NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum’s Optimism Airdropped Governance Token, Here Is How It Went

Julia Arvelaiz
Julia Arvelaiz
3 years ago
4 mins read
ethereum

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A very expected launch went live as the governance token OP was airdropped by the Ethereum layer-2 scaling solution Optimism.

Why So Optimistic?

In a mission to fund public goods and create a sustainable future for Ethereum, the Optimism Collective firmly believes that “positive impact to the collective should be rewarded with profit to the individual,” thus this latest airdrop is one more step in their process of creating “a new model for properly rewarding those who create or sustain public goods.”

“The Optimism Collective will dispel the myth that public goods cannot be profitable. The Collective will consistently provide retroactive incentives for public goods which benefit Optimism, Ethereum, and the Collective as a whole. These public goods act as a propellant for the growth of the Collective economy.”

Their quest to “rebuild the internet to align with the values of its users” has excited many users, even Vitalik Buterin himself who previously described the effort as “Possibly the biggest attempt at non-token-holder-centric DAO governance so far.”

The team explained that ever since they opened up the system, the network has seen “more than 50 apps deployed on Optimism, resulting in over 60k ETH bridged in and more than $900M in total on-chain value.”

Ethereum and Optimism users are excited about the possibilities for this project to continue improving user experience and lowering transaction fee costs. And even more so, they are also excited about the rewards and governance possibilities that result from supporting and collaborating with this experiment.

As the collective’s vision explains, Optimism is “governed by a collaboration between the Optimism Foundation and the members of the Optimism Collective.” Likewise, the Collective has established its core governing structure divided into two equal chambers in order to enable a collaborative ecosystem:

  • The Token House and the Citizens’ House: to launch later in the year, it is meant to “facilitate and govern a process to distribute retroactive public goods funding, generated from the revenue collected by the network.”
  • The Token House: established today by the OP token airdrop, meant to create “an ongoing system of incentives for projects and users in the Optimism ecosystem.”

Related Reading | TA: Ethereum Dips From $2K, Why 100 SMA Might Spark Fresh Increase

The Ethereum Season Of Airdrops Has Started

What the Collective had described as “an entire season of airdrops” with over 250,000 eligible addresses, began today with the first OP airdrop that allocated 5% of the initial OP supply.

“Token holders will be able to vote on protocol upgrades, project incentives as a part of a Governance Fund, and more.”

It was a bumpy first airdrop for OP. The team admitted to having underestimated the amount of expected load that the event would have on their public RPC endpoint, they tweeted.

As the collective has been careful to constantly alert users about possible scams by impersonators and to only follow official announcements, it was strange at first that the claims of the OP token seemed to have started without the team giving out said announcement –a Twitter account dedicated to sharing airdrops announced it beforehand–, but this was later explained alongside other mistakes.

The source of the problem seems to the that the team failed to make their MerkleDistributor contract pausable. This meant that “claims were open, and we had no way to stop them.”

“We then deployed our claims UI in preparation for our official announcement,” they explained, and while underestimating the amount of traffic that would hit them, “website visitors found the claims link” before the announcement was officially made, thus “the public RPC started getting slammed.”

“We have NOT officially announced yet, but we’re already experiencing an all-time high demand,” the team had alerted earlier in the day, surprised by the high load that struck.

The team continued in a series of efforts that resulted in taking down the claims UI for a period of time “in an effort to decrease RPC load in the short-term,” however, “without access to the claims UI, users began to construct and share links to their own custom-built claim UIs.”

It took them several hours to “stabilize the public RPC.”

“While the sequencer remained stable throughout, this was the point where read-access was able to handle the expected load.”

Throughout the process, users experienced various issues like not being able to claim OP at the same time as other early users or seeing their status as “ineligible”, although they had previously checked the opposite.

Later on, it seemed like Binance had also been having trouble handling the OP hype as users reported that the exchange was not reflecting deposits even after a successful transfer.

Nonetheless, the team seems to have responsibly worked to solve the problems faced today and expects to apply the lessons learned to the next airdrop.

Meanwhile, many holders expect the OP price to experience a rally as it’s being listed by big exchanges like Binance and FTX. Currently, the token is trading at around $1.69 as per CoinGecko after reaching a peak of $2.10.

Related Reading | TA: Ethereum Dips From $2K, Why 100 SMA Might Spark Fresh Increase

ethereum
ETH trading at $1,948 in the daily chart | TradingView.com
Tweet123Share196ShareSend
Julia Arvelaiz
Julia Arvelaiz

Julia Arvelaiz

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum Targets Liquidity Above $3,000 – Price Magnet Forming

Ethereum Targets Liquidity Above $3,000 – Price Magnet Forming

Ethereum just broke above the critical $3,000 level, marking a major technical milestone after surging over 20% since Tuesday. This...

Sebastian Villafuerte 16 hours ago
Bitcoin

Bitcoin Dominance Falls: 9 Factors To Watch For That Says The Altcoin Season Has Begun

Bitcoin’s price is holding firm despite growing chatter about the end of its market dominance. However, analysts are turning their...

Scott Matherson 20 hours ago
Bitcoin nove maximum ATH 2025

Bitcoin prekročil hranicu 118 000 $. Bude Bitcoin Hyper katalyzátorom ďalšieho rastu?

Bitcoin prekonal počas dnešného rána hranicu 118 000 dolárov a dosiahol nové historické maximum 118 403,89 $. BTC tak stanovil...

Nina Šefčíková 1 day ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Crypto Founder Pushes Ethereum As World Reserve Asset: A Yield-Backed Store Of Value

Crypto Founder Pushes Ethereum As ‘World Reserve Asset’ – Details

Sebastian Villafuerte 3 hours ago
crypto scam, crypto

Happy Ending: Crypto Hacker Returns Funds From $42 Million GMX Exploit

Rubmar Garcia 8 hours ago
Ethereum

Ethereum Price Breaks Through 50EMA After Rejection, ETH Dominance Sees Resurgence

Scott Matherson 12 hours ago

Premium Sponsors

Press Releases

  • 4 kryptomeny, vďaka ktorým toto leto zmeníš 1000 € na...

    16 hours ago
  • 3 altcoiny do obserwacji w drugim tygodniu lipca 2025 roku

    3 altcoiny do obserwacji w drugim tygodniu lipca 2025 roku

    16 hours ago
  • 4 kryptowaluty, dzięki którym tego lata zamienisz 1000 zł w miliony

    4 kryptowaluty, dzięki którym tego lata zamienisz 1000...

    17 hours ago
  • 4 criptomonede cu care poți transforma 1000 de lei în milioane vara aceasta

    4 criptomonede cu care poți transforma 1000 de lei în...

    20 hours ago
  • 3 altcoinuri de urmărit în a doua săptămână a lunii iulie 2025

    3 altcoinuri de urmărit în a doua săptămână a lunii...

    20 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.