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News

Optimism Will Transfer The Initial OP token Grant Allocation To Base On August 30th

August 29, 2023 - Around 2 mins mins to read

Key Points:

  • Optimism has announced that they will move the initial OP token allocation to Base on August 30.
  • This is part of Optimism and Base’s revenue and profit-sharing plan
  • Base will pay Optimism Collective 2.5% of revenue or 15% of profit to receive 118 million OP tokens.
As per the official announcement, Optimism has announced that they will move the initial OP token allocation to Base on August 30th.
Optimism Will Transfer The Initial OP token Grant Allocation To Base On August 30th

This is a pre-planned transaction of revenue sharing and governance sharing by the developers of Base and Optimism.

According to the blog post by Optimism Collective, Base smart contracts can only be upgraded via 2/2 multisig wallet accounts. One signature is controlled by Base and the other is controlled by the Optimism team.

This means that Base cannot be upgraded without the consent of the Optimism team. As more and more blockchains choose to use the OP Stack and become part of the “Superchain”, management will be left to the “Security Committee”. The committee consists of representatives from all blockchains that make up the ecosystem.

The plan had previously said Base would pay Optimism Collective 2.5% of sales or 15% of profits, whichever is greater. In return, it will receive “up to 118 million OP tokens,” giving it a say in the management of Optimism’s protocol.

To maintain balance, this amount will be capped at 9% of the total supply. The team will also continue to develop Pessimism, a real-time network monitoring tool designed to detect cybersecurity threats as early as possible.

In addition, Base will share revenue with the Optimism Collective and will eventually hand over the upgrade keys to the Optimism Security Council.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

Optimism Will Transfer The Initial OP token Grant Allocation To Base On August 30th

Key Points:

  • Optimism has announced that they will move the initial OP token allocation to Base on August 30.
  • This is part of Optimism and Base’s revenue and profit-sharing plan
  • Base will pay Optimism Collective 2.5% of revenue or 15% of profit to receive 118 million OP tokens.
As per the official announcement, Optimism has announced that they will move the initial OP token allocation to Base on August 30th.
Optimism Will Transfer The Initial OP token Grant Allocation To Base On August 30th

This is a pre-planned transaction of revenue sharing and governance sharing by the developers of Base and Optimism.

According to the blog post by Optimism Collective, Base smart contracts can only be upgraded via 2/2 multisig wallet accounts. One signature is controlled by Base and the other is controlled by the Optimism team.

This means that Base cannot be upgraded without the consent of the Optimism team. As more and more blockchains choose to use the OP Stack and become part of the “Superchain”, management will be left to the “Security Committee”. The committee consists of representatives from all blockchains that make up the ecosystem.

The plan had previously said Base would pay Optimism Collective 2.5% of sales or 15% of profits, whichever is greater. In return, it will receive “up to 118 million OP tokens,” giving it a say in the management of Optimism’s protocol.

To maintain balance, this amount will be capped at 9% of the total supply. The team will also continue to develop Pessimism, a real-time network monitoring tool designed to detect cybersecurity threats as early as possible.

In addition, Base will share revenue with the Optimism Collective and will eventually hand over the upgrade keys to the Optimism Security Council.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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