But we'll get into that a bit more in the next section.įor now, know that Optimism is a scaling solution for Ethereum, and is a separate blockchain running on top of it. Ethereum, the first blockchain to launch with smart contracts, can get slow and expensive. Optimism is a Layer 2 solution for Ethereum, the most popular Layer 1 blockchain for building dApps. Ready to read all this and turn that frown upside down? What is Optimism? Today, we look at one of the most popular Layer 2 blockchains: Optimism. But when we look at Layer 2 solutions, we feel slightly better. With all this going on, it's hard to stay an optimist these days. Amid all this chaos, how can one remain optimistic? And instead of becoming deflationary, the ETH supply actually went up, up, up and away!īut that's the least of Ethereum's problems, when one remembers that Scalability is the reason all these upgrades are necessary in the first place. Then the world watched as the ETH price crashed. It's now time for us all to join hands, rejoice, and breathe a breath of fresh air. The Ethereum Merge has finally taken place. Optimism helps end-users access Ethereum's dApps with cheaper transactions and a smoother user experience.
Optimism is a scaling Layer 2 solution for Ethereum and works by using optimistic rollups, with around $850 million in TVL.
Optimism token how to#
The crux of the matter stems from how to make of OP and the implementation time frame. While the idea of representing the interest of “non-token holders”, in Optimism’s case, is novel, there have been opposing views. Optimism community Split on how to Role of OP in Governance Above all, Citizens’ House will facilitate and govern the process to “distribute retroactive public goods funding” generated from Optimism’s revenue charged on transaction fees. Distribution will be determined by the foundation with participation from Token House members. Once active, citizenship would be conferred through the ownership of “Soulbound” NFTs. On the other hand, the Citizens’ House is yet to be established. Members will vote on protocol upgrades, distribution of project incentives as part of the Governance Fund, and more. The Token House was established on Wednesday following the OP Airdrop.
Both of them work towards achieving Optimism’s vision. The Optimism Collective comprises the Token House and the Citizens’ House. On a higher level, the platform is governed by the non-profit Optimism Foundation and members of the Optimism Collective. Therefore, the decision by the team to decentralize the platform is welcomed. It is technically controlled by the foundation (for now). Optimism exists as an off-chain solution. As one of the most adopted, general-purpose platforms, it hosts several dApps desirous of interacting with Ethereum’s dense network while enjoying lower transaction fees. Optimism is a layer-2 scaling solution on Ethereum using Rollups. Vitalik’s preference for a more open and decentralized governance structure is why he chimed in on the proposal to make OP a utility token. This is because there is thoroughness from fans with the project’s best interests at heart. In his view, a shift in the current governance structure would lead to more decentralization, preventing projects from the risk of being hijacked by whales or even centralized institutions.īesides, as more people participate, the quality of proposals and upgrades would naturally increase. Vitalik has been advocating for better decentralization and agitating for small coin holders to actively participate in governance. Vitalik Advocates for Open and Democratic Governance As such, holders would, as stated, propose proposals that would shape the development of the layer-2 platform on Ethereum. This development follows a successful OP airdrop on Wednesday, which saw the Optimism platform’s performance drop for a few hours. Optimism explicitly has goals *other* than just "make OP go up", and the only way to do that long-term is with explicit representation of non-token-holder interests. This is a great example of why I'm so proud of for adding non-token governance (the Citizen House).
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