The Optimism Foundation has unveiled a new governance structure and token as part of its ongoing effort to bring scalability and cost efficiency to Ethereum (ETH), the world's largest smart contract platform.
The Optimism Collective was introduced Tuesday afternoon in a lengthy post outlining its mission and governance tasks. Described as a "large-scale experiment in digital democratic governance," the Optimism Collective essentially consists of a group of communities and stakeholders working to improve Ethereum's technical capabilities.
According to the details, Optimism Collective will be managed by two components: Citizens' House and Token House. Citizens House will use the revenue collected through the network to "facilitate and manage the process of tracing the allocation of funds for public goods". Token House will be established through an upcoming airdrop with the task of voting on protocol upgrades and project incentives.
Token House will be powered by Optimism’s new governance token, OP, which will oversee protocol and network parameters and provide incentives for users to enter the ecosystem.
In its post, the Optimism Foundation said that the blockchain community is “deafeningly clamoring for scalability,” referring to the growing demand for fast and efficient smart contract functionality. Several layer-1 competitors are filling this need, all of which succumb to centralization flaws while giving up “the security and value of ethereum,” the foundation said, adding:
"Scaling technology is not enough. We have a responsibility to extend our values along with our networks."
While ethereum continues to dominate the developer space, its competitors are growing faster, according to a January report from crypto research firm Electric Capital. The report found that developer activity is growing in projects like Polkadot (DOT), Solana (SOL) and BNB Smart Chain (BNB), which could erode Ethereum’s dominance. Meanwhile, ethereum’s share of the decentralized finance (DeFi) market, as measured by total value locked, has also fallen sharply over the past 12 months, according to DeFi Llama.
Ethereum still accounts for more than half of DeFi TVL, but its dominance has waned. Source: DeFi Llama
In progress, though delays have pushed the implementation timeline back by a few months. On April 11, ethereum developers implemented the network's first "shadow fork" to stress test their assumptions about the upcoming merge.
Discussions about Bitcoin governance often focus on who is the ultimate decision-maker, with recurring candidates including miners, nodes, and investors. The purposes and mechanisms of governance are often only hinted at or even disconnected from reality.
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CointelegraphOptimism official Twitter announced that the OP governance token airdrop has officially opened for claiming.
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FtftxOptimism Foundation will launch a governance token called OP to govern protocol and network parameters, and incentivize adoption.
Cointelegraph