Ethereum L2: OP’s airdrop launched (Optimism)
Ethereum L2: OP’s airdrop launched (Optimism)
Ethereum

Ethereum L2: OP’s airdrop launched (Optimism)

By Marco Cavicchioli - 1 Jun 2022

Chevron down
Listen this article
download

The airdrop of OP, Optimism’s governance token, was launched yesterday, but not without problems. 

Optimism: the problems encountered during the airdrop of the OP governance token

Optimism is one of the leading layer 2 scaling solutions for Ethereum, and the OP token will be used to vote in the DAO. 

However, the launch of the airdrop had some problems. The launch was described as turbulent and required five hours of non-stop work to get it fixed.

The problem was the huge demand that couldn’t be handled. 

In fact, as soon as the MerkleDistributor smart contract was deployed, a huge amount of claims started coming in, with no way to stop them.

The Optimism Collective’s comment was: 

“Pandora’s box was OPened (gotta love immutability)!”

Specifically, the problem was the website on which there is the user interface to make the claim. Indeed, given the sudden and enormous traffic, the site went offline momentarily. 

To solve the problem, it was necessary to transfer the site to a better-performing server with more resources, but the process obviously took several hours. 

The block producer (sequencer), on the other hand, continued to operate normally, since it was not dependent on the website.

In the meantime, it was decided to temporarily eliminate the user interface for claims altogether, at which point users themselves began to create their own user interfaces for claims and share links to them. 

The risk was that among these interfaces were also fake and fraudulent ones, so Optimism decided not to promote them. 

After several hours of work, the official site came back online and Drop #1 was officially announced.

op airdrop #1
The first drop of the OP governance token is now over

Despite the obstacles, the airdrop and the OP token were successful

So far, it appears that free OP tokens have been sent to almost 249,000 eligible wallets. 

The airdrop was announced at the end of April, when Optimism unveiled its new governance structure. It will not be the last, as only 5% of the tokens have been distributed at this stage. 

OP has also already debuted on the crypto markets with an initial price of around $1.4. Within hours of its launch, its price rose to over $1.6, peaking at $2.1. Its market capitalization is still low, under $350 million, but it is already larger than that of, for example, Sushi and CEL (Celsius Network). 

Even when Ethereum moves to Proof-of-Stake, layer 2 solutions such as Optimism could prove very useful, because it is unlikely that the move to PoS alone will drastically reduce transaction fees. Scaling solutions on layer 2, on the other hand, have far greater potential in this respect. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.