Here is a short step by step walk through teaching you how to swap $ETH for $OP token.
Tag: optimistic rollup
Below is a step by step overview, teaching you how to send $ETH from Ethereum Mainnet to Optimism Layer 2 network:
The Optimism Layer 2 cryptocurrency ($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
- 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.
Before Optimism announced the OP token, the blue birdie on the internet told me about the likelihood of an Optimism airdrop.
Apparently rumors were circulating during ETH Amsterdam, and airdrops are nothing new – if you’re in the right place at the right time, web3 users can cash in on airdrops.
For example, the LooksRare airdrop sent OpenSea users LOOKS token for free as long as they traded over 3 ETH in volume worth of NFTs.
And although the 3 ETH limit for the LOOKS airdrop was a bit much, I was feeling optimistic for the imminent Optimism airdrop.
How to Bridge to Optimism from Ethereum Mainnet
Once you’ve setup your own crypto wallet, sending funds over to Optimism is actually super easy, and will probably cost you less in transaction fees than you pay in fees on OpenSea when you purchase an NFT.
I think I payed between $12-20 in gas to bridge over, having recently done so Ethereum to Optimism on three separate occasions.
One of the best parts about Optimism?
LOW GAS FEES.
While Ethereum Mainnet is like driving through traffic in the middle of a big city at rush hour – and overwhelmed with top-tier NFT projects sparking gas wars among hundreds of thousands of users – Optimism is your chill, quiet vacation getaway in the mountains.
In 2022, there are definitely fewer users in the Optimism ecosystem, but with the number of new entrants to web3 that could certainly change.
Optimism borrows all the good from Ethereum and makes it even better
Optimism is EVM-compatible, which means that the software was built on all of Ethereum’s same protocols
Because of this, transactions share security and decentralization features with Ethereum, while also using complicated new types of cryptography that enable the system to “scale”.
- Scalability means that more people can use the blockchain network at the same time without gas going super high.
Even though Optimism transactions do use Ethereum, the system is more efficient with blockchain data, allowing many more people to do use the network at once.
With Ethereum as a foundation, Optimism allows users to benefit from the good of Ethereum while also enabling efficient scaling.
This helps users experience lower transactions fees.
OP token is a sure thing, but airdrops are not
With the Optimism announcement published a few days ago, I’m sad to say I’m zero for two on airdrops recently.
To be honest, the Optimism airdrop criteria was pretty difficult to meet.
The team was smart and they made it about more than just bridging a small amount of ETH over once and then getting a free airdrop in your wallet.
The criteria were pretty specific including using Optimism for the first time before June 2021, among other possible criteria.
That’s a long way of saying, the team was thoughtful in the approach.
They made it difficult for a mere degen to gain access to OP tokens this early, and rightly so.
Losing on airdrops, winning on Optimism NFTs
Having bridged over a small amount of ETH, I started to explore some of the different dapps that exist on the Optimism network.
The Optimism website has a section dedicated to different applications that are built on top of their network.
The “Ecosystem” includes a number of apps from Defi to Gaming, as well as NFTs.
Naturally, the first thing that stood out were the NFTs…. if the network is growing, why not try and get in on the ground floor?
Quixotic is the name of the website marketplace where you can buy and sell NFTs on the Optimism Network. Its the OpenSea equivalent, but on Optimism.
Quixotic proved to be surprisingly user friendly… I managed to buy into an NFT project before I actually realized that it was STILL MINTING!
Yep, the Optimistic Apes were barely halfway through the 2300 round of minting, when I turned up and minted 7 of them, plus that one from secondary.
This is Optimism – we’re not Bored Apes, we’re Optimistic Apes
While OptiPunks are a literal 1-to-1 duplicate of all 10,000 CryptoPunks, the Optimistic Apes do a few things differently.
For one, they support Public Goods funding on the ecosystem, which means founders will be encouraged to build within the Optimism Network.
Featuring a collection size of only 2300, far fewer than the standard NFT project, the artwork of the Optimistic Apes also feels more grungy than the Bored Apes – lots of hoodies, hats, and cigars.
The art itself has a bit of a pencil-sketched cartoony look, however, the artist is for now unknown, according to a post from Chief Ape in the Optimistic Punks Discord chat.
Are Optimism NFTs unoriginal?
Even if the Optimistic Apes NFT project has taken steps to distinguish themselves, you have to wonder why the top two NFT projects on Optimism just so happen to be called OptiPunks and Optimistic Apes…
Are we copy-catting the two biggest blue-chip NFT projects on Ethereum?
Given that the OptiPunks leverage exactly the same characters as CryptoPunks, but with a fading red background, it sure feels like some sort of precedent has been set.
Still, they sell!
Demand for NFTs on Quixotic has skyrocketed over the last few days.
Given the large flood of users moving over to Optimism and bridging funds, no doubt the Quixotic website has been getting a lot of hits.
Yet the Quixotic server has stayed up and running smoothly.
No surprise that the top NFT projects on Optimism are enjoying the buzz as well.
When will the hype arrive to Optimism?
All this talk of missed airdrops and under-hyped NFTs makes you wonder…
Is Optimism simply lacking hype, or is it just that the hype hasn’t arrived yet?
The small amount of hype getting started makes you wonder if its temporary or slowly growing.
Is Optimism just cheap, layer 2 rip-off copy of Ethereum, or simply a sweet, slower paced, lower fee pet turtle?
In web3, the key is to get in early
Getting involved a growing ecosystem early is the one of the best ways to have a big impact.
- 2012 it was Bitcoin
- 2017 it was Ethereum
- 2021 it was Bored Ape Yacht Club
In 2022 could it be…. Optimism?
We are in the Blockchain Era for Layer 2 Rollups
In crypto and web3, trying and using stuff is the best way to gain experience and learn.
My goal this year is to explore the layer 2 ecosystem, find the best dapps, and increase my chances of finding a silver spoon carrying a golden goose egg.
This blog as well as Twitter will be a a place for sharing thoughts and learnings about web3, layer 2 rollups, and the broad crypto ecosystem.