What is Optimism (OP)? Complete set of OP cryptocurrencies
Description of What is Optimism (OP)? Complete set of OP cryptocurrencies
What is Optimism? Optimism is a layer 2 project for Ethereum that includes 3 main components: Ethereum mainnet, Optimistic Rollup, OVM. Let's learn about OP token here!
Ethereum network users now no longer have to worry about congestion problems or too high transaction fees when they can use Layer 2. In Layer 2 again divided into many categories, accordingly, Roll solutions -up, namely Optimistic Rollup with 2 projects Arbitrum and Optimism are the projects that attract the most users and have the highest TVL. Not only that, Optimism recently launched the OP token, let's find out what this token will mean for the Optimism ecosystem.
Today, let's find out detailed information about Optimism with Coin98 including:
- What is Optimism? What are the highlights of the project's operating mechanism?
- Detailed information about tokenomics and how to store, benefits when holding.
- Team, strategic partner of the project.
- Latest update on Optimism project.
What is Optimism?
Optimism is a Layer 2 scaling solution on Ethereum to reduce gas fees, speed up transaction completion, thereby providing a smoother user experience while maintaining security from the Ethereum original chain. Optimism belongs to the Optimistic Rollup segment, using a fraud proof security mechanism.
Simply put, your transaction will be considered valid and approved if it cannot be proven fraudulent.
The name “Rollup” comes from separating transactions from the main chain, then wrapping them in a single batch and creating proof, then uploading it to Layer 1, imagining transactions being rolled up. More specifically, Optimism is a layer 2 consisting of 3 main components:
- Ethereum mainnet: Optimism's Layer 1 native security platform.
- Optimistic Rollup: The core of Optimism's scalability.
- Optimistic Virtual Machine (OVM): A virtual machine compatible with Ethereum, making projects work like they are on L1 Ethereum. This is the environment to run Ethereum's smart contracts , so OVM can be considered as an EVM with much better scalability, helping to process a large number of smart contracts at the same time.
Highlights of Optimism
With the above characteristics, Optimism's Blockchain has notable points including:
- Transaction Experience: With fast processing speed, gas fees are being reduced by 88 times compared to gas on Ethereum currently.
- Convenient for DApp Scaling, Scaling, and Deployment: Fully supporting EVM, Ethereum dapps or DApps in other EVM-compatible ecosystems can be run on layer 2 with just a few lines of code.
- Security: Layer 2 still inherits the strict security level of Layer 1 Ethereum.
Highlights of Optimism:
- Total number of wallet addresses: 329,000
- Average number of transactions per day: 53,684
- Gas fee for sending ETH: $0.45
- Gas swap on DEX: $0.88
- NFT gas fee: $0.89
- There are currently 108 projects active on Optimism
- Total TVL of the whole system reached 640 million USD. Ranked 3rd according to the TVL rating of Layer 2 on Ethereum.
Recently, to thank the early users, Optimism announced the launch of OP token and airdrop this token for early users. Details about this token and airdrop will be presented in the next section.
In addition, last March, Optimism also announced the close of a $150 million Series B funding round at a valuation of $1.65 billion. This funding round is led by two famous names, a16z and Paradigm . Prior to that, the Series A round of $25 million was also led by a16z.
In the latest version, Optimism has introduced Optimism Collective (roughly translated: Optimism Community). Optimism Collective is a large-scale DAO ( Decentralized Autonomous Organization ) of digitally democratic governance, built to promote the rapid and sustainable development of a decentralized ecosystem. central. Going forward, the governance of Optimism will be a partnership between the Optimism Foundation and members of the Optimism Collective.
Similar to the structure of Congress, the Optimism Collective will be governed by two houses: the Citizen's House and the Token House.
- Token House : Founded when Airdrop #1 was launched, empowering the first people to do active community activities to participate in voting protocol updates, select projects to receive incentives,... Tokens are here is OP.
- Citizen's House : The main purpose is to facilitate and manage the process of distributing and sponsoring useful products for the community (public goods), deciding the amount of money to be distributed to projects and community building products for the benefit of the community. common interest. Citizenship herein shall be conferred by non-transferable NFTs . Details about Citizen House will be revealed in the future.
From the ideas above, the OP's economy would have the following flywheel:
- Demand for OP Blockspace: Funding for the OP economy will come from the Optimism network and its block space value. The right to participate in block space provides a sustainable source of revenue.
- Sequencer generates revenues : Sequencer is a node that acts as a processor of transactions on L2 and sends them to L1. With the same role as miners, the sequencer will receive a portion of the revenue as transaction fees.
- RetroPGF : Revenue from the sequencer will be reallocated to the community through Retroactive Public Good Funding. It can be understood as funding, rewarding individuals, projects, communities, having products with good impact or making contributions to the general community. Citizen's House members will vote on the allocation of this capital.
Value for Builders and Users:
- Users: Will often receive airdrops from OP, from projects that receive incentives funded by the OP ecosystem and the Retro program.
- Builder: Receive rewards directly from the Retroactive program, projects that receive rewards from the Retroactive program will help other projects have the tools, applications, and infrastructure to build their projects.
Benefits of holding OP tokens
Currently, there is not much information about the use cases of OP tokens, according to the announcement from Optimism, OP tokens are mainly used in Token House with administrative uses such as:
- Vote for protocol updates.
- Vote for the distribution of incentives for projects from a part of the Governing Fund.
- Project funding on Optimism.
- Participate in project management with OP Citizens.
Project team, investors, partners
Project team
To serve the above goals, the project established the Optimism Foundation which acts as the manager of the Optimism Collective, runs the tests, promotes the ecosystem, which will eventually disband and cede complete governance to the Optimism Collective. community.
The Optimism Foundation will be led by the two founders of Optimism, Jinglan Wang and Ben Jones, joined by Eva Beylin (Director of Graph Foundation), Abbey Titcomb (Head of Community of Radicle), and Brian Avello from the Maker Foundation.
In addition, Optimism PBC has also been renamed OP Labs PBC, Liam Horne - formerly Head of Engineering for Optimism PBC, will take over as the new CEO of OP Labs PBC.
Investors
The project most recently raised $150 million from a Series B round led by a16z and Paradigm, in addition to previous rounds of funding as follows:
- January 15, 2020, Seed Round ($3.5 million): Paradigm, IDEO Colab Ventures
- February 24, 2021, Series A ($25 million): Andreessen Horowitz, Paradigm, IDEO Colab Ventures
- March 17, 2022, Series B ($150 million): Paradigm, Andreessen Horowitz. The current valuation is $1.65 billion.
Partner
Updating…
Roadmap & Updates
The project has completed important milestones in 2021, launching the Alpha Mainnet at the beginning of the year, then launching the official Mainnet at the end of the year, completing the EVM virtual machine,...
In 2022, Optimism will focus on developing the new generation ecosystem, Collective and Fault Proof version.
Detailed information about OP Token
Key Metrics OP
- Token Name: Optimism (OP) Token
- Ticker: OP
- Blockchain: Optimism
- Token Standard: ERC-20
- Contract: 0x4200000000000000000000000000000000000042
- Token Type: Governance
- Total Supply: Updating…
- Initial Supply: 4,294,967,296 OP
OP Token Allocation
- Ecosystem Fund: 25%
- Retroactive Public Goods Funding (RetroPGF): 20%
- User Airdrops: 19%
- Core Contributors: 19%
- Sugar Xaddies: 17%
More specific:
Ecosystem Fund: Program to stimulate growth in the Optimism ecosystem by funding projects and communities. In Ecosystem Fund will be divided into parts:
- Governance Fund (5.4%)
- Partner Fund (5.4%)
- Seed Fund (5.4%)
- Unallocated (8.8%)
Retroactive Public Goods Funding (RetroPGF): Decided by Citizen's House. The Retro PGF round is scheduled to take place quarterly to fairly reward projects that have a positive impact on the ecosystem.
Users Airdrops : A kind of airdrop event to reward users in the community of Optimism and Ethereum, not only Airdrop #1, but will have #2, #3 in the future.
Core Contributors : For those who have devoted themselves to making Optimism Collective from concept to reality and will continue to contribute to the protocol, these tokens will be locked for a while.
Sugar Xaddies: For Optimism investors, will also be locked for a period of time.
OP Token Sale
The project does not hold any token sale.
OP Token Release Schedule
The total initial supply of the OP will be 4,294,967,296 tokens, the total token supply will be inflated at the rate of 2% per year.
According to the Token Allocation above, 64% of the tokens will be managed and distributed by the Optimism Foundation to the community.
In the first year, 30% of the initial total supply will be provided to the Foundation for distribution to the community, in subsequent years this percentage will be decided by token holders.
How to earn and own OP Token
The first airdrop for early users has been announced, 5% of the total initial token supply will be reserved for 264,079 addresses that meet the following criteria:
- Optimism Early User: Used Optimism before Jun 23, 2021, received 727.36 OP per wallet
- Regular user of Optimism: Interact with Optimism for 4 weeks, get 1,584.42 OP per wallet.
- DAO Voter: Regularly participate in voting on Ethereum DAOs (Governor Alpha and Bravo, Aave, Maker, Curve, Aragon, DAOHaus, DAOStack,...), get 254.45 OP per wallet.
- Multi-sign signer: Usually DAO leader and builder, get 1,114.23 OP per wallet.
- Gitcoin Donor: Those who have donated on-chain through Gitcoin, receive 520.34 OP per wallet.
- Those who used to bridge from Ethereum to other L1 chains but still have transactions on Ethereum dapps, get 383.27 OPs per wallet.
In addition, addresses that meet multiple criteria at the same time will also receive additional rewards, specifically:
- Meet 4 criteria to get an additional bonus of 3,913.29 OP.
- Meet 5 criteria to get an additional bonus of 12,449.18 OP.
- Meet 6 criteria to get an additional bonus of 25,769.80 OP.
This is only the first Airdrop, Optimism announced that there will be many more airdrops in the future to encourage people to bridge to Optimism and use the products in this ecosystem.
OP Token exchange & storage wallet
OP token storage wallet
Right after the launch, you can store OP tokens at Coin98 Super App with the following simple steps:
Step 1: At the main interface, select Receive.
Step 2: Enter Optimism in the search box.
Step 3: Copy OP wallet address and send OP token to this address.
OP token exchange
Updating…
Information channels of Optimism
You can follow the following channels of Optimism to not miss updates:
- Website: https://www.optimism.io/
- Twitter: https://twitter.com/optimismPBC
- Medium: https://medium.com/@optimismpbc
- Discord: https://discord-gateway.optimism.io/
- Github: https://github.com/ethereum-optimism
- Block Explorer: https://optimistic.etherscan.io/
summary
Above is the latest information about Optimism and OP token that I have updated, Optimism in particular and Layer 2 in general will have a lot of development this year, I will update on the article as soon as there is information. Latest.
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