Leading after weeks of speculation ether Layer 2 solution optimism has announced that it will launch and airdrop a governance token – OP – that aims to give its users more power and control over its ecosystem.

Optimism’s unique bicameral governance model

The governance system is a unique bicameral model where two different entities work together to grow the ecosystem. The model consists of a Citizen’s House and a Token House, which together form the Optimism Collective.

The token house will be populated by users who will be the beneficiary of the first OP airdrop. It will be a key player in governance as Token House users will have the ability to vote on the direction of the project.

On the other hand, Citizens House will come later in 2022 and will be charged with distributing “post-funding public goods generated from revenue collected by the network”.

Citizenship members are granted “citizenship” via a “soulbound, non-transferable NFT.”

The uniqueness of this model has garnered many positive reactions within the crypto community, with Ethereum co-founder Vitalik Buterin tweeting about it.

Optimism creates new foundations

With the launch of its new token, the layer2 Scaling Solution also established the Optimism Foundation, which would initially be responsible for the collective’s initial operations.

According to their press statement, the formation is the first phase of a process aimed at spreading power through the optimism ecosystem. As the ecosystem grows, the foundation will delegate some of its powers until it no longer has any functions.

The newly formed Optimism Foundation will serve as the stewards of the collective, conducting governance experiments on behalf of the collective and booting the ecosystem before it eventually disbands.

Optimism’s two co-founders, Ben Jones and Jing, would lead the team, and they would be assisted by a top Graph Foundation executive and a Radicle Foundation council member, among others.

The airdrop of optimism

Optimism’s OP token would begin airdrops as early as the second quarter of this year, and over 250,000 addresses are eligible.

Source: optimism

The OP token will have a total supply of over 4 billion and 19% was provided for user airdrops, while core contributors would also receive 19%. Other allocations include 25% for ecosystem funds, 20% for retrospective public good funding, and 17% for investors.

Posted in: Ethereum, Layer2

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