Optimism is a Layer-2 Ethereum rollup that provides developers and dApps with a faster and low-cost ecosystem to build and operate on. It is open-source, secure, permissionless, and decentralized, offering a more efficient alternative to Ethereum dApps with faster transaction speeds, higher scalability, and lower gas fees.

The OP token is the native digital asset of the Optimism ecosystem and is essential to the functioning of the Optimism Collective. It is an ERC-20 token designed on Ethereum and introduced by the Layer-2 scaling solution in May 2022. One of the newer entrants into the crypto market, Optimism, has announced an airdrop of OP cryptos to Optimism users, voters on its DAO, multisig signers, and users who have previously donated to Gitcoin Grants on Ethereum Layer-1.

Optimism goes beyond offering EVM (Ethereum Virtual Machine) compatibility to provide EVM equivalence. This allows the ecosystem to support all apps and tools that operate on Ethereum, enabling developers to switch to an alternative ecosystem with higher operational efficiency.

The Optimism platform supports several decentralized apps and integrations across DeFi, NFT, bridges, on-ramps, wallets, tools, portfolio trackers, and DAOs. It also has its own bridge to allow users to bridge their ETH and ERC-20 assets to Optimism.

You can learn more about Optimism (OP) at our BYDFi Blog.

Optimism was designed to make dApp development more straightforward, pragmatic, sustainable, and convenient. Optimism uses the Rollup technology via Optimistic Rollups to benefit from the high security that the Ethereum protocol and network parameters provide.

However, using the power of smart contracts, Optimism makes block production faster, offering instant transaction confirmations via the Layer-2 network for constructing and executing blocks. It then submits user transactions to Layer-1, in this case, Ethereum.

Optimisms OP token is the native cryptocurrency of the Optimism ecosystem, giving its holders the power to participate in its governance. OP holders can vote on proposals to upgrade the Optimism blockchain.

However, Optimism will not offer true decentralization like several DAOs where all the power rests in the hands of the token holders. It will use a bicameral system for its digital democratic governance, setting up a Token House where OP token holders will vote on proposals. The second house, called the Citizen House, will consist of representatives overseeing issues related to retroactive public goods funding (RetroPGF).

The newly formed Optimism Foundation, the non-profit organization responsible for the Optimism network's development, maintenance, and rapid and sustainable growth, will select the Citizens. The foundation expects input from the Token House for selecting members for the Citizen House.

The concept of the Optimistic Rollup was first introduced in June 2019 as a solution to scale Ethereum's blockchain capabilities to support commercial applications of its technology. Its testnet Unipig went live in October 2019, followed by the launch of the EVM-compatible testnet almost a year later in September 2020.

Optimism's Alpha mainnet launch took place in January 2021, while the EVM equivalent mainnet went live in October 2021. The mainnet was thrown open to the public for adoption in December 2021.

In May 2022, Optimism's team of developers announced the launch of its governance token OP and the Optimism Collective. The year 2022 will see the team focus on developing and launching the next-gen fault-proof system.

Plans in the Optimism roadmap include the release of a sharded rollup in 2023, incentivizing verification, and decentralizing its sequencer for block production. In addition, Optimism has plans to introduce L1-governed fault proofs in 2024.

As the native token of Optimism, the OP token has several functions, including:

Governance Token

Holding the OP token can give you voting rights to decide on proposals for upgrading the Optimism ecosystem. OP governs upgrades of Optimism, allowing the platform to operate in a more decentralized model and empowering you to have a say on how it evolves in the future. You can also delegate your OP voting power to other participants within the network.

Crypto Asset to Trade and HODL

As the native cryptocurrency of one of the most popular Layer-2 scaling solutions for the Ethereum ecosystem, the OP token is backed by solid adoption, unlike most new cryptocurrencies that back new projects. You can buy or sell Optimism against other cryptocurrencies and fiat currencies, or even HODL OP in the long term. Always check the real-time Optimism price, market cap, and 24-hour trading volume and perform fundamental, technical, and sentiment analysis on the OP price chart before trading the crypto.

Earn Passive Income

You can grow your OP holdings via BYDFis Crypto Lending feature. Head to the page and look for the Optimism token from our list of options.

Enter the number of OP tokens you wish to lend liquidity on BYDFi and select the duration from 7 days, 14 days, or 28 days. You can then get information on the daily interest rate and the estimated profits before confirming the transaction.

The Optimism token promises to be one of the most exciting cryptocurrencies to keep an eye on in 2022 among the new releases. This is because its decentralized ecosystem already enjoys a high adoption rate among developers and users.

Optimisms DeFi TVL alone stands at over $350 million as of June 2022. The uptick in adopting Optimistic Rollup technology will likely continue amid the delay in the launch of Ethereum 2.0 or the migration of the Ethereum blockchain from PoW consensus to PoS.

As long as Ethereum faces issues related to network congestion and high gas fees, Layer-2 scaling solutions like Optimism will enjoy high demand among projects looking for higher scalability and lower costs. This is the crucial reason that can keep the Optimism price and market cap supported and make OP a worthwhile digital asset to invest in.

In addition, the widespread adoption of blockchain-based Web 3.0 dApps can further push up the Optimism ecosystem's demand and increase the Optimism price and market cap in the future. This could also positively boost OP price statistics and make it an attractive crypto to include in your portfolio.

Optimisms team of developers has set aside 19% of OP total supply to be distributed as airdrops shortly after its launch. The following crypto investors are eligible to receive the initial token supply via airdrops of OP crypto:

Optimism Users

You qualify for an OP airdrop if you have used the Optimism bridge to transfer tokens between the ecosystem and Ethereum. Only users who have used the Optimism bridge before 23 June 2021 at least once or who have used the service more than once between 23 June 2021 and 25 March 2022 can receive free airdrops of Optimism tokens.

Repeat Optimism User

If you have used dApps on the Optimism ecosystem over at least four weeks between 23 June 2021 and 25 March 2022, you are eligible to claim OP airdrops.

DAO Voter

If you actively participate in voting and governance on Layer-1, you can claim OP tokens in the airdrop.

Multi-sig Signers

As a user who controls large pools of crypto funds or is responsible for key protocol functions, you could receive an airdrop of Optimism crypto.

Users Who Have Donated to Gitcoin Grants on L1

Optimism will also airdrop OP tokens to users who have contributed to Gitcoin Grants on Layer 1.

Priced Out of Ethereum

You are eligible for OP airdrops if you are an active user on the Ethereum network and frequently use bridges because of high gas fees.

You can claim OP airdrops by connecting your crypto wallet to the Optimism app. The current supported wallets include MetaMask, WalletConnect, and Coinbase Wallet accounts.

Additional wallets will be added in the future. You also have the option to suggest a wallet that you would like the Optimism development team to consider adding to this service.