Optimism Network conducted a surprise token airdrop Thursday, sending 11.7 million governance tokens to more than 300,000 wallets. This airdrop is part of the blockchain’s initiative to distribute 19% of its initial governance token supply as the blockchain forges a path toward wider adoption. Optimism Collective, the caretaker group of the layer 2 blockchain, distributed 5% of its initial governance token supply, or more than 200 million tokens, in its first airdrop last May. This airdrop is a great opportunity for users to get involved in the Optimism Network and benefit from its governance token.
Optimism, an Ethereum layer 2, is offering an airdrop to users who have spent gas executing transactions on the blockchain or delegated voting powers to other users. This is part of Optimism’s effort to gain an edge over its largest competitor, Arbitrum, another Ethereum layer 2. Arbitrum currently has more than double the amount of transacting wallets as Optimism, so the airdrop is an effort to increase the number of users and transactions on the Optimism Network. The airdrop is also a way to reward users for their positive contributions to the blockchain’s governance system.
Optimism’s token (OP) has seen a 200% rally over the past few weeks, but following the announcement of an airdrop, the token’s price dropped 13%. At the time of publication, the token trades at roughly $2.35. Thursday’s airdrop went off relatively smoothly, unlike Optimism’s first attempt in July 2022, when users had to manually claim their allotments. This time, the distribution was automatic, but the circulating supply had grown, leading to the token’s price drop. Investors should keep an eye on Optimism’s token as the price could continue to fluctuate in the coming days.
