Optimism is a Layer 2 blockchain solution designed for Ethereum developers. They have done a total of 2 Optimism $OP token airdrops in the past. Here’s our guide on how you can position yourself for a potential third Optimism $OP token airdrop.
Optimism ($OP) Airdrop Step-by-Step Guide
Here’s a step-by-step guide on how to get a potential Optimism ($OP) token airdrop:
- Participate in Governance
- Be active on Optimism
See below for more details.
What is Optimism?
Optimism is a fast, stable, and scalable Layer 2 blockchain solution designed for Ethereum developers. Developers can scale their Ethereum applications without any surprises by building a minimal extension to existing Ethereum software. Existing Ethereum applications can run at a fraction of the cost due to Optimism’s compatibility.
Is there an Optimism token?
Optimism has a token known as $OP. The $OP token is used for Governane, for rewards via airdrops, as well as for ecosystem funding. $OP has a circulating supply of over 214 million tokens and is ranked number 77 in terms of trade volume. The current price of $OP at the time of writing is US$3.14.
Is there an Optimism $OP token airdrop?
Optimism Airdrop 1
Optimism completed Airdrop 1 in May 2022. Over 200m $OP was airdropped to a total of 248,699 eligible addresses. The amount of $OP allocated to each address ranged from 409.42 up to 27,534.98 $OP. Optimism’s first airdrop rewarded early adoptors and active project users of Optimism and L1 Ethereum. There were 6 set of criteria for eligibility for the $OP airdrop:
- Optimism users
- Repeat Optimism Users
- DAO Voters
- Multisig Signers
- Gitcoin Donors (on L1)
- Users Priced Out of Ethereum
Each criterion was distinct, meaning that an address can be eligible for multiple sets and receive a cumulative sum of $OP tokens.
Optimism Airdrop 2
Optimism’s Airdrop 2 distributed 11,742,277.10 $OP to 307,965 addresses based on a snapshot taken on 20th January 2023 at 0:00 UTC. Those who delegated their OP based on the quantity delegated and how long it was delegated for were rewarded. Optimism users who have spent more than a certain amount on gas charges also received a partial refund on their gas costs. Additional attributes related to governance and usage of the protocol determined finally Multiplier bonuses. The criteria to be eligible for the Optimism token Airdrop 2 were as follows:
- Governance Delegation Reward: Users must have at least 2,000 cumulative $OP delegated per day (i.e. at least 20 OP delegated for 100 days: 20*100 = 2,000 $OP Delegated x Days). This criterion rewarded 0.42 ⁄ 365 OP per OP delegated x Days, capped at 5,000 OP per address.
- Gas usage reward: Users must have spent at least the average cost of one L1 transaction (i.e. $6.10) on Optimism. For this, users received a 80% rebate of gas fees in $OP, up to $500 worth of gas fees per address.
There were also 4 additional attributes that users earned multiplier bonuses for:
- Governance: Had an active delegation of at least 20 $OP at the time of the snapshot.
- Governance: Had 54,367 total OP Delegated x Days (i.e. had at least delegated 271.83 $OP since 4th July 2022).
- Usage: Made transactions on Optimism across 6 months.
- Usage: spent at least $20 on gas fees.
Those who did not fulfill any of the above 4 additional attributes did not get any multiplier bonus. Those fulfilling 1 additional attribute got 5% bonus, 2 attributes got 10% bonus and 3 attributes got 50% bonus. Finally, those who fulfilled all 4 additional attributes got a 100% bonus.
How do I claim my Optimism $OP tokens?
Optimism Airdrop 1 participants mus claim their $OP tokens on their website by connecting their wallet. At 8pm ET on 9th February 2023, eligible wallets directly received $OP tokens for Optimism Airdrop 2.
Will there be an Optimism $OP airdrop 3?
Optimism has allocated 14% of the total $OP token supply for future airdrops. So far, only a third of this has been distributed. So the chances of an airdrop 3 or more are very high. In fact, their documentation strongly supports this as one of their paragraphs is titled “Future airdrops (#2, 3, …)”.
How to receive a potential Optimsim $OP airdrop 3?
Optimism have not announced a further airdrop yet. We can see from past Optimism airdrops that those who participated in governance and were active on Optimism have received $OP tokens. Our prediction is that the criteria to be eligible for Optimism airdrop 3 would be similar to those in past airdrops. Here are some ways which you could receive a potential Optimism $OP airdrop:
- Participate in Governance
- Be active on Optimism
Users can participate in Governance by going to Optimism Agora and connecting your wallet. You can see what topics are being voted on by visiting the Proposals tab. You can choose to vote on a proposal yourself or delegate your vote to a delegate. Click on “Voters” to see a list of Delegates, their voting history, and voting power. Those who really want to make a difference can even become a Delegate themselves. The team have promised that Delegates will eventually receive compensation once the role has been stabalized.
You can use Optimism by first bridging your assets to Optimism. To do this, go to Optimism Bridge and connect your wallet. Select which token you would like to bridge and approve the deposit on the site and on your wallet. Afterwards, go to the Ecosystem tab and use some of the apps in the Optimism ecosystem. Note that token approvals, transfers, and ETH wrapping/unwrappping transactions are likely to qualify as activity on Optimism as this was the criteria in airdrop 2.
Optimism $OP Token Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: An Optimism airdrop 3 is almost certain as they have not distributed all their tokens allocated for airdrops yet.
Airdropped Token Allocation: Optimism allocated 14% of the its total $OP token supply for future airdrops. A third of this have been distributed so far.
Airdrop Difficulty: Optimism have not announced the requirements for airdrop 3. However, based on previous airdrops, users will need to participate in Governance and use Optimism actively. These tasks are relatively complex and require real user funds.
Token Utility: $OP is the native token of Optimism. $OP is used for Governance, rewards and ecosystem funding.
Token Lockup: Most major exchanges are already trading $OP tokens.