Optimism Allocates $3.3 Billion in OP Tokens to Developer Grants
Optimism, a Layer-2 solution on Ethereum, has announced the allocation of 850 million OP tokens, valued at $3.3 billion, to fund community-driven projects and has outlined three additional funding rounds throughout 2024.
Optimism Allocates $3.3 Billion in OP Tokens to Developer Grants
In a recent announcement on the evening of March 26, 2024, Optimism, the Layer-2 network on Ethereum, declared its commitment to allocate 850 million OP tokens, valued at $3.3 billion, to be awarded to projects or individuals deemed significant contributors to the blockchain's ecosystem.
The 850 million OP tokens represent 20% of Optimism's initial total supply and will be distributed across four categorized rounds starting from May and continuing through the end of 2024.
Today we're introducing a new era of clarity for Retro Funding!
— Optimism (@Optimism) March 26, 2024
The Collective has allocated a total of 850M OP to incentivize impactful work across the @Optimism Collective and the Superchain. pic.twitter.com/DfMeLLogQi
The first round, On-chain Builders, rewards developers who have promoted the adoption of Optimism. Subsequent rounds, OP Stack, Governance, and Dev Tooling, will reward contributions to infrastructure, governance, and development tools, following the principle that "anyone, anywhere contributing to improving Optimism" is eligible for funding. The final round concludes in mid-November 2024.
Optimism Collective, the governing body of Optimism, stated that the funding initiative falls under Retroactive Public Goods Funding (RPGF) — one of the largest grant programs in the crypto space, rewarding individuals and organizations for contributions to Optimism across OP Stack, Governance, Ecosystem, User Experience, and Adoption.
Over $100m distributed in @Optimism RetroPGF round 3.
— vitalik.eth (@VitalikButerin) January 11, 2024
Really impressed to see their ongoing commitment to funding public goods, helping devs and others contribute to Ethereum even if they lack a business model.
Hope to see more projects doing QF and RPGF rounds in the future! https://t.co/igZCTsnNLt pic.twitter.com/JFGB1MNDDS
In the most recent funding round in January 2024, a portion of the 30 million OP tokens was distributed to DeFi data aggregators like DefiLlama, Covalent, the permissionless wallet revocation tool Revoke.cash, and hundreds of other developers.
Ethereum co-founder Vitalik Buterin has expressed admiration for Optimism's commitment to funding community-serving products and "hopes to see many projects conducting funding rounds using Quadratic Funding (QF) and RPGF methods in the future!"
Chart of OP/USDT on Binance at 12:50 AM on March 27, 2024
