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“The chip is missing the point of this thing. The OP token cannot yet be claimed, let alone traded on the secondary market, but the team tried to downplay its role. Jinglan Wang, co-founder and CEO of Optimism, and Ben Jones, former chief scientific officer, will move to a new Optimism Foundation, which will fund external teams to build the OP ecosystem. Synthetix, another decentralized finance (DeFi) blue chip, hugged the net as your build solution of choice.

Tokens have generally been used to boost liquidity in new protocols, but Optimism got an early boost by being the first layer 2 in which Uniswap Announced he would deploy his dex leader protocol. Optimism is currently the third-largest layer 2 by total value locked, at $670 million, behind Arbitrum and dYdX, according to L2beat. Layer 2 implementations, built on top of the Ethereum mainnet, inherit the security of Ethereum but allow transaction throughput to be scaled, while lowering gas fees, the cost of block space on the network. Instead of following a one token, one vote structure, the system’s architects at Optimism PBC, a public benefit corporation renamed OP Laboratoriesit sought to create a “balanced, decentralized, bottom-up system of government by the people for the people.” An illustration of the proposed Optimism governance scheme The plan calls for “Collective Optimism”, which has the explicit goal of avoiding the centralization of government power in the hands of wealthy interests. “If we only had tokens, then the governance rights could be bought on the open market,” Karl Floersch, chief technology officer, said on the website. While not the first Layer 2 to launch a token, the distribution mechanism and overall governance structure are novel in that they provide for a bicameral system of equal “houses” – a “Citizens’ House” and a “Citizens’ House”.

The network detailed the launch of the token, OP, in a blog post this week. Optimism: An Ethereum Layer 2 Solution with Optimism summaries - plans to decentralize its government by launching a token. An initial retroactive airdrop will be the first of many seeking to coordinate network participants.Governance will ultimately be divided between two equal branches, according to a constitution.