Optimism Airdrop is Approaching, A New Concept of Community Governance Will be Emerged

1. The initial total supply of $OP is 4,294,967,296, and the additional issuance rate is 2% per year. 19% of the total supply will be reserved for users’ airdrop, 5% will be allocated in the first round of airdrop, and the remaining 14% will be determined by DAO how to release in the future airdrop rounds.

2. Users can check whether they are qualified to receive airdrop by visiting the official verification address. The specific time of airdrop has not been determined yet and will be released by Optimism officials in the near future.

3. Optimism also announced the simultaneous launch of the official governance system Optimism Collective, which aims to help the sustainable development of Ethereum ecology by creating public goods.

4. Optimism Collective adopts a "bicameral system" - the "Token House" and the "Citizens’ House", which check and balance each other to achieve the unity between long-term vision and short-term incentives.


Optimism governance token airdrop really came, earlier than previously thought.

In our blog post "Optimism Released an Article to Recall the Course of the Project, Maybe Will Airdrop Management Tokens" recently, it was mentioned that Optimism officially released an article on the 19th, suggesting that governance tokens would be launched. Only on the 27th of a week later, Optimism token airdrop really came.


According to the token economics published by Optimism, the initial total supply of OP is 4,294,967,296, and the additional issuance rate is 2% per year. 19% of the total supply will be reserved for users’ airdrop, 5% will be allocated in the first round of airdrop, and the remaining 14% will be determined by DAO how to release in the future airdrop rounds.

There are six types of users who are qualified to receive the first round of OP airdrop:
1) Users who complete the transfer on the Optimism chain before June 23, 2021;

2) Users who have used the Optimism protocol for four weeks in the past year；

3) Users who actively participate in DAO governance in Ethereum ecosystem;

4) Users who participate in multi-signing of some projects and complete at least 10 transfer transactions;

5) Users who have used Gitcoin to complete the on-chain donation;

6) Some Ethereum active users are required to have used Polygon, Gnosis Chain, Arbitrum or Solana cross-chain bridge.

See the official twitter screenshot for the number of qualified user addresses and the number of OPS they can obtain. According to the Optimism official, the snapshot time of airdrop qualification is March 25. A total of 264,079 addresses meet the conditions for receiving airdrop. Users can check whether they are qualified to receive airdrop by visiting the official validation address. The specific time of airdrop has not been determined yet and will be released by Optimism officials in the future.


In addition to 19% of the governance tokens will be used for airdrop, 20% of the tokens will be used as retroactive public goods funds; 19% of the tokens will be allocated to the core contributors of the project; 17% of the tokens will be distributed to investors; The last 25% of the tokens will be used as Optimism's ecological fund, of which 5.4% is governance fund, 5.4% is cooperation fund, 5.4% is seed fund and 8.8% has not been allocated yet.



Open a new chapter of community governance

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In addition, Optimism also announced the simultaneous launch of the official governance system Optimism Collective, which aims to help the sustainable development of Ethereum ecology by creating public goods. In the future, Optimism will be jointly managed by the Optimism foundation and Optimism Collective.

Public goods are the symmetry of private goods, which are generally non competitive in consumption or use and non exclusive in benefits. According to the slogan in Optimism's official website, Optimism believes that Public Goods are the cornerstone of our society and will also be the cornerstone of Web3.0. Public goods have great externality, which can bring great value to our society, but it also leads to "tragedy of the commons" because of this externality. Therefore, it is traditionally believed that typical public goods such as poverty alleviation, environmental protection and infrastructure can only be provided by the government. How to reasonably distribute incentives to make the production of public goods consistent with the personal interests of product providers has also become a difficult problem.

Optimism believes that by having Ethereum and the Optimism blockchain serving as Web3.0 is an important infrastructure in the world, and it is also a "public product" in the Web3 development. The purpose of Optimism Collective is to maintain Ethereum and Optimism, the two major public goods, by providing incentives for the creators of public goods. Optimism Collective will provide the funds held to the project and community construction.


In order to avoid excessive concentration of power, Optimism Collective adopts a "bicameral system" - the Token House and the Citizens' House. The two Houses check and balance each other to achieve the unity between long-term vision and short-term incentives. The construction of the Token House will be completed in the upcoming OP airdrop, and the OP holders will be able to vote on the community governance proposal, and even have the right to remove the directors of the Optimism foundation or decide whether to change the founding document of the foundation (which can be understood as the Optimism constitution); The establishment of the Citizens' House is different. If users want to obtain citizenship, they need to obtain a unique non-transferable NFT - Soulbound. The distribution of citizenship is completed by the Optimism foundation according to the opinions of the Token House. The number of the Citizens' House will increase gradually over time.


In the economic cycle of the Optimism Collective, the concept of "retroactive public goods funding (RetroPGF)" is very important. The community will vote to decide which projects to invest in. The development of these projects will push up the value of the whole Optimism ecology. Optimism Collective will receive social growth investment and private investment, and the economy of the whole community will grow. Community members will benefit from the continuous airdrop of OP. In addition to the initial 20% of OP tokens will be used as RetroPGF reserves, the on-chain transaction costs and Sequencer income of Optimism will also be included in RetroPGF reserves.


Conclusion

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We will continue to keep an eye on the follow-up development of Optimism ecology and the latest progress in the Layer 2 scalability Please stay tuned!



Author: Gate.io Researcher: Edward H. Translator: Joy Z.
* This article represents only the views of the researcher and does not constitute any investment advice.
*Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.



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