With the premise of continuing to grow, the developer of the Optimism rollup, a scalability solution for Ethereum, confirms that it will become a decentralized autonomous organization (DAO). Governance will be entrusted to the community of users and application developers.
The DAO will be called Optimism Collective and is expected to be operational by the second quarter of 2022 with the launch of the first OP token airdrop. The distinguishing features of this DAO have caught the attention of Ethereum co-creator Vitalik Buterin, who says he is eager and excited, and sees it as "perhaps the biggest governance attempt of a DAO not focused on token holders. ".
Optimism Collective governance is divided into two houses: the token house and the citizens' house.
There will also be NFTs
The token house will consist of OP token holders, which can be accessed via airdrops or purchased. Token House members will make decisions regarding project incentives, protocol updates, and treasury funds.
On the other hand, the citizens' house will consist of organizations and projects that develop optimism platforms and applications. Projects that aim to grow the network itself will also be present.
These "citizens" are not required to have the OP token to have voting power in the government. They will opt for citizenship in a public register. Citizenship corresponds to a non-fungible token (NFT) which is not transferable and, in the event that an institution wants to renounce its citizenship, it will have to burn its NFT. Among the functions of the citizens' house is the retroactive financing of public goods.
Furthermore, both houses share the responsibility of deciding the parameters of the network and the granting of citizenships.
In the graph below, it is clear what the functions of each house will be in Optimism Collective:
Legally, the organization will be framed as a foundation: the newly formed Optimism Foundation. It will be led by two founders of Optimism: Jing (former CEO of the company) and Ben Jones (former head of research).
Rumors confirmed with the OP token
A week ago, we anticipated the possible launch of a governance token by Optimism, with the aim of transforming the platform into a DAO. Now, as mentioned, the company itself confirms that those rumors were correct.
A total of 4,2 billion POs will be issued, to be distributed as follows: 19% through airdrops, 25% will remain as ecosystem funds, 19% for the community, 17% for the Investors and 20% for public funds.
The first of the air launches is scheduled for mid-year. To be eligible, one of the parameters determined by Optimism must be met. These requirements include having made a transaction on Optimism prior to June 22, 2021; have used Optimism for more than 4 weeks in the past year; having ETH locked in an Optimism bridge; or have made any money donations through Gitcoin.
There are currently more than 200.000 Ethereum addresses eligible to receive the OP token and thus join the DAO token house.
The dates of the remaining air launches are yet to be defined. However, in this first airdrop, only 5% of the total 19% of the tokens issued for the airdrops will be distributed.