Here’s Why Ethereum Founder Backs Non-Token Governance For Optimism

The ongoing drive to change the Optimism (OP) tokens to become the primary network token for gas payment is gaining acceptance. Previously, the OP has been a governance token, and the call to change it is growing steadily.

Vitalik Buterin, the founder of Ethereum, is the latest influential personality to air his view on the ongoing proposal. Buterine noted that he is proud of the Optimism protocol for integrating non-governance tokens.

The Ethereum founder stressed that Optimism has an objective other than for the token to go up in value. The OP represents the interests of non-token holders in the ecosystem.


Crypto Comeback Pro is the #1 cryptocurrency trading robot for investors! This trading tool has a %88 winning rate on trades and is the recommended trading software for cryptocurrency traders. Try The Trading Software For FREE Today. (Advertisement)


Moreover, Buterin has previously announced that a decentralized governance token is beneficial and harmful. The Ethereum founder also revealed the steps holders could take to minimize the risks associated with governance tokens.

The Launch of the Optimism (OP) Governance Token

Early this week, Optimism launched the much-awaited governance tokens. The Ethereum Layer-2 scalability protocol has several upgrades it plans to get started with, but the governance token appears to be the priority.

However, the token price slumped over 60% on its debut, which halted OP’s progress to some extent. Moreover, OP has two hubs to support its governance token – Citizen House and YmToken House.

The Citizen House supports all initiatives taking place on the non-governance platform. Activities like the distribution of public goods from the revenue generated by the OP network.

On the other hand, the Token House hub supports Optimism governance tokens. This will allow holders to have a say on various projects on the Optimism network.

Furthermore, on June 2, Optimism airdropped a handful of OP tokens. However, the network did not expect the demand to be overwhelming; this resulted in high network congestion. Many users were delayed in receiving the OP airdrops, culminating in the Optimism tokens’ dumping.

Meanwhile, many users were left frustrated with the process, with some claiming that some parties received more tokens than others. Similarly, some users claimed that the website’s status had changed, making them ineligible for the airdrop.

Optimism is one of the few L2 protocols on the Ethereum network that have risen above their peers to become more established. The OP network is still a bit far from staking its place atop the leading players’ chart, but it has done enough to become a mainstay.

The Ethereum Founder is confident that the OP’s potential is yet to be realized by the industry. He added that Optimism is one of Ethereum’s most active protocols among the Layer-2 platforms in terms of scalability.

Moreover, the OP protocol can make Ethereum’s gas fee go lower than it is currently, and it is about to happen. Buterin stressed that it is the one L2 protocol he believes in the most.

Following the network overload, Optimism has succeeded in addressing the issue. To further safeguard the user’s account, the network has warned that there are a lot of fake accounts on the Optimism platform following the recent incident.


Crypto Comeback Pro is the #1 cryptocurrency trading robot for investors! This trading tool has a %88 winning rate on trades and is the recommended trading software for cryptocurrency traders. Try The Trading Software For FREE Today. (Advertisement)



Chip Timing Global is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.


Leave a Reply

Your email address will not be published. Required fields are marked *

Chip Timing Global 2021 | All Rights Reserved | ✉ Contact | Disclaimer