Tag: OP token

How to Delegate $OP on Optimism Blockchain

The Optimism Layer 2 cryptocurrency ($OP token) carries voting power, helping the community make decisions within the ecosystem.

Key Takeaways:

  • Summary of $OP delegation
  • Why you should delegate
  • How to delegate $OP step by step
  • How to select your delegate
  • Changing delegates

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.