Decentralised exchange aggregator 1inch is providing rewards to users in the form of free tokens for their participation on Optimism, which refers to the organisation’s initiative to further incentivise activity on the Ethereum layer-2 scaling solution, as reported by Cointelegraph.
On the basis of information by Cointelegraph, the exchange aggregator has said about making equal distribution of 300,000 OP tokens among its active wallets and regular users on Optimism with the use of a Merkle drop. “3,782 wallets have been selected for the airdrop. OP token is the native cryptocurrency of Optimism giving holders the ability to participate in the network’s multi-tiered governance system,” 1inch stated. As per CoinMarketCap, OP token’s current value stands at $1.22, with a gain of worth five percent. The governance token’s trading value went as high as $4.57 during its first air drop but then was subjected to volatile market conditions and airdrop dumpers. There was a surge in demand for Optimism post its announcement for a multi-phase airdrop program.
According to Cointelegraph,1inch was deployed on Optimism in August, 2021, with co-founder Sergej Kunz aiming for faster transaction speeds with the use of the integration. Recently, Kunz said that 1inch’s integration with Optimism has resulted in an increase in activity on the network. As of August, 2022, interactions took place between 45,000 wallets and 1inch protocols on Optimism, the company mentioned. Of the total, 28,600 wallets carried out the majority of their transactions on the layer-2 scaling solution.
Moreover, Cointelegraph noted that the Optimism Foundation has been given the responsibility of looking after the Optimism network has launched a new governance structure in April of this year. Governance of the recently created Optimism Collective is being governed by two components which are Citzens’ House tasked with distribution of funds through revenues and Token House responsible for voting on protocol upgrades.
(With insights from Cointelegraph)