Optimism Moves Toward Decentralized Governance Structure With OP Token Launch
Ethereum (ETH) Layer 2 (L2) scaling solution Optimism has announced the launch of its OP token that would further help the initiative move toward a decentralized governance structure known as the Optimism Collective.
Optimism Collective is a bicameral governance system built to push the L2 solution toward a sustainable decentralized ecosystem. The collective will be governed co-equally by two entities, the Citizens’ House and the Token House.
The Token House will be governed by Optimism’s new OP token, which will be airdropped to early users. In a blog post, the L2 solution detailed that there won't be one airdrop but "an entire season of airdrops," with the first one slated to come in the second quarter of the year.
"Please triple check that you are interacting with the right token. Note that Airdrop #1 has not yet occurred, and anything claiming you can get OP tokens today is a scam," Optimism said, warning users of potential scams that could emerge.
Optimism also shared a list of criteria for airdrop eligibility, which shows that early users of the L2, early DAO voters, and even more than 24,000 Gitcoin donors, among others, will also be included. In total, over 250,000 addresses will be eligible for the first airdrop.
Optimism added that OP token holders will be able to "vote on protocol upgrades, project incentives as a part of a Governance Fund, and more."
In terms of token distribution, 5% of the coin, which has a total supply of nearly 4.3bn, will be distributed in the first airdrop - and an additional 14% has been allocated to the future airdrops. All OP tokens will unlock over the course of 4 years.
Meanwhile, the collective's other entity, the Citizens’ House, will use the revenue generated by the L2 to "distribute
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