Optimism, the layer 2 scaling solution for Ethereum, has announced that it will distribute the unclaimed funds from its first airdrop to the community. The airdrop, which took place in July 2022, was meant to reward early adopters of the Optimism network with its native token, OPT. However, due to technical issues and low awareness, only about 40% of the eligible wallets claimed their tokens within the deadline.
The Optimism token is used to pay for transaction fees on the Optimism network, as well as to participate in governance and staking. The project decided to distribute 1% of its total supply of 10 billion OPT to users who interacted with Optimism-compatible applications before July 1, 2021. The airdrop was based on a snapshot taken on June 25, 2021, and each eligible user received 0.25 OPT per transaction.
The Optimism team decided that instead of burning or keeping the remaining 60% of the tokens, they would redistribute them to the users who participated in the network’s activity since the launch. This includes users who deposited, withdrew, or interacted with any smart contracts on Optimism. The team believes that this is a fair and transparent way to reward the loyal and engaged community members who have supported the network’s growth and development.
The distribution will take place in two phases. The first phase will start on September 20, 2023, and will last for one month. During this phase, users can claim their tokens by connecting their wallets to the Optimism dashboard and following the instructions. The amount of tokens each user will receive will depend on their proportional share of the network’s activity.
The second phase will start on October 20, 2023, and will last for six months. During this phase, users who did not claim their tokens in the first phase will have a second chance to do so, but with a 10% penalty. The penalty will be used to fund future airdrops and community initiatives.
According to CoinGecko, OPT rose from $0.18 on September 15 to $0.42 on September 18, a 133% increase in three days and currently trading at $1.35 per token. The token also reached a new high on September 17, shortly after the airdrop announcement. The trading volume of OPT also surged from $1.2 million to $8.9 million in the same period, indicating a high demand and interest in the token.
The Optimism token surge is a sign of the growing popularity and adoption of layer-2 solutions for Ethereum, as the network faces high congestion and fees due to its limited scalability. Optimism is one of the most anticipated and promising projects in this space and has attracted support from major players such as Uniswap, Synthetix, Chainlink, and Coinbase. With the launch of its token and the expansion of its ecosystem, Optimism is poised to become a key player in the future of Ethereum scaling.
The Optimism team hopes that this distribution will increase the adoption and usage of the network, as well as foster a strong and vibrant community around it. They also encourage users to stake their OPT tokens in the Optimism DAO, which will allow them to participate in the governance and decision-making of the network. The team believes that by giving more power and voice to the users, they can create a more decentralized and secure layer 2 solution for Ethereum.
The airdrop distribution is expected to last for several weeks, as the project is sending out batches of tokens every day. Users can claim their tokens by connecting their wallets to the Optimism gateway and following the instructions on the website. The project also warned users to beware of scams and phishing attempts and advised them to verify the official sources before claiming their tokens.