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Ethereum Layer 2 Platform Optimism’s Governance Token Goes Live, Top Exchanges to List

UTC by Bhushan Akolkar · 2 min read
Ethereum Layer 2 Platform Optimism’s Governance Token Goes Live, Top Exchanges to List
Photo: Ethereum Foundation Blog

Optimism has decided to airdrop 5% of its OP governance tokens to users. Additional airdrops shall come in Q2 2022.

On Tuesday, May 31, Optimism (OP) – an Ethereum layer 2 scaling solution – announced that it has started to airdrop its new governance token. The new governance token shall trade under the ticker OP.

Individual users who have been using Optimism before March 25 can claim the token airdrop for OP. This means, that a total of 231,000 addresses can claim 214 million OP tokens which are 5% of the total supply.

OP will serve as the governance token for protocol’s Token House – one of the two hubs that make up Optimism’s governance system. Thus, OP holders will be able to vote for several Optimism-centric projects. The Token House hub is also responsible to manage upgrades, treasury funds, and other parameters of the network.  The Citizen House, another hub of Optimism’s governance system, will look at distributing retroactive public goods from the fees generated by the network.

Yesterday for the first airdrop of the Optimism (OP) tokens. The platform has an additional 14% of the total supply reserved for future airdrops. Apart from airdrops, a portion of OP supply has also been reserved for distribution to projects operating on Optimism. Optimism will conduct more airdrops by Q2 2022.

Optimism Faces High Traffic after Its Governance Token Launch

Soon after the launch of the OP governance token, Optimism faced a high load causing delays on its mainnet. Besides, it also suffered remote procedural calls (RPCs).

RPC basically involves a set of communication protocols that allows entities like MetaMask to interact with other protocols. With Optimism’s RPCs going down, users couldn’t access the Optimism blockchain through apps. Thus, they couldn’t even buy or sell OP tokens.

Responding to the transaction delays following the OP token launch, Optimism said:

“Sup sleuths – as you might have guessed, OP Drop #1 launches today. We have NOT officially announced yet, but we’re already experiencing an all-time high demand … We’re working to heavily provision more capacity before our official announcement – in the meantime the public RPC may respond slowly.”

Crypto Exchanges Come Forward to List OP Tokens

Soon after the launch of the OP governance token, some of the top crypto exchanges came forward to extend their support. Some of the exchanges listing OP tokens are OKX, KuCoin, MEXC, AAX, and LBank. OKX and KuCoin allowed users with OP tokens soon after the token airdrop.

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