1inch Rewards Users with Airdrop of OP Tokens on Optimism
Decentralized exchange aggregator 1inch is rewarding users with free tokens for their participation on Optimism, a strategic move aimed at incentivizing activity on the Ethereum layer-2 scaling solution.
Airdrop Details
The exchange aggregator announced on October 11 that it would distribute a total of 300,000 OP tokens among its most active wallets and regular users on Optimism through a retrospective Merkle drop. This airdrop is set to reward 3,782 selected wallets for their engagement with the protocol.
The OP token, serving as the native cryptocurrency of Optimism, provides holders the ability to participate in the network’s multi-tiered governance system.
Market Performance of OP Token
As of the announcement, the OP token’s market value stood at $1.22, reflecting a 5% increase on the day, according to CoinMarketCap. The token initially peaked at $4.57 during its initial airdrop in May but has experienced significant volatility since then, largely attributed to broader market conditions and actions by so-called airdrop dumpers.
Optimism’s ecosystem saw a notable surge in demand after announcing its multi-phase airdrop program, further boosting user interest.
1inch’s Integration with Optimism
1inch first integrated with Optimism in August 2021, with co-founder Sergej Kunz emphasizing that this partnership has led to faster transaction speeds and substantial activity on the Optimism network.
According to 1inch, more than 45,000 wallets have interacted with its protocols on Optimism as of August 2022. Of these, 28,600 wallets conducted the majority of their transactions on this layer-2 scaling solution.
Governance Structure of Optimism
The Optimism Foundation, responsible for overseeing the Optimism network, introduced a new governance structure in April 2022. This model features the “Optimism Collective,” governed by two main components: the Citizens’ House, which focuses on distributing funding via revenues, and the Token House, tasked with voting on protocol upgrades.
Optimism’s Total Value Locked
Optimism’s total value locked (TVL) peaked at over $1.1 billion in early August 2022, as reported by DeFi Llama. Currently, the network’s TVL stands at $892.9 million, indicating a strong presence in the DeFi landscape amidst fluctuating market conditions.
