HomeAltcoinRed-Hot Ethereum (ETH) Scaling Altcoin Launches New Airdrop Phase, Plans to Distribute...

Red-Hot Ethereum (ETH) Scaling Altcoin Launches New Airdrop Phase, Plans to Distribute 11,700,000 Tokens


A red-hot scalable Ethereum (ETH) altcoin launched the second phase of its highly anticipated airdrop early Friday morning.

The Optimism Protocol (OP), a Layer 2 (L2) scaling tool for the Ethereum blockchain, plans to distribute a total of 11.7 million OP tokens to eligible users.

Optimism first announced the airdrop earlier this month, noting that eligible recipients include addresses that have delegated voting power for their OP tokens and addresses that have spent more than $6.10 in L2 gas since March 25, 2022. The project notes that $6.10 is the average cost of a transaction on Ethereum layer-1.

In May 2022, Optimism launched its first airdrop, distributing over 200 million OP tokens to 250,000 users. That first airdrop represented 5% of the total initial supply of tokens, and the ongoing second airdrop represents approximately 0.27% of the initial supply. Optimism has committed to airdropping 19% of the total initial token supply to community members.

OP is trading at $2.86 at the time of writing. The 78th-ranked crypto asset by market capitalization is down more than 4.5% in the past 24 hours, but is still up more than 210% since early 2023, when it traded around $0.92.

The price of the project rose on Wednesday after news broke that Base, a recently announced Layer 2 scaling solution co-developed with major US cryptocurrency exchange Coinbase, will be built on Optimism.

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