Red-Hot Ethereum (ETH) Scaling Altcoin Launches New Airdrop Phase, Plans To Distribute 11,700,000 Tokens

A red-hot Ethereum (ETH) scaling altcoin launched the second phase of its highly anticipated airdrop early Friday morning.

The Optimism (OP) protocol, a layer-2 (L2) scaling tool for the Ethereum blockchain, plans to distribute a total of 11.7 million OP tokens to eligible users.

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Optimism first announced the airdrop earlier this month, noting that eligible recipients include addresses that have delegated the voting power of their OP tokens and addresses that spent more than $6.10 on L2 gas since March 25th, 2022. The project notes that $6.10 is the average cost of a transaction on Ethereum layer-1.

Back in May 2022, Optimism launched its first airdrop, distributing more than 200 million OP tokens to 250,000 users. That first airdrop represented 5% of the total initial token supply, and the second, ongoing airdrop represents about 0.27% of the initial supply. Optimism has pledged to airdrop 19% of the total initial token supply to community members.

OP is trading at $2.86 at time of writing. The 78th-ranked crypto asset by market cap is down more than 4.5% in the past 24 hours but remains more than 210% up since the start of 2023 when it was trading around $0.92.

The project jumped in price on Wednesday after news broke that Base, a newly announced layer-2 scaling solution developed in conjunction with top US crypto exchange Coinbase, will be built on top of Optimism.

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