Optimism (OP)
A Layer 2 scaling solution for Ethereum- Optimism’s main utility is to batch transactions on the Optimism network. Optimism allows users to enjoy lower gas fees on their transactions executed on the Optimism network through optimistic rollup technology.
- OP is the native token of the project. The current use cases for OP include:
- Governance: OP tokenholders are part of a bicameral system where OP tokenholders form a body to vote on certain governance matters.
- Rewards and Ecosystem Funding: OP tokens are airdropped to users and protocols which supported the Optimism ecosystem, and will be distributed through the OP Governance Fund to future projects building on Optimism.
- The project consists of the following major components working in conjunction:
- Optimistic rollup: Optimism relies on the security of the Ethereum blockchain to process blocks that are created on the L2.
- Ethereum Layer 2 scaling solution: Optimism is a Layer 2 scaling solution built on Ethereum which is EVM equivalent and has its own ecosystem of applications
- As at June 1st 2022, the total token supply of OP is 4,294,967,296. The current circulating supply is 1,318,490,188 (30% of the total token supply).
- Learn more about the token distribution of OP here.