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optimism

Optimism Announces Third Round Of Token Airdrop Worth $26 Million

Kent Tenix
by Kent Tenix
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum layer-2 scaling solution Optimism has announced a new airdrop of OP tokens worth $26 million to active governance participants. 

This airdrop tagged Airdrop 3 marks the third round and will distribute 19.4 million OP tokens to 31,000 unique addresses. The developers aim to boost engagement on the Optimism network by rewarding users for participating.

Optimism Rewards Active Users With Airdrops To Bolster Network Engagement

Optimism had earlier held two rounds of airdrops. The first round, Airdrop 1, started on June 1, 2022, and allocated 200 million Optimism tokens to 250,000 early network adopters and active users. The second round, Airdrop 2, distributed over 11 million OP tokens to 307,965 unique addresses, rewarding users and governance participants.

Related Reading: XRP, Dogecoin And Litecoin Removed From New York’s Crypto Greenlist

The Optimism team took snapshots of user addresses on January 20, 2023. According to the announcement, eligible addresses received the airdrop tokens directly on February 9, 2023.

However, only 166 million of the allocated tokens for Airdrop 1 reached the eligible claimant addresses.  Later,  Optimism DOCS revealed that on September 15, the remaining addresses eligible for the unclaimed Airdrop 1 OP tokens finally received them. The above information suggests that all OP tokens from Airdrop 1 were duly distributed to the claimant addresses.

According to blockchain data, about 25% of eligible user addresses did not participate in the airdrops for some reason. However, Optimism is determined to reward every committed user on its network, hence the third airdrop round.

OPUSD price chart
OP’s price currently hovers at $1.390 in the daily chart. | Source: OPUSD price chart from TradingView.com

Releasing 19 Million Tokens To Users

The third round, Airdrop 3, aims to compensate those users and governance participants who missed the initial airdrops. Airdrop 3 started on Monday, September 18, at 18:10 UTC and eligible recipients are addresses that have delegated their OP tokens’ voting power between January 20 and July 20, 2023.

Related Reading: Binance.US Hit Hard: Trading Activity Tanks 98% Amid SEC Squabble

It bears mentioning that previous Optimism airdrops had six criteria for eligibility. Two criteria are for OP Mainnet users and focus on early adopters and active users. However, the remaining four criteria are for L1 Ethereum and target positive-sum governance participation and active contribution and participation.

According to information on OP governance DOCS, each category is distinct. That means an address can qualify for multiple airdrops and receive a sum of tokens accordingly.

Optimism is Ethereum’s second-largest Layer 2 scaling solution by total locked value (TVL). Also, a Dunes dashboard shows that Optimism has a TVL of $829.56 million, with over 1.522 million total users and 11,909 daily users. The data suggests that the OP network has recorded a 2.53% increase in TVL over the past 24 hours.

Featured image from Pixabay and chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Kent Tenix

Kent Tenix

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Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on politics, business, technology, or culture, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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