Optimism functions as a layer 2 chain on top of the Ethereum mainnet (layer 1). The transaction data is posted to the mainnet, where it is confirmed, even though the transactions take place on Optimism. It is similar to using the security of a motorway while travelling along a less crowded side street.
With $313 million currently trapped inside its smart contracts, optimism is the second-largest Ethereum layer 2 coin, according to Defi Llama. With $1.32 billion, Arbitrum takes first place.
With a total value locked (TVL) of $125 million, Synthetix, a derivatives liquidity protocol, is the largest protocol on Optimism. Uniswap, a decentralised exchange (DEX), is the second most popular protocol on the chain. At the time of writing, 35 protocols on Optimism have at least $1,000 protected in their smart contracts.
Why does optimism work?
Rollups are a technology that optimism uses, particularly optimistic rollups.
Rollups are so-called because they integrate data from a large number of transactions on the Ethereum mainnet, such as token swaps and minting of non-fungible tokens (NFTs) (layer 1). The blockchain transaction, or “gas,” fee that must be paid shrinks to just one transaction and is readily shared by all parties when so many transactions are merged into one.
Transactions are also referred to as optimistic rollups because they are assumed to be true until they are proven to be false, or in other words, until they are proven guilty. By providing a “fraud proof” and rerunning the transactions’ computations using the given state information, potentially flawed transactions may be contested within a set amount of time. Optimism pays for the gas used to do the fraud-proof computation. (This page includes a more thorough technical explanation of the process.)
How can one qualify for an OP airdrop?
Following the criteria listed below, Optimism distributed tokens to users during its inaugural airdrop:
Use of optimism is defined as using an OP bridge before to June 23, 2021, or repeatedly using an OP project between June 23, 2021, and March 25, 2022.
Repeat users of Optimism: those who, between June 23, 2021, and March 25, 2022, used the platform four times in a row.
Participation in decentralised governance as a voter in a decentralised autonomous organisation (DAO)
Signers with multiple signatures have access to significant financial resources and essential Optimism protocol functions.
Using Gitcoin Grants on layer 1, contribution to Optimism on the public goods platform was made.
Use of bridges while a layer 1 common user cannot afford Ethereum:
The ensuing airdrop may satisfy any, all, or none of these conditions. The specific requirements are not made known in advance to avoid widespread misuse.
When is the upcoming OP airdrop?
In a blog post from April 2022, optimism stated that there will be “an whole season of airdrops.” Although airdrop announcements are occasionally issued with little advance warning, the Optimism team did not make the airdrop dates public.
Before the airdrop, optimism will presumably make it clear who qualifies and how much OP they will receive. This will be done based on a snapshot, which is a record of the optimistic chain’s condition at a particular block height. Snapshot dates aren’t made known in advance. So if you want to acquire OP tokens, sign up for the network and start exploring with the apps. But remember that your money is in jeopardy.