Optimism Allocates $3.3 Billion in Tokens for Key Blockchain Contributors
Summary:
Optimism, an Ethereum layer-2 scaling network, has allocated $3.3 billion worth of its tokens for distribution among contributors to its blockchain ecosystem. The fund is set to be dispensed in four separate rounds, from May through to mid-November 2024. The initiative, dubbed retroactive public goods funding (RPGF), aims to reward individuals and projects that cannot typically source traditional funding due to the non-profit nature of their contributions to the platform. The news was lauded by Ethereum co-founder Vitalik Buterin who encouraged more such funding efforts in the future.
Optimism, an Ethereum layer-2 scaling network, has earmarked $3.3 billion worth of Optimism (OP) tokens for distribution among its community, targeting its contributors who hold significant importance in the blockchain surrounding. As announced on March 26 by Optimism Collective, the chain's community and governance sector, portions of the 850 million OPs will be allocated over four distinct waves starting this May and running until 2024. Bobby Dresser, the chief operating officer of the Optimism Foundation, divulged to Cointelegraph that 20% of the inaugural OP supply, equating to 850 million OPs, is allocated for funding purposes, with $158 million (or 40 million OPs) already distributed across three previous rounds. The upcoming fourth round will be initiated by on-chain builders and aims to provide retroactive public goods funding (RPGF), or retro-funding for valuable projects chosen by the community. The subsequent rounds 5-7 will reward contributors to infrastructure, governance and development tooling with all active participants in Optimism's enhancement eligible for funds, with the final round scheduled to end in mid-November. In the crypto realm, public goods are individuals or projects bestowing free services to a crypto or blockchain community and retro-funding seeks to reward these contributors for their demonstrated hard work. Retro-funding has emerged as a necessary financial boost for these contributors who often struggle to source funds from conventional amenities like venture capital due to the non-profit nature of their offerings. The most recent funding phase in January saw portions of the 30 million OP tokens distributed to data aggregators DefiLlama and L2Beat, token approval revoking tool Revoke.cash, blockchain expert ZachXBT, along with hundreds of other beneficiaries. Upon the round's conclusion, Ethereum co-founder Vitalik Buterin made an X post praising Optimism for its dedication to public goods funding. "I am looking forward to witnessing more funding rounds aimed at QF (Quadratic Funding) and RPGF in the future," Buterin further added.
Published At
3/26/2024 7:30:00 PM
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