Optimism Cracks 17,000 Addresses as the $OP Airdrop Approaches

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Ethereum
Optimism Cracks 17,000 Addresses as the $OP Airdrop Approaches

The number of eligible cryptocurrency addresses for the upcoming Optimism airdrop has been reduced by 17K. According to a tweet by the platform, the addresses were being used by traders to game the system and recovered over 14 million OP.

The Optimism Airdrop is Coming

Optimism is one of the most popular solutions on the Ethereum network and aims to reduce user costs and improve the efficiency of the network. Due to the network’s scalability issues, it is currently transitioning to a proof-of-stake network. This process will generate significant improvements in the network’s performance.

According to the recent announcement, the network will soon distribute the remaining cryptocurrencies among the eligible wallets. “Optimism is for the people, not the sybils,” Optimism said on Twitter.

Airdrop farming has been a common technique used by various companies to game the system. One of the most prominent examples was the attempt by Divergence Ventures to earn money by pretending to be a sponsor of an upcoming project called Ribbon Finance. Unfortunately, this strategy faced immediate criticism, and folks later revealed that the company had invested in the project.

On April 26, Optimism announced that it would be giving out 250,000 addresses as part of its upcoming airdrop. It only gave out 5% of its total supply, with a further 14% allocated for future projects. The team will then distribute the remaining tokens among various groups, such as public goods funding, ecosystem funds, and private investors.

According to a contributor on Optimism’s Discord channel, he expects that the distribution of the remaining tokens will happen in May or June.

Other Scaling Solutions 

There are other solutions that enthusiasts can use on the Ethereum network that are still live. These include Arbitrum and zkSync. These tools help developers avoid the costs associated with building on the mainnet. Developers usually have to pay for the costs of building their projects on the mainnet. These include fees for storing information and processing transactions.

Arbitrum is one of the most widely used EVM-compatible rollups developers can use with any language, including Vyper and Solidity. It makes it easier for developers to create applications with Arbitrum as they don’t need to learn a new language to get started.

Unlike the other solutions, zkSync 2.0 runs on a custom VM based on the LLVM. It has two compilers, Yul and Zinc, which allow developers to create apps with minimal changes. In addition to the rollups, zkSync 2.0 also comes with a zkPorter mode, which will enable the movement of transactions to 100,000 TPS without affecting the network’s security. It is a more secure option than the other chains, and folks can use it for minimal fees.

Ethereum Scaler’s Optimistic Growth

Arbitrum and Optimism are two of Ethereum’s leading decentralized optimism solutions, currently hosting some of the most popular DeFi projects. Dune Analytics has found the cost of Ethereum to be 98 times higher than Optimism.

According to data collected by Defi Llama, the total value of Optimism has increased significantly over the past couple of months. It currently stands at $290.96 million, with users in over 40 different DeFi projects.

Optimism was in the limelight last month when it announced the launch of its OP token. Following that, there is a rumor that Arbitrum will also get its token in the future.

Due to the increasing popularity of Optimism, platforms are integrating it into various platforms in the financial industry. Some of these include Binance, KuCoin and FTX. FTX partnered with Arbitrum earlier this year to provide a scaling solution for the Ethereum network. KuCoin also integrated Optimism in April while Binance did the same last week.

Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.