More Airdrop to Come? Optimism Foundation & OPerating Manual v0.1 Launched

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Coinmonks

4 min readMay 18, 2022

In an effort to realize a truly sustainable decentralized governance system, Optimism has published OPerating Manual v0.1 of the Optimism Collective, the manual took heavy reference of existing governance model. Optimism has also announced a distinct entity — Optimism Foundation. The main duties of the Optimism Foundation are:

> Managing experiments in Retroactive Public Goods Funding and identity-based NFTs as it builds the Citizens’ House.

> Maintaining the OPerating Manual to ensure healthy and agile governance by making improvements to both Houses of the Collective.

> Enacting on-chain transactions as directed by the Collective in its early days.

What is “the Optimism Collective”?

According to Optimism, the Optimism Collective is a large-scale experiment in decentralized governance. The core of its governance are two houses of equal significance: Token House and Citizens’ House.

The Token House was launched along with its native token airdrop last month (learn more about the airdrop here). The OPerating Manual v0.1 authorizes Token House to do things like upgrades and treasury allocations. It exists to make explicit the plutocratic model, but it’s insufficient to provide a long-term balance for a new internet.

That’s why the Citizens’ House was introduced,

“The primary responsibility of the Citizens’ House will be funding those public goods which have the most positive impact on the Optimism and Ethereum ecosystems.”

The Citizens’ House will be managed by those who own citizenship NFT. Now that Optimism Foundation and Token House are up, the first Citizens’ House and corresponding Citizenship NFT will be the Collective’s next milestone. The Citizens’House is planned to be launched in the OPerating Manual v0.2. The Houses’ task it to balance short-term incentives and realize long-term prospect of Optimism.

However, Optimism believes this governance system will more than once self-destruct— no experiment works at its first time, not to mention a decentralized governance system like no other before. This means the current governance model may be overthrown in the future to accommodate a more well-designed one.

Optimism is a Layer 2 network that builds instant transactions and scalable smart contracts on Ethereum, and creates OVM in Optimism, which is designed to work with Ethereum Layer 1, which not only retains the security of the Ethereum main network but also greatly reduces gas. fee. Launched in 2021, the Optimism mainnet has saved users over $1.1 billion in gas fees, deployed over 6,800 contracts, facilitated over $17.4 billion in transaction volume, generated over $24.5 million in revenue, and donated to public goods funds over $1 million.

Optimism’s issuance of native tokens allows its officials to further reduce gas fee, and can quickly expand the scale of the network node, which make it more competitive when facing Arbitrum, Metis and other rollups. It is worth noting that 19% of all OP will be offered to its users in the form of airdrops, among which, 5% has been shipped in Airdrop #1. This means it’s not too late to join Optimism now and earn OP token in future airdrops!

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Sources

https://gov.optimism.io/t/operating-manual-of-the-optimism-collective-v0-1/592
https://optimism.mirror.xyz/r888e4B5iiNQi-3_mO26ixgv-plQ099XWgqEOv9iWKA

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More Airdrop to Come? Optimism Foundation & OPerating Manual v0.1 Launched

What is “the Optimism Collective”?

Sources

About LuckyHash

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