I. What is Optimism?
Optimism is a scalable layer 2 solution for Ethereum developed to help users reduce transaction fees and increase transaction speed for a better user experience. Optimism is built on top of Optimistic Rollups technology.
To speed up transactions, Optimistic rollups will not calculate transactions, but will use a fraud proof mechanism to ensure transactions are legit and avoid fraud. If someone notices a fraudulent transaction, rollups will perform anti-fraud and run the transaction’s computation, using available state data. This means that users can have a longer transaction confirmation time than ZK-rollup because transactions can be challenged.
The Optimism project has three main components:
- Ethereum mainnet: Main Platform – Layer 1 of Optimism
- Optimistic Rollup: the core to the expansion of Optimism
- Optimism Virtual Machine (OVM): A virtual machine compatible with Ethereum, helping projects work like on Layer 1 – Ethereum. This is the environment for running Ethereum’s smart contracts, so OVM can also be considered as an EVM that adds much scalability, to support processing a large number of smart contracts in a certain time.
II. History of Optimism
- Description of (Project) Founders, Establishment Date
- Explanation of (Project) major establishment reason
- Remarkable Milestones of (Project)
III. Striking Features of Optimism
- Scalability and cheap transaction fees: By not calculating transactions by default, Optimism can achieve a 10-100x improvement in scalability depending on the nature of the transaction as well. Significant reduction in transaction fees when compared to Ethereum. Optimism estimates that a total of $335 million in gas fees have been saved from transactions processed on this network.
- Compatible with EVM: Optimistic can support any Ethereum application using OVM. Developers can deploy any dApp on Ethereum into Optimism without changing the architecture. This allows decentralized applications (dApps) built on Ethereum to seamlessly integrate into Optimism with ease.
- Security: Unlike other sidechains like Ronin that have their own privacy capabilities as they work independently, Optimistic Rollups like Optimism get their security from the Ethereum mainnet. Transactions are processed on Optimism but the transaction data is recorded and stored on Ethereum. This allows Optimism to inherit the security of Ethereum while still providing scalability.
IV. Core Technology of Optimism
Project management model
The governance model of Optimism project
Optimism is launching “Optimism Collective”, a bicameral governance system consisting of Token House and Citizen House.
- Token House will be able to vote on “protocol upgrades and incentivize project development as part of the Governance Fund.”
- Citizens’ House will be managed by “soulbound” NFTs for the purpose of distributing useful goods to the community. “Soulbound” NFTs are non-transferable NFTs that act like a decentralized identity in the governance model of Optimism.
V. What is OP Token?
1. Detailed Information about OP Token
- Token Name: Optimism
- Ticker: OP
- Blockchain: Optimism
- Token Standard: ERC-20
- Contract: 0x4200000000000000000000000000000000000042
- Token Type: Governance
- Total Supply: 4,294,967,296 OP
- Circulating Supply: 214,748,364 OP
2. OP Token Allocation
- Ecosystem Fund: 25%
- Retroactive Public Goods Funding: 20%
- User Airdrops: 19%
- Core Contributors: 19%
- Sugar Xaddies: 17%
3. OP Token Noticeable Milestones
- Listing (Project Token) Noticeable Milestones (Plans, Expectations, Revenues)
4. Use Cases of OP Token
Participate in voting for project governance decisions.
VI. How to earn & own OP?
Optimism does not open a public sale but will airdrop for certain users, including:
- Users who used Optimism Bridge before June 23, 2021 or interacted with dapps on Optimism more than once between June 23, 2021-May 23, 2022
- Users interact with dapps on Optimism for 4 weeks
- Users participate in voting for DAOs on L1
- DAO leaders and builders
- Users who have donated Gitcoin on L1
- Users bridged from Ethereum to other chains, and interacted with dapps on Ethereum
In addition, user wallet addresses that meet 4 or more criteria will be rewarded with a certain amount of tokens.
To check if your wallet address is eligible for Airdrop, you can check at https://app.optimism.io/airdrop/check, if eligible, you need to do a few more simple steps. simple to claim OP token.
To claim OP tokens, you need a certain amount of ETH in your wallet, you can use the bridges at https://www.optimism.io/apps/bridges to send ETH from other chains to Optimism.
VII. Which Crypto Wallets are suitable for OP Token?
You can store this token on the following wallets: Exchange Wallet, Coin98 Wallet, Metamask Wallet.
VIII. OP Recent Developments
- Explanation of (Project Token) growths recently
IX. Teams, Funds & Partners of OP Token
The project established the Optimism Foundation as the manager of the Optimism Collective, running the tests, driving the ecosystem, which will eventually disband and give full governance to the community.
The Optimism Foundation will be led by Optimism founders Jinglan Wang and Ben Jones, joined by Eva Beylin (Director of Graph Foundation), Abbey Titcomb (Head of Community of Radicle), and Brian Avello from Maker Foundation.
In addition, Optimism PBC has also been renamed OP Labs PBC, Liam Horne – formerly Head of Engineering for Optimism PBC, will take over as the new CEO of OP Labs PBC.
2. Investment Funds
Most recently, Optimism raised $150 million from a Series B round led by a16z and Paradigm, in addition to the following previous rounds:
- January 15, 2020, Seed Round ($3.5 million): Paradigm, IDEO Colab Ventures
- February 24, 2021, Series A ($25 million): Andreessen Horowitz, Paradigm, IDEO Colab Ventures
- March 17, 2022, Series B ($150 million): Paradigm, Andreessen Horowitz. The current valuation is $1.65 billion.
3. Ecosystem of Optimism
Over a period of operation, thanks to its useful function, Optimism (OP coin) has attracted a lot of partners to participate in its ecosystem, from Defi, NFT, Wallet, Tool, Dao, etc.
You can refer to the details of the Optimism ecosystem at: https://www.optimism.io/apps/all
X. Where can OP Token information be updated?
Currently, Crypto users can fully consult, research, and analyze information about OP Token through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of OP Token and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about Optimism
- Through which community channels can information about the Optimism project be updated?
- Who are the biggest competitors of the Optimism project?
The biggest competitor of the Optimism project is the Layer 2 coins in general, of which the two most prominent names are Polygon and Arbitrum. Their differences include:
Arbitrum uses the Arbitrum Virtual Machine (AVM), while Optimism uses the Ethereum Virtual Machine (EVM). Arbitrum primarily seeks to improve the functionality of Ethereum smart contracts. Optimism does the same thing but focuses more on reducing transaction costs.
Polygon provides tools for developers to build scalable, decentralized financial applications. Polygon is a multi-chain platform that combines the best aspects of Ethereum and other blockchains. It works a little bit differently from Optimism. However, up to now, Polygon (MATIC) is quite famous, always in the top of the top coins today, while Optimism has not received much attention.
In conclusion, Optimism (OP) is an incredibly useful project for many developers. It was created to aid Ethereum in becoming more scalable. The future of optimism is quite bright and has a lot of potential because Ethereum is the blockchain with the most active smart contracts at the moment.
However, Optimism (OP) is still now dealing with a number of difficulties, including numerous competitors and the impending Ethereum 2.0. I don’t know what the future holds, but in the near term, I believe that more time is needed to carefully assess the OP coin. At the present, this coin is still rather hazardous, and its potential is not particularly exceptional compared to many others. Even so, if you believe in Optimism as well as Layer 2 coins in general, it is possible to bet some capital on OP coin.
The above is Meta Lion’s comment on the Optimism project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.