Try Quests to earn AVAXOptimism post airdrop events
Airdrop participants received 231,928,234 OP - 5.4% of the initial offer. Together with subsequent rounds, 19% of the issue of 4.29 billion tokens will be distributed among users.
The Optimism Collective - a group of communities, companies and citizens united by a mutually beneficial agreement to adhere to the axiom "impact = profit" - will be highlighted as the basis of the management structure.
Participants in the first round will be users of OP Bridge until June 23, 2021, as well as those who have repeatedly interacted with the projects of the ecosystem between June 23, 2021 and March 25, 2022.
There are five additional criteria. Token bonuses are available if several are met. In total, OP will be distributed to 264,079 addresses.
The team has released a step-by-step guide video on how to get OP.
The Optimism "collective" token chamber members will then consider distributing incentives among projects that are already interacting with the solution. If all proposals are approved, developers will receive a total of 36,600,000 OP (15% of tokens in the management fund).
Any projects that demonstrate a development plan using OP for growth incentives will be eligible to participate in the subsequent Phase 1. Among them, 85% of all tokens in the management fund will be distributed.
The project team excluded those who wanted to participate in the so-called airdrop farming. In anticipation of this event, users open many wallets and use dapps, hoping to meet the criteria for the subsequent distribution of tokens.
The released 14 million OP will be distributed by the project proportionally among those who have not been caught in this practice.
The developers announced in April that OP Bridge users through June 23, 2021, and those who repeatedly interacted with projects in the ecosystem between June 23, 2021, and March 25, 2022, were eligible for the first round of airdrop. Along with the other five criteria, 264,079 addresses qualified for the OP requirement.
The hacker intercepted 20 million OP tokens (~$17 million) sent by the Optimism Foundation to market maker Wintermute.
The developers of Ethereum's L2 scaling solution chose Wintermute as the liquidity provider for the centralized exchanges after the OP airdrop. On May 27, on the eve of token distribution, Optimism Foundation transferred 20 million OP to the market maker's address.
According to Wintermute's team, due to an internal error, they specified the Gnosis Safe multisig wallet for the Ethereum network for the transaction.
Address: 0x4f3a120E72C76c22ae802D129F599BFDbc31cb81
After discovering that the funds at the Optimism network address were unavailable, Wintermute negotiated an additional 20 million OP by providing a $50 million pledge.
Marketmute contacted the Gnosis Safe and Optimism teams for a possible refund. The specialists concluded that this high-risk operation could be done once and scheduled it for June 7.
On May 31, however, an unknown person attacked Wintermute's address on the L2 network, deploying the Gnosis Safe multisig contract with its own initialization parameters. He sold 1 million OPs for ETH and took the funds out to the main network via Synapse and Hop bridges to then send to the Tornado Cash mixing service.
The Wintermute team took it upon themselves to buy back the lost funds. They also offered to pay the hacker back the remaining 19 million OP.
The OP price rose to near $1.6 by June 3, after which it went down. Against the background of the publication of Optimism Foundation and Wintermute explanations about the incident quotations momentarily sank to $0.7
The hacker who stole 20 million OP from Wintermute sent one million tokens to Vitalik Buterin and made it clear that he was ready to return the remaining funds. Some time later, he transferred 17 million OP to the market maker.
On June 8, Wintermute released a statement describing the incident and suggested that the hacker return the remaining assets to the designated wallet to avoid legal consequences.
On June 10, the hacker sent 1 million OP to Optimism, allegedly linked to the Ethereum co-founder. He accompanied the transaction with a signature:
Transaction failure rates on Optimism have also shown to be higher (without Avalanche) than those exhibited by other blockchains . Optimism users can achieve lower failure rates because they get the most favorable range of transaction fees.
In addition, the Optimism network will take a long time to withdraw funds and has limited options for now, allowing Optimism users to "enjoy" a high average failure rate of 9% compared to an average failure rate of 3-5% on the other major platforms.
Optimism is essentially a large transaction list. All of its collapsed blocks are stored in an Ethereum smart contract called the Canonical Transaction Chain. Once a certain number are accumulated, they are packaged and sent in bulk to layer 1.
However, compared to e.g. other blockchains for which tables have recently been added, as well as Ethereum, Optimism remains in last place with an average of 100-110k transactions per day. Also Optimism has only 20-30k unique daily users. But still, after all the above events, the number of users and transactions almost did not change (data viewed in Dune, until June).
Conclusion
Optimism-based projects have spiked the interest of both developers and people with a monetary interest in the token. However, despite institutional interest from prestigious firms like a16z and industry leaders like Buterin, the price of the OP token has fallen from $4.50 to just over $1.00. A lot of it could be attributed to the market conditions at large and the current limited use of OP tokens. However, when the market turns bullish and the Ethereum network gets more congested, it is certain that interest in Optimism is bound to pick up.
The long-awaited Optimism (OP) airdrop was announced with a thoughtful governance framework, utility in the form of revenue, novel criteria for eligibility, the promise of future airdrops, and details around distribution and vesting. The criteria included early Optimism adopters, DAO voters and multisig signers (essentially users that were active in other protocols), Gitcoin donors, and a more complicated “Users Priced out of Ethereum” category.
Although Optimism rollup was developed first, the market has already spoken in favor of Arbitrum. Of the top five L2 networks, Arbitrum is by far the most trafficked one. At press time, it has $3.39 billion total value locked (TVL) in smart contracts, with Optimism holding only 17% of that value.
Already, most of Ethereum's major DApps are online within Arbitrum's ecosystem. You can connect to each one with the MetaMask wallet. The transaction fee difference between Ethereum's DApps and Arbitrum are enormous, so it would be foolhardy not to take advantage of layer 2 solutions.
As detailed by Coindesk, some smart contract sleuths interacted with the airdrop contract directly, claiming their tokens before Optimism had officially begun the claim process. The increased traffic related to token claims, which the team said it had “dramatically underestimated”, spelled technical troubles and transaction delays on the Optimism network. Additionally, the Optimism team recently revealedthat 20mn tokens (nearly 10% of circulating supply) loaned to Wintermute for market making activities had been claimed by an attacker, who has already sold 1M.
