Bonus – Jump into The Web3 Experience “DEGEN MODE”
In addition to the conversational / interview style recorded podcasts, we also host a special LIVE show, featuring UNRECORDED, UNFILTERED, free-for-all, aka “Degen Mode” which happens every single week, on Mondays.
The Optimism Layer 2 cryptocurrency ($OP token) carries voting power, helping the community make decisions within the ecosystem.
Summary of $OP delegation
Why you should delegate
How to delegate $OP step by step
How to select your delegate
What is OP delegation?
OP is a governance token, meaning each token carries a small amount of voting power for different things within the Optimism Network.
Delegating your tokens assigns the voting power of those tokens to another individual that is specifically focused on reviewing proposals for the Optimism network.
This includes responding to comments and providing feedback, recommendations for improvement, and advice.
When you delegate your tokens – you are NOT giving them away or getting rid of them in any way.
They will remain in your wallet — you still own them and can transact, send, or sell them anytime you want.
What happens when I delegate $OP tokens?
When you delegate $OP, it means you are giving the voting power (not the financial value of your tokens) to a community member who has explicitly volunteered to play an active role in Optimism Network governance.
When you delegate your voting power, you retain 100% ownership of your tokens, and can use them however you want.
You may change your delegate selection at any time.
Why should you delegate your $OP tokens?
Participating in governance – especially within a fast growing blockchain network like Optimism – is time consuming and costly.
Delegates spend their time and energy as volunteers, participating in this governance process for the benefit of the entire $OP ecosystem.
Being an active participant in governance is not an easy job, and you can see the careful thought that goes into proposal responses from active delegates within the OP governance forum.
How to delegate your $OP tokens (video walk-through)
Using the Optimism Network’s delegation website, any user that owns any amount of $OP tokens can choose to delegate them to someone to vote on their behalf.
The video below will walk you through the process to successfully delegate your $OP:
Who should I choose as my OP delegate?
It is in each OP token holder’s best interest to select a delegate who you feel will do a good job representing your OP voting power and doing so on your behalf.
Read and learn about some of the delegates, like Jrocki, on Optimism’s website.
The bottom line is this: you can choose to delegate to anyone you want.
However, it is advisable to choose someone who you believe will participate in Optimism governance and can represent what you want this ecosystem to become.
Can you change who your $OP tokens are delegated to?
YES – As an $OP holder, delegation is your decision. You can switch your delegation selection to anyone you want (even your own wallet address!), whenever you want, as often as you want.
If you have ever traded NFTs on Ethereum before, you know that gas fees can be quite expensive, often costing users $20-30 per transaction… and in some cases, much, much more.
THE GOOD NEWS is that once you know how send ETH or buy/sell an NFT on Eth Mainnet, switching over to Optimism is incredibly easy.
Save gas by using Optimism Layer 2 instead of Ethereum Mainnet
In this post, we’re going to compare typical transaction fees on the Ethereum Blockchain, and compare it to the Optimism Layer 2 network.
How Much are Ethereum main-net fees?
Most of us on Mainnet use Opensea or like X2Y2.io
Ethereum Mainnet fees are an order of magnitude (if not more) higher than on Optimism.
As you can see from the summary chart below, in these seven transactions alone, I would have saved over $257 if all of the transactions had occurred on Optimism instead of Mainnet ethereum.
Why are people paying such high gas fees when they don’t have to?
There are a few reasons people spend a lot of money on gas fees to use Ethereum Mainnet.
For one, Mainnet Ethereum is where the largest number of users live. Network effects incentivize users to stay on Layer 1 Eth, despite the high gas fees.
SOLUTION: What are the best alternatives to Ethereum Mainnet?
When you decide to purchase an NFT from a collection that leverages a layer 2 network like Optimism or Arbitrum, gas fees are going to be lower.
If you’re a developer / founder, you can even launch your own NFT collection on one of these networks.
My friend Fractal Visions has launched a different NFT project across a variety of networks — its great to see a founder like Fractal with a presence across so many different blockchains!
Fractal calls this “Omni Chain NFTs”, which I think is a great term for it.
What is Optimism Layer 2?
Optimism is a network runs on top of Ethereum, but compresses data so that smart contracts and transactions are cheaper and more efficient.
This means means you will end up paying lower gas fees, while your transactions are still secured by Ethereum.
Vitalik Buterin, who is the founder of Ethereum, has discussed Optimism and Optimistic rollups. in his blog post, from which an excerpt is below.
Vitalik, let me remind you, dropped out of college after receiving the Thiel Fellowship to build Ethereum, went on to successfully found Ethereum, was recently on the cover of Time Magazine, among many other impressive achievements.
The fact that he received the Thiel Fellowship is a big deal… in getting the Thiel Fellowship, he’s basically backed by Peter Thiel who founded Paypal… and given the Paypal Mafia, Vitalik has OG internet entrepreneurs behind him.
In his blog post, Vitalik goes on to say that “in the short term, optimistic rollups are likely to win out for general-purpose EVM computation”.
More reasons that the Optimism Network deserves credit
OpenSea has listed the Optimism Goerli Testnet on their testnets website, which is certainly exciting to see.
Its hard to say what exactly this means for the network, however, it looks like OpenSea could be exploring some sort of future functionality with Optimism.
Getting Started on Optimism
If you’ve been using Ethereum Mainnet to buy and sell NFTs for a while, getting started with Optimism will be extremely easy.
The best part? You don’t need to switch wallets!
Optimism Network is embedded within Metamask already.
Unlike moving over to Solana or Tezos where you need to use a different wallet provider, with OP, its already built on top of Ethereum, so any Ethereum wallet is usually compatible.
How to move funds from Layer 1 Ethereum to Layer 2
Moving funds from Eth Mainnet to Optimism is easy and you can bridge with HOP protocol for less than a dollar.
HOP provides an extremely easy and intuitive user experience to move ETH from Layer 1 to Layer 2.
Top NFT Marketplace on Optimism – Quix
Let’s dig into the NFT marketplace on Optimism where you can buy NFTs. Now called Quix, the company formerly called Quixotic recently changed its name to shorter, more elegant, “Quix”.
Mark, the founder of Quix, joined the Web3 Experience podcast for episode 2. Listen here.
Of every NFT Marktplace I’ve used, I have to say, I think Quix provides the most intuitive and user friendly user experience.
According to DappRadar, Quix is the number 1 marketplace app on the Optimism network.
DappRadar has a few charts about Quix that are helpful to understand the growth of the platform and how usage, volume, and transactions have changed over the last few weeks / months.
To use Quix, simply connect wallet the same way you would for any other dapp, and make sure you’re on the Optimism Network.
To learn how I use Quix to browse, search, and filter NFT collections and dig into statistics, please find the video below.
Overview of Quix starts at timestamp 11:28.
I really like how easy Quix makes it to stack filters within an NFT collection. This enables users to search for exactly what they want.
The ability to have multiple filter criteria selected at the same time helps you get super specific when shopping for NFTs.
Quix enables people to create and launch their own NFTs on Optimism via the Quix Launchpad.
This can be done by non-technical users that don’t know how to code or write smart contracts.
The launchpad currently supports free to mint NFTs.
Quix uses the Seaport Protocol, which is OpenSea’s back-end for NFT transactions.
The good news is that Seaport is an open-source and decentralized protocol to make buying and selling NFTs easier.
It certainly makes sense to re-use infrastructure components to avoid reinventing the wheel. I think its a great strategy for Quix to leverage Seaport.
L1 to L2 NFT Bridge
There have been talks about an NFT bridge that will enable anyone to bridge an NFT from Ethereum mainnet over to Optimism Layer 2.
Given that interoperability and composability are inherent to the web3 ethos, its certainly exciting to think about an NFT bridge across L1 to L2.
Making NFTs “Omni Chain” would not only mean that the ecosystem would be more inviting to new users, but also that it would expand to users that would never come over to it in the first place, because everything seamlessly works with other networks.
According to Dre in the Quix Discord, it looks like as of 8/17 the L1 – L2 NFT bridge is still in development.
How would an L1 to L2 NFT bridge work?
Bridging NFTs from a layer 1 to a layer 2 would have a bit of an interesting architecture.
According the my friend FourPoops, “you lock up value on L1 in a random contract address and create a copy of that value on L2”.
Essentially, the blockchain would lock the contract on L1, and create a transferrable contract on L2, the owner of which would be the only one who has the ability to unlock the Layer 1 NFT.
FourPoops goes on to say that, “if we think about the real world art scene, people lock up the real assets in a vault and only display/transfer copies”…
This is a great comparison between blockchain based art and real-world art. And FourPoops is right.
In traditional art, there are these areas called “freeports”, which enable art collectors to place artworks in tax-free holdings vaults where the contractual ownership of the art can be transferred, while the piece of art itself remains in this tax-free zone.
According to Artsy, freeports provide collectors with “the temporary exemption of taxes for an unlimited quantity of time”.
GitHub post on L1 to Optimism NFT bridge
According to the link below, some people from the Optimism community have been discussing the idea of an NFT bridge from layer 1 to optimism since as early as April of 2022.
However, it appears as thought this particular Github repository was closed out. My theory is that it was closed by the Optimism ecosystem because they were aware of the work that Quix was doing to build their own NFT bridge, and the two teams did not want to duplicate efforts.
Ultimately, it seems like a great time to launch a bridge. Layer 1 transactions are still quite low, so users can bridge over their assets before gas gets high again.
This would enable us to move our assets from L1 over during a time when mainnet fees are low, and then house them on Layer 2 where they can later be transferred as needed for much much lower gas fees.
Listen to the podcast
If you want to learn more about crypto, NFTs, dapps, DAOs and more, please check out the latest episode of The Web3 Experience podcast:
With less than 5,000 active users, this is a website that enables forum-based discussions about ideas for the Ethereum ecosystem, enabling anyone to submit posts and post replies.
The About section of the website is no more than one sentence long, reading: A self-organized Fellowship within the Ethereum community to maximize technical opportunities, share ideas, and work together effectively across national, organizational and other boundaries.
This includes technical standards improvements to token standards and anything else that can benefit the overall Ethereum ecosystem.
Step 2: Good ideas float to the top: official proposals
Ideas and comments with a lot of traction on Fellowship of a Ethereum Magicians end up being converted into what’s known as an Ethereum improvement proposal, posted on a separate website.
These EIP’s end up being pushed to Github where actual development can finally begin.
It is with this process that the Ethereum ecosystem is able to change and improve over time.
This process is very much a community oriented and community developer-based process.
The Proof of Attendance Protocol (aka POAP) is a way to save digital mementos, allowing you to bookmark things you have done in life.
Pronounced poh-app (POAP), the protocol gives attendees a way to keep a record of their attendance for any type of experience – event, conference, meeting, membership – could be anything.
Project leads and hosts often create POAPs for official events that they host with their community. As you can see below, the early POAPs from well-known and respected initiatives tend to be more valuable, symbolizing a type of “OG” status for the early members.
Whether that’s a simple AMA session on Discord or Twitter Spaces, or if its a in-person meetup event – bringing the community together in these types of events can be huge for long term community building.
A POAP can also be a gift from an issuer to collectors, to celebrate a shared memory.
In most cases, mint price for a POAP is completely free – where the user is able to mint one simply by being in attendance at the event. Additionally, gas is normally free as well.
Do you want to create or mint POAPs? First, you need to setup a crypto wallet.
The ecosystem needs developers to actually BUILD DAPPS on Optimism.
Why should a developer want to use Optimism as opposed to any other blockchain network?
Incentives to build on Optimism: the “Optimism Governance Fund” donates money to teams and projects that have built useful things for the community.
These useful projects are known as “public goods”.
The idea here is to reward those that contribute in positive ways.. incentivizing new developers to launch their dapps on Optimism.
Public Goods make people want to join an ecosystem. Science is and example of a public good that is valuable to society.
With retroactive public goods, whatever turns out to be the most valuable tends to be retroactively rewarded after proving its product-market fit. This is the opposite of traditional venture capital firms that go out to fund a bunch of different ideas without knowing for sure what will succeed.
Why Did You Get into into Optimism Ecosystem??
jrocki.eth– Twitter Spaces Co-host. supported Optimism during OptiPunks launch because of Public Goods Funding Infrastructure.
Mark, Co-Founder of Quixotic.io:
Mark was a software engineer at an ad-tech company. Later learned about ETH, Optimism, and the possibility to host projects on IPFS.
Participated in ETH global hackathon in 2021… involved with Feudals Ethereum community… worked on some various developments in Ethereum.
Looked at other Layer 1’s, saw the high cost of trading NFTs on L2. Saw Layer 2’s as the future. Wanted to build something and make something happen in the space.
Build / launch Quixotic.io
Currently building CryptoVania / Storyverse on IPFS
On Building + Dapps in the Optimistic Rollup space:
Even though the markets are down it feels like the builders are full-steam ahead.
On the Space, Mark raised the question: what do users need for adoption to increase?
One specific need was brought up: we need a decentralized app store / decentralized app platform.
For example, you don’t see substack app on the App Store. Why not? Because App Stores take too big of a cut due to policies around in app purchases etc. Effectively creates a roughly 30% markup on everything.
Browser apps are harder to block and shut down, however, performance and computation are more difficult in browser.
Huge opportunity for decentralized apps.
IPFS – communication and naming protocol. Similar to bittorrent, everyone can access files on IPFS thru peer to peer network.
With Brave Browser you can visit IPFS, similar to using http.
If no one is pinning the file, it might be really slow. So, you can pay someone in Filecoin or Pinata to pay the network to access the file, if no one pins it.
Warp speed bridge – standard protocol level bridge for optimism…Eth in escrow / burns the eth etc. Came out of a project called teleportal.
Storj – startup for decentralized storage. They encrypt your file.. many copies of the data in little chunks. Users of dropbox could move to something like this – around $7 per month for $1 TB.