Optimism: OP Token sees erratic performance after launch

Optimism’s OP token, a second layer scaling solution for Ethereum (ETH), saw a seesaw performance after a “turbulent launch” that drove unprecedented demand and caused delays on the Optimism blockchain mainnet.

Source: AdobeStock/Cagkan

The token, after briefly dipping as low as $1.38, hit an all-time high of $2.10 in the first hours of its launch, before starting a correction. As of Wednesday morning, OP is trading at $1.77, up 23.8% in the past 24 hours, according to CoinGecko.

Optimism OP Token sees erratic performance after launch
Evolution of the price of OP over 24 hours. Source: coingecko.com

The scaling solution launched the airdrop of its OP token at the end of the day on Tuesday: free tokens were distributed to the first users of the project who had interacted with the network before June 23, 2021, as well as to early DAO voters, 24,000+ Gitcoin donors, and more. However, the operation encountered a number of problems, which the team says they have been able to resolve.

While the L2 solution initially planned to include 248,000 addresses, it then removed 17,000 addresses suspected of being “airdrop farmers”, individuals who create multiple wallets and execute small transactions to increase their total earnings when a airdrop occurs.

“All recovered OPs will be redistributed proportionately to other Airdrop #1 recipients. It’s like an additional mini airdrop,” said declared Optimism at the end of May.

A number of crypto exchanges including OKX, LBank, MEXC and AAX, have announced their intention to list the Optimism token. Recently, the US stock market Coinbase revealed that she was going to “add support for Optimism (OP).”

Nonetheless, Optimism experienced unprecedented demand after the launch of its governance token, causing delays on the Optimism blockchain mainnet and remote procedure calls (RPCs).

An RPC is a software communication protocol that an entity, such as MetaMask, can use to request a service from another protocol, such as L2 blockchains. With Optimism’s RPCs down, users could not buy or sell OP tokens since they could not access the Optimism blockchain.

“(…) We are trying to increase our capacities (…) In the meantime, the public RPC can react slowly”, has declared Optimism in a Twitter post.

Polynya, a researcher specializing in Ethereum, has affirmed that despite this “failed” airdrop, the Optimism chain and the sequencer, the part in charge of producing the blocks, worked correctly throughout the process.

They said that at peak, the L2 solution had more traffic than the Ethereum mainnet, while using less than 5% of the mainnet’s gas. “This is a very good example of scaling (scaling) – let’s be very clear about this,” the researcher added.

The researcher explained that what failed was “the public infrastructure – that is, the RPC that users can talk to, to submit transactions.” According to them, Optimism should have prepared better since they knew the number of participants in the airdrop and the general interest of the public was high.

“They also should have prepared several RPC terminals and worked with [les fournisseurs de nœuds] Alchemy, Infura, etc. to provide users with multiple options. While that wasn’t the case today, there’s also a need to think about how fee markets and congestion work for rollups,” Polynya said.

As notedOptimism announced the launch of its OP governance token at the end of April, which would help the project evolve into a decentralized governance structure known as the Optimism Collective.

Optimism Collective is a bicameral governance system that will be governed by two entities, the Citizens’ House and the Token House.

The Token House will be governed by OP token holders while the collective’s other entity, the Citizens’ House, will use revenue generated from the L2 to “distribute retroactive funding of public goods,” Optimism said in a blog post. blog at the end of April.

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Optimism: OP Token sees erratic performance after launch


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