According to a blog post by layer 2 blockchain’s organisation, Optimism Collective, Optimism Network launched a token airdrop on Thursday, releasing 11.7 million governance tokens to over 300,000 wallets.
The airdrop is a part of the blockchain’s plan to distribute 19% of its initial governance token supply as it forges a road to greater acceptance. Optimism delivered 5% of its initial supply of governance tokens, or roughly 200 million tokens, in its first airdrop in May last year.
The airdrop occurs as Optimism attempts to gain an advantage over its most significant competitor, Arbitrum, a second Ethereum layer without a token. Abritrum presently has more than twice as many active wallets as Optimism, with the difference between the two exchanges’ active wallets expanding over the previous month.
Users who spent gas on the blockchain to execute transactions qualified for the airdrop, as did those who delegated the voting abilities that governance tokens provide to other users. The Optimism Network acknowledges the distribution of voting privileges as a positive sum action to strengthen the governance system of the blockchain.
The token dropped 13% upon hearing the circulating supply of Optimism had increased. Despite this, OP has gained approximately 200% over the previous three weeks. The token trades for around $2.35 per unit at the time of publishing.
Unlike Optimism’s initial effort in July 2022, when customers were required to claim their allotments physically, Thursday’s unexpected airdrop ran surprisingly well. In this instance, distribution occurred automatically.