Optimism Unveils Third Round of Token Airdrop Valued at $26 Million

Ethereum Layer-2 Scaling Solution Optimism Announces $26 Million Airdrop to Active Governance Participants

Ethereum layer-2 scaling solution, Optimism, has recently announced a new airdrop of OP tokens worth $26 million to active governance participants. This airdrop, known as Airdrop 3, is the third round and will distribute 19.4 million OP tokens to 31,000 unique addresses. The goal of this initiative is to boost engagement on the Optimism network by rewarding users for their participation.

Previous Airdrops and Distribution

Optimism has previously conducted two rounds of airdrops. Airdrop 1, which began on June 1, 2022, allocated 200 million Optimism tokens to 250,000 early network adopters and active users. Airdrop 2 distributed over 11 million OP tokens to 307,965 unique addresses, rewarding users and governance participants.

According to the announcement, the Optimism team took snapshots of user addresses on January 20, 2023. Eligible addresses received the airdrop tokens directly on February 9, 2023. However, it was discovered that only 166 million of the allocated tokens for Airdrop 1 reached the eligible claimant addresses. The remaining addresses eligible for the unclaimed Airdrop 1 OP tokens received them on September 15. This indicates that all OP tokens from Airdrop 1 were eventually distributed to the claimant addresses.

Despite approximately 25% of eligible user addresses not participating in the airdrops, Optimism remains committed to rewarding every committed user on its network. Hence, the launch of the third airdrop round.

Airdrop 3: Compensating Missed Opportunities

Airdrop 3 aims to compensate users and governance participants who missed the initial airdrops. It 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.

It is important to note that previous Optimism airdrops had six criteria for eligibility. Two criteria are for OP Mainnet users, focusing on early adopters and active users. The remaining four criteria are for L1 Ethereum and target positive-sum governance participation and active contribution and participation. Each category is distinct, meaning an address can qualify for multiple airdrops and receive a sum of tokens accordingly.

Optimism’s Growing Presence

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

With the launch of Airdrop 3, Optimism aims to further bolster network engagement and reward its committed users.

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

Featured image from Pixabay and chart from TradingView.com

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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