Ethereum L2 ‘Optimism’ Launches DAO and Plans Token Airdrop -Breaking
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Ethereum L2 ‘Optimism’ Launches DAO and Plans Token Airdrop‘Optimism’, a scaling solution for the network, announced a new governance system today, issuing its new governance token which soon will be distributed via a series of airdrops.
The new governance system called “Optimism Collective” will act as decentralized autonomous organization (DAO), or community-owned ecosystem designed to reward public goods and build a sustainable future for Ethereum.
A Different Voting Model
The new governance system will be overseen by the newly formed ‘Optimism Foundation’, and governed by two co-equal parties, ‘Token House’ and ‘Citizen’s House’, which will be responsible for balancing the DAO’s short-term and long-term goals, as well as the organization’s overall vision.
The quadratic voting system will be used by Optimism Collective to manage the project. The concept, once introduced by Ethereum’s Founder Vitalik Buterin, seeks to address the issue of majority rule. This makes each vote costlier than the one before, thus limiting the influence of big token holders.
The majority of currently existing DAOs rely on a “one vote per token held” principle, where the weight of a vote depends on the number of tokens that the owner has at their disposal.
According to the team, this new governance model represents a “large-scale experiment, built to drive rapid and sustainable growth of a decentralized ecosystem.”
Vitalik Buterin referred to Optimism Collective in the interim as the largest DAO that is not token holder-centric.
Possibly the biggest attempt at non-token-holder-centric DAO governance so far. This is exciting. https://t.co/9vreC7QsXa
— vitalik.eth (@VitalikButerin) April 26, 2022
Launch of OP Token
In accordance with the new governance system, the Optimism Foundation issued the system’s new Layer-2 native governance token under the ticker ‘OP’.
“OP governs upgrades to the protocol and network parameters, and creates an ongoing system of incentives for projects and users in the Optimism ecosystem,” read the official blog post.
It is expected that the organization will distribute OP tokens through a series of airdrops to more then 250,000 Ethereum customers.
The initial supply for OP is 4.29 Billion. During the first phase of airdrops, approximately 5% or 214.7 million OP tokens will be distributed.
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