Ethereum co-founder Optimistic about OP turning into a Non-Token Governance

Sahana Kiran
Source – Unsplash

Optimism made quite a debut of its OP tokens, earlier this week. This Ethereum layer-2 scaling solution garnered immense support from an array of people. One such individual that seemed to be aiding Optimism’s every move was Ethereum co-founder Vitalik Buterin.

During its much-anticipated airdrop, the Optimism network hit several roadblocks. While it’s fairly uncommon for consumers to sell their tokens after receiving them as part of an airdrop, Optimism did not appear to have expected such a large sell-off. As a result, the network was compelled to exclude specific dumpers from the impending airdrop. A second suggestion to modify the utility of OP tokens has also been put forward. This would shift the use of OP tokens away from governance and toward gas payments on the main network.

The Ethereum co-founder quickly poured support onto this proposal via Twitter. Buterin noted that Optimism was not just looking to pump the price of its OP token. Instead, he pointed out that the network entailed long-term goals as well.

The extensive dumping following the airdrop pushed the price of the Optimism token from a high of $4.57 to the $1 zone. At press time, OP was paving its way to recovery but was unable to move to $2. With a 30.87 percent surge over the last 24-hours, OP was trading for $1.47.

Following its latest proposal, several in the crypto-verse speculated that OP would certainly pocket gains following the comprehensive use of the token for gas payments. The proposal garnered immense traction as users poured in support for it to pass. However, there were some naysayers as well.

Scammers haven’t spared Optimism

The crypto-verse is infiltrated by scammers. As Elon Musk, the potential owner of Twitter tries to combat this, Optimism warned the community of impersonators. The Ethereum layer-2 solution network took to Twitter and posted links to its accounts.