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

A red-hot Ethereum (ETH) scalable 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, plan to distribute a total of 11.7 million OP tokens to eligible users.

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

In May 2022, Optimism launched its first airdrop, doling out over 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 approximately 0.27% of the initial supply. Optimism has pledged to send 19% of the total initial token supply to community members.

OP is trading at $2.86 at the time of writing. The 78th ranked crypto asset by market capitalization is down more than 4.5% in the last 24 hours, but continues to rise more than 210% since the start of 2023, when it traded around $0.92.

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

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