NewsletterVitalik Buterin Supports Non-Token Governance for Optimism (OP), Here’s Why
Ethereum founder Vitalik Buterin has supported the proposal of changing the use of OP tokens from being a governance token to the main network token used for gas payments. In open of his recent tweets, Buterin wrote:
“This is a great example of why I’m so proud of @optimismPBC for adding non-token governance (the Citizen House). Optimism explicitly has goals *other* than just “make OP go up”, and the only way to do that long-term is with explicit representation of non-token-holder interests”.
The Ethereum founder further shared links to his previous blog post that mentions that decentralized governance (DeGoV) is necessary as well as dangerous. He also explains the necessary steps one can take to minimize the risks in DeGov.
The Optimism (OP) Governance Token Launch
Ethereum’s Layer-2 scalability solution Optimism launched its governance tokens (OP) earlier this week. However, the OP token price collapsed more than 60% in the hotly anticipated debut.
Optimism has two hubs – Token House and Citizen House. The Token House hub supports OP governance tokens allowing holders to vote on different Optimism-centric projects. The Citizen House focuses on non-governance activities such as distributing retroactive public goods from the fees generated by the Optimism network.
Optimism airdropped a few OP tokens earlier this week on Tuesday. However, it failed to anticipate the overwhelming demand, which resulted in a high network load. Several users faced long delays in receiving the airdrop which ultimately led to the dumping of OP tokens.
Some Optimism users also expressed frustration that some parties were able to claim tokens before others. Some said that the website changed its status to being “ineligible” despite being eligible earlier.
Optimism has now managed to address the network loading issues. Further, it has cautioned users saying that there have been a lot of Optimism scam accounts popping up in wake of the recent incidents.
Heads up everyone!
We're seeing a lot of Optimism scam accounts crop up.
Please be careful and ensure you are only interacting with these official Optimism accounts:@optimismPBC@OptimismGov@OPLabsPBC
Stay safe and if you see any sus accounts you can report them in Discord.
— Optimism (✨🔴_🔴✨) (@optimismPBC) June 2, 2022
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Mt Gox Moving $950M in Bitcoin Sparks Panic of Crash to $56K Realized Price
- XRP Supply in Profit Hits Lowest Level Since Nov 2024 Despite Price Gains: Glassnode
- Crypto Market Crash Deepens as $1 Billion in Bitcoin, ETH, XRP, Altcoins Liquidated
- Bitcoin Price Crash to $89K, Last Chance to Buy Under $90K, Says Gemini Co-Founder
- XRP Gets Major Boost as Four Spot ETFs Prepare for Launch This Week
- Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
- What’s Next for Cardano Price After Breaking Below Key Support Level?
- Pi Coin Price Could Jump 30%, But There’s a Catch
- Expert Sees XRP Price Rally if it Holds Key Support Ahead of Ripple ETF Launch
- Chainlink Price Eyes Breakout as Whales Scoop 150K $LINK
- Top Analysts Predict How Low Bitcoin Price Might Fall?
