The decentralized finance (DeFi) protocol 1inch rewards users with free tokens for their participation in Optimism. According to 1inch, this rewarding event will further stimulate efficiency in the Ethereum layer-2 scaling solution.
1inch announced on Tuesday that it will equally distribute 300,000 OP tokens to the most active wallets and regular users on Optimism. Optimism’s native cryptocurrency OP token will be distributed among 3,782 wallets, giving its users the option to participate in the network’s multi-layered governance system.
According to CoinMarketCap, the current value of the OP token reached $1.22 after gaining 5 percent on the day. The OP token was trading as high as $4.57 after it was first airdropped to users in May, but has since faced extreme price volatility due to fundamental market conditions. In addition, there was a huge increase in demand after Optimism announced the airdrop event.
1inch company integrated with Optimism in August 2021, and transaction speeds increased considerably after this integration. Co-founder Sergej Kunz said on Thursday that 1inch’s integration with Optimism has yielded positive results.
The company stated that as of August 2022, more than 45,000 wallets interacted with the 1inch protocols in Optimism, and about half of these wallets handle the majority of their transactions as a layer 2 scaling solution.
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The Optimism Foundation, which is tasked with overseeing the Optimism network, announced in April this year that they are changing their governance structure. With this change, the newly formed “Optimism Collective” will be run by two components: the Citizens’ House, which is tasked with distributing funds through revenues, and the Token House, which is responsible for voting on protocol upgrades.
According to data from DeFi Llama, Optimism’s total locked value (TVL) peaked at over $1.1 billion in early August. Currently, it is hovering at $892.9 million.