The OP governance token from the Optimism layer 2 network is active. The token was launched last Tuesday (31) and after some high load issues, the first token airdrop is also live. In this first token distribution, about 5% of the total supply of 4.29 billion will be sent. In all, 231,000 addresses can claim 214 million OP tokens. This gives an average of 860 tokens per address.
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Optimism launches token and announces airdrop
Optimism is an Ethereum (ETH) scaling solution based on optimistic rollup technology. This technology enables faster, lower-cost transactions. Meanwhile, it maintains layer 1 security. The official token contract was discovered by “Crypto Twitter” detectives last week. They also found that the team would airdrop the initial users of the network. Here’s how to claim the OP tokens:
Step 1: Check eligibility.
Firstly, the user must verify that he is eligible to receive the tokens at https://app.optimism.io/airdrop. Late last month, the Optimism team released details on the qualifying criteria and tokenomics. On the occasion, they also announced the launch of the Optimism Collective. It is a “large-scale experiment in digital democratic governance”. According to the team, the collective’s goal is to drive the rapid and sustainable growth of the decentralized ecosystem managed by the newly formed Optimism Foundation.
Step 2: Add Optimism to the MetaMask Wallet.
To add wallet, user can use Chainlist or their preferred method. Then the user just needs to connect to the network.
Step 3: About the claim:
If the user is eligible to receive the OP tokens, they can claim them after completing a few steps. Next, the user will need to answer three questions. Also, you must accept the Labor Constitution and delegate your tokens before claiming your airdrop. As the team explains, a “delegate” is someone the user chooses to make governance decisions for them. That is, the user still keeps 100% of their tokens, but delegates will be able to exercise voting power in their place.
In addition to this initial airdrop, the team will promote other airdrops. For this, it has set aside an additional 14% of the general supply. Both network users and projects operating on Optimism will be able to receive a share of the tokens.
About the OP token
As stated above, Optimism launched the OP token on Tuesday (31) under high expectations. However, some initial airdrop and high load issues ended up delaying the airdrop of digital assets. Also, some users were able to claim the tokens before others. This caused some discomfort and controversy among users. And, despite great expectations, the price of the digital asset did not match. The starting price of the OP token was $4.50. But a few hours later, the price dropped below $0.80. Now, at the time of writing, OP is trading at $1.23, according to data from CoinMarketCap. This is, therefore, a drop of more than 70% in relation to the initial price.
OP token price chart for the last 24 hours. Source: CoinMarkeCap Read also: Binance launches $500 million fund for investments on Web3 Read also: Play-to-earn game Kart Racing League partners with cryptocurrency Harmony (ONE) Read also: Crypto casino launches first slot machine of NFTs in the metaverse
