With the premise of continuing to grow, the company that develops the Optimism rollup, a scalability solution for Ethereum, confirms that it will become a decentralized autonomous organization (DAO). Governance will fall to the community of users and application developers.
The DAO will be called Optimism Collective and is expected to go live in Q2 2022 with the launch of the first OP token airdrop. The distinctive features of this DAO have drawn the attention of Ethereum co-creator Vitalik Buterin, who says he is expectant and excited, and considers which “is possibly the largest attempt at governance of a non-token holder-centric DAO.”
The governance of the Optimism Collective is divided into two houses: the token house (token house) and the House of Citizens (citizens house).
The first of these houses will be made up of the holders of the OP token, which can be accessed through airdrops or purchased. The members of the token house will make decisions related to the project incentives; the updating of protocols; and treasury funds.
On the other hand, the House of Citizens will be made up of the organizations and projects that develop platforms and applications in Optimism. Even those projects that aim to grow the network itself will be there.
These “citizens” do not need to have the OP token to have voting power in governance. Citizenship will be opted for in a public registry. Citizenship corresponds to a non-transferable non-fungible token (NFT) and, in case an institution wants to give up its citizenship, it must burn its NFT. Among the functions of the House of Citizens is retroactive financing of public goods.
In addition, both houses share the responsibility of decide on network parameters and the granting of citizenships.
The chart below makes it clear what the roles of each house in Optimism Collective will be:
Legally, the organization will be framed as a foundation: the recently founded 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, CriptoNoticias anticipated the possible launch of a governance token by Optimism, with the aim of turn the platform into a DAO. Now, as mentioned, the company itself confirms that those rumors were right.
In total, 4.2 billion POs will be issued, which will be distributed as follows: 19% through airdrops, 25% will remain as ecosystem funds, 19% for the community, 17% for investors and 20% for public funds.
The first of the airdrops is expected in the middle of the year. To be eligible you must meet one of the parameters determined by Optimism. Among these requirements is having made a transaction in Optimism before June 22, 2021; have used Optimism for more than 4 weeks in the past year; have ETH locked on an Optimism bridge; or have made any donation of money through Gitcoin.
There are currently more than 200 thousand Ethereum addresses eligible to receive the OP token and thus become part of the DAO token house.
The dates of the rest of the airdrops are yet to be defined. However, in this first airdrop, only 5% of the total 19% of the issued tokens destined for airdrops will be distributed.