Optimism

Posted on May 03, 2022Read on Mirror.xyz

A Summer of Optimism

Excitement has been brewing since last week’s announcement of the Optimism Collective.

It’s going to be an OP Summer.

Over the coming weeks, we’ll be publishing more details on how we plan to scale a sustainable future for the Optimism Collective—starting today with OP Stimpack, the first formal action of the Token House.

This activates the Governance Fund (231,928,234 OP) to begin incentivizing growth on Optimism.

You can read about our long-term vision for sustainable governance at scale with Retroactive Public Goods Funding in the OP Economics Overview. In the near-term, 5.4% of the token supply (231,928,234 OP) will also be disbursed to Optimism projects both old and new via the Governance Fund.

We're building the foundation of this new digital frontier, but it's you—the projects and users—who will bring it to life.

From 0 to 1

The Governance Fund will be rolled out in two phases: Phase 0 and Phase 1.

Phase 0 (Now - Airdrop #1)

Phase 0 is meant to reward early movers in the OP ecosystem who have demonstrated traction through a straightforward set of on-chain criteria.

You can view the preliminary allocations for Phase 0 here.

Projects that have made Optimism their home are the lifeblood of the Collective, and Phase 0 rewards those who took the early risk of betting on Optimism and a sustainable future for Ethereum.

OP-native projects will receive a 3x multiplier on their Phase 0 allocation. For details on Phase 0 qualifications, check out the docs.

To receive their allotment of OP, Phase 0 projects must submit a proposal outlining how they will distribute the tokens to grow usage of their project on Optimism.

During the first cycle of the Token House governance (following Airdrop #1), Phase 0 proposals will be voted on. If a proposal is approved by the Token House, OP tokens will be sent to the wallet address in the proposal. A claims process may be required.

If all projects are approved, a total of 36,600,000 OP (15% of the total Governance Fund) will be disbursed by the Optimism Foundation shortly after Airdrop #1.

Phase 1 (Post-Airdrop #1)

Phase 1 makes up 85% of the Governance Fund and is open to any and all projects interested in aligning themselves with the Optimistic Vision. These are projects that can demonstrate a clear plan for using OP to incentivize the growth of their project on Optimism.

Any project may submit a proposal requesting any amount of OP tokens after Phase 0 is complete. Phase 1 proposals empower the Token House to determine which projects and communities they want to support as the ecosystem grows.

If a proposal is approved by the Token House, OP tokens will be sent to the wallet address in the proposal. A claims process may be required.

Instructions for how to create and submit a Phase 1 proposal once Airdrop #1 is complete can be found here.

One Piece of a Very Large Pie

The Governance Fund is just one of many mechanisms which will be used to jumpstart the growth of the ecosystem.

For the full breakdown of OP token allocations, see the Allocations section of our Governance docs.

The Governance Fund follows the launch of the Optimism Collective: a large-scale experiment in digital democratic governance built to drive rapid and sustainable growth of a decentralized ecosystem, and stewarded by the newly formed Optimism Foundation.

It's also hot on the heels of a complete re-design of the Optimism bridge, allowing cheap, fast, and seamless movement of ETH or ERC20 tokens between Optimism, L1 Ethereum, other L2s, and CEXs.

https://twitter.com/optimismPBC/status/1517548430297604096?s=20

Whether you're a project or a user, things have never looked so Optimistic 🔴✨.

If you have any questions or clarifications, feel free to chime in on this thread at the Optimism Governance Forum.

We’ll see you on the frontier. Stay Optimistic!

Optimism