Quick take:
- The tokens will be distributed across four rounds in 2024, beginning in May.
- 20% of the initial 850 million OP token supply is allocated for funding.
- The company also revealed that 40 million tokens worth just under $160 million will be distributed across three past rounds.
Optimism Foundation the organisation behind the layer-2 Ethereum scaling protocol founded by Jinglan Wang, Benjamin Jones, Karl Floersch, and Kevin Ho in 2019 has launched a $3.3 billion grant to be distributed to important contributors to its ecosystem in 2024.
The organisation is distributing 850 million OP tokens to the community across four rounds, with the first round scheduled for May.
According to Optimism Chief Operating Officer Bobby Dresser, 20% of the initial 850 million OP token supply is allocated for funding, while 40 million tokens worth just under $160 million will be distributed across three past rounds through retroactive public goods funding (RPGF), or retro funding, Cointelegraph reported.
Optimism will reward projects eligible for retro funding based on a community vote and the value they’ve shown following the funding.
Commending the move by Optimism, Ethereum co-founder Vitalik Buterin noted Optimism’s commitment to the course highlighting that the company has already paid over $100 million in RPGFs.
“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,” Buterin wrote on X. “Hope to see more projects doing QF and RPGF rounds in the future!”
Optimism paid 30 million OP tokens to data aggregators DefiLlama and L2Beat, token approval revoking tool Revoke.cash and blockchain sleuth ZachXBT and several others in its last RPGF in January.
RPGFs are described as services or individual contributions given to crypto communities for free. Crypto ecosystems reward such projects and people through retro funding as an appreciation for their contributions.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
