many users complained that many claimants were somehow able to get their rewards before the official airdrop took place and dump the price.
However, as those users cashed out their rewards practically as soon as they received them, the OP token price plummeted from $4.5 to $0.87 per token in a matter of a few hours resulting in widespread frustration within the Optimism community. According to the whitepaper of the project, these are “early adopters and active users of projects in the Optimism ecosystem”. 248,699 addresses received their first reward on May 31st, 2022. The Airdrop event didn’t go as initially planned, though. The number of OP allocated per address varies between 409.42 and 2,469.35 tokens. The dedicated page on the official website distinguishes several categories such as Optimism Users, Repeat Optimism Users, DAO Voters, Multidig Signers, Gitcoin donors, and Users Priced Out of Ethereum. The number of tokens one can claim depends on the type of support provided. To encourage Optimism early adopters and reward those who support the protocol, the Optimism Foundation distributes generous airdrops. This is possible because transactions are sent to the mainchain in bundles removing the need for itemized verification. It also helps to significantly increase the speed of transaction confirmation. Such an approach not only secures the network while keeping it scalable. At the same time, validators have one week to query the whole rollup if they consider the data to be fraudulent.
#OPTIMISM TOKEN VERIFICATION#
Validators who are responsible for their verification don’t provide any proofs as they publish only the minimum information that the network requires. The name “optimistic” comes from the fact that all transactions included in a rollup are presumably valid by default.
It implies creating another layer on top of Ethereum’s mainchain for transactions’ verification. Optimistic rollups represent one of the technological solutions to this problem. Being an NGO, the company is fully funded by grants and donations.Įver since the popularity of cryptocurrencies boosted in 2017, Ethereum has been struggling with scalability issues which resulted in high transaction fees and low throughput. As the platform is not fully decentralized at the time of writing, the founders claim to donate all the profits they get from running a centralized sequencer to scaling and sustaining public goods. The project is backed by a non-profit organization the Optimism Foundation. All-in-all, the project aims to create a new model where those who create or sustain public goods get proper rewards for their contribution. Thanks to a number of technological solutions, they not only achieve their key goal but also offer a user-friendly UX for developers. Though the project is not the first and probably not the last one to solve Ethereum’s scalability problem, its team members are sure of success. The views and opinions expressed in this article are the author’s own and do not necessarily reflect those of CoinMarketCap.With the ultimate goal of providing open internet for everyone, Optimism represents a low-cost and lightning-fast layer-2 protocol for Ethereum. This article is not intended as, and shall not be construed as, financial advice. It is important to do your own research and analysis before making any material decisions related to any of the products or services described.
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