Wednesday, July 24, 2024

Optimism introduces new governance structure, set to release new token OP.

A leading Ethereum layer 2 scaling solution, Optimism launched its new governance structure. It is also preparing to release a token called OP to help power the change. Vitalik Buterin, the founder of Ethereum, highlighted this as the biggest attempt at non-token-holder-centric DAO governance so far.

Optimism said the Optimism Collective will be governed co-equally by two houses – The Citizen’s House and The Token House. The Citizen’s House will govern the distribution of funding for retroactive public goods. The Token House will help boost growth, protocol upgrades, and project incentives. It will drive rapid, sustainable growth in Optimism, Ethereum, and the new internet.

The governance token is touted as the power behind the powerhouse. Users have the advantage of incentives to contribute to governance; the project’s decisions will be voter-based. The network will bring about airdrops. An official post stated that the airdrop is coming in Q2. It highlighted that the airdrop hasn’t yet occurred and anything claiming that users can get OP today is a scam.

The post said more than 250,000 addresses are eligible through a carefully thought out set of criteria. It will reward addresses for healthy use of the ecosystem. Users have the overlap bonus for hitting four or more criteria. They can check the eligibility for #1 at: app.optimism.io/governance

The project stated that the newly created Optimism Foundation will serve as a steward of the Collective, running experiments. It will bootstrap the ecosystem and eventually dissolve. Eventually, it will defer all governance rights on-chain. The project described this as a big step in building an ecosystem for contributors.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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