Layer 2 Network Optimism to Airdrop $26 Million to 31,870 Wallets.

Layer 2 Network Optimism to Airdrop $26 Million to 31,870 Wallets.

Blockchain Industry: Optimism Holds Third Airdrop to Boost Community Participation

Source / Sam Cooling x Stocksbyrg

Layer 2 network Optimism recently announced its third airdrop of OP tokens, with the aim of bolstering community participation. This airdrop saw the allocation of 19.4 million OP tokens, equivalent to approximately $26 million, to over 31,000 wallets that had participated in the latest delegation activity of Optimism Collective’s DAO.

In an improvement from previous airdrops, Optimism stated that the third airdrop would not require users to claim tokens through any website. Instead, eligible wallets would receive tokens directly, ensuring a smoother and more secure distribution process.

The airdrop commenced on Monday, September 18, with the development team placing great emphasis on community engagement and delegation. Additionally, users who delegated to active voters, thereby participating in the governance criteria, were eligible for x2 bonuses.

With an average reward of around 600 OP tokens, approximately $840, the airdrop gained considerable traction on social media platforms. This significant outreach demonstrates the growing importance of community involvement in the blockchain industry.

Optimism, as a layer 2 solution, is designed to scale Ethereum transactions using Optimistic rollups. These rollups bundle large data into batches, improving transaction speeds without compromising security. By implementing these innovative solutions, Optimism seeks to address the scalability challenges faced by the Ethereum network.

Eligibility for Airdrop Explained

To be eligible for the third airdrop, participants needed to have delegated a minimum of 180 OP tokens over a period ranging from January 20 to July 20. The rewards distributed in the airdrop were calculated based on the amount of governance tokens delegated and the duration for which they were held. This transparent process ensures fairness and promotes accountability.

The formula used to calculate rewards is as follows: 1) OP Delegated x Days = Cumulative Sum of OP Delegated per Day (e.g., 20 OP delegated for 100 days: 20 * 100 = 2,000 OP Delegated x Days) 2) Delegates must have voted on-chain in OP Governance during the snapshot period (January 20, 2023, at 0:00 UTC to July 20, 2023, at 0:00 UTC)

In addition to these calculations, select users who delegated to active voters were entitled to an x2 bonus. However, the rewards for this category were capped at 10,000 OP tokens to ensure equitable distribution.

Looking ahead, Optimism disclosed that a pool of 570 million OP tokens would be distributed in future initiatives. This commitment to ongoing token distribution highlights Optimism’s dedication to community involvement and continuously fostering growth in the blockchain industry.

In conclusion, Optimism’s third airdrop of OP tokens successfully encouraged community participation by allocating tokens directly to eligible wallets. With its layer 2 solution and utilization of Optimistic rollups, Optimism aims to address scalability issues on the Ethereum network. Through transparent reward distribution and bonuses for active voters, Optimism rewards users who actively engage in its governance processes. As the blockchain industry continues to evolve, it is evident that community involvement plays a crucial role in promoting innovation and driving widespread adoption.