Optimism’s OP Token Airdrop Has a Turbulent Launch

Optimism’s OP Token Airdrop Has a Turbulent Launch

Optimism’s OP Token Airdrop Has a Turbulent Launch

The cryptoverse experienced a “not-so-average” token launch when Optimism finally rolled out its OP governance token on Ethereum. Optimism released the OP token for the Layer 2 scaling network through an airdrop, “OP Drop #1”.

In April, Optimism announced the launch of a DAO and airdrop of its OP token. Despite the fact that airdrop and the Token House’s inaugural votes marked a big milestone, Optimism users were met with failed or delayed transactions during the drop.

The token is expected to alter the shape of Optimism by fueling ‘The Optimism Collective’ DAO, which will fund Token House and Citizens’ House. 

Bybit, MEXC, and other exchanges originally hinted at today’s launch when they revealed plans to offer OP spot trading soon.

In total, nearly 250,000 addresses are eligible to get OP tokens in this first airdrop, with a total of 214 million OP tokens available (5 percent of the total 4.29 billion supply). The procedure for filing claims is underway.

Early Optimism users, DAO voters, multi-signature signers, Gitcoin donors, and active users of decentralized apps on Ethereum that are crucial to ecosystem growth are all eligible for the OP Drop #1.

Even before Optimism made a formal announcement, the drop of the OP token drew a massive response. The rollup-based Layer 2 network experienced a debilitating high load on the mainnet and remote procedure calls (RPCs).

“OP Drop #1 had a turbulent launch which we finally stabilized after more than five hours of non-stop work. Our biggest mistake here was failing to make this contract pausable,” the team tweeted, stating that it would take the lessons it learned from the first airdrop and apply them to the second round, while it will also publish an “extensive retrospective next week” detailing what went down.

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