Biggest Crypto Airdrop in 2022? Optimism Is Launching Token “OP”
The recent official news of Optimism reveals its plan to issue a native token “OP” and announce an economic model. The initial total supply of OP is 4,294,967,296 pieces, the tokens will be issued at a rate of 2% total supply per year.
19% of OP will be offered to its users in the form of airdrops, among which, 5% will be shipped in Airdrop #1. A total of 264 thousand addresses are eligible for Airdrop #1.
What grants eligibility?
> Users who have made transactions on Optimism by June 23rd, 2021;
> users who have utilized protocols on Optimism in 4 different weeks in the past year;
> people who actively participated in Ethereum governance;
> multisig signers who have executed more than 10 transactions;
> people who have contributed funds on Gitcoin Grants;
> and users who have made use of cross-chain bridges to send ETH to Polygon, Gnosis Chain, Arbitrum and Solana users.
Each address is receiving 2311 OP on average, snapshot March 25th. The rest 14% are expected to be delivered in future airdrops. Optimism has already posted OP Airdrop#1 details, however the date is yet to be determined. This airdrop of Optimism’s reminds people of UNISwap airdrop 2020 and DYDX airdrop 2021, they all aim to reward their early users and contributors generously.
As early as April 13th has Crypto Pragmatist founder Jack Niewold shared a few grapevines that one of Arbitrum, Optimism, zkSync and Starknet was launching a token in the next month.
On April 20 Optimism official published “A New Chapter”, in which they looked back at the past achievements, financing status and etc. “We’re nearing the end of a chapter and the beginning of the next — one driven by community ownership and governance.” they mentioned by the end of the blog which is generally understood by the market as Optimism’s implication for the upcoming token launch .
By the end of the blog, Optimism has said something that is hard not to think about — “Optimism is about to open a new chapter driven by ‘community ownership and governance’”, an implication for the upcoming token launch.
What makes Optimism unique from the other 3 big Layer2 solutions?
Optimism is formerly known as Plasma Group. The group as its name, focused on developing Plasma scalability solution. However, Rollup solution gradually surpassed Plasma solution during the past few years and became the mainstream Ethereum scalability solution. Plasma Group then changed its name to “Optimism” in early 2020 and turned to Optimistic Rollup development.
The four most important modules of Optimism are: Sequencer, Verifier, CTC and SCC, among which, Sequencer and Verifier are Layer 2 nodes with a hardware basis, the two basically constitute the node network of Layer2; while CTC and SCC are contracts deployed on Ethereum. These four modules are the core architecture of Optimism.
A Sequencer is a centralized mining pool node responsible for producing blocks on Layer 2 locally. Optimism abolishes the PoW process, designates Sequencer as the sole miner, and does not require other nodes to complete consensus verification immediately after. These measures help save a lot of time. Currently, the Sequencer can finalize the block immediately after executing transactions, and the local block time is as small as 1 second.
However, Sequencer is a centralized node. Both Optimism and Arbitrum run official Sequencer nodes, and it’s heavily centralized. Without consensus and multi-party storage, Optimism will inevitably lack security.
To leviate their security weakness, Sequencer must pledge certain amount of assets and setup the following processes:
1. Every few minutes, the Sequencer node will store the compressed version of the local block to the ETH main network; these contents include a summary of the transaction data, and the StateRoot after the transaction occurs. This process is known as Rollup (packaging);
2. The summary is stored in the CTC (transaction chain) contract on ETH, and the corresponding StateRoot is stored in the SCC (state chain) contract. This will generate two transaction events, during which, the Ethereum system only takes care of multi-party storage, and does not verify correctness;
3. Layer2 Verifier will then read and review the data stored by the Sequencer to Ethereum, this step is similar to Ethereum’s consensus.
Essentially, Optimism is a cross-domain interaction system made up of Layer1 and Layer2 software and hardware. Its logic is to construct a mapped version of the Layer 2 block on Ethereum. Due to the need to transmit information across domains, Optimism’s Sequencer and Verifier need to run a copycat version of the Ethereum client Geth: L2geth, through which Sequencer can interact across Layer2 and Layer1.
We can draw the following conclusions about Optimism.
First, the Sequencer node has created a blockchain with extremely high TPS. Although its efficiency is extremely high, the high degree of centralization makes it prone to malicious behavior and malfunction.
Second, in order to enhance security, Optimism requires Sequencer to pledge assets and disclose the key information of the Layer2 block on the ETH mainnet. Verifier will automatically read and check for accuracy.
It’s yet to be seen how Optimism will pursue decentralization and realize Fraud Proof mechanism and multi-sequencer rotation.
Although Optimism is hot today, it still faces the problem of excessive centralization as mentioned above. Without users’ participation in network maintenance, the so-called Layer 2 will be no different from traditional financial platforms.
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