Crypto News

Optimism Proposal Suggests Airdrop Exclusion for OP Token Dumpers

This week’s Optimism airdrop was controversial from the beginning, with the claims interface being shut down attributable to overwhelming demand.

The OP token, which is barely a day previous, has already dumped greater than 43% from yesterday’s peak value. On June 1, OP hit a excessive of $2.10, gaining 47% from its launch value of $1.43. However, the nice occasions have been short-lived as new token holders began dumping, inflicting a value crash to an intraday low of $1.09.

The Ethereum layer-two options supplier needed to reward early adopters, DAO voters, multi-sig signers, and Github donors, however their loyalty was not reciprocated.

No More Airdrops for Sellers

This was speculated to be the primary airdrop with one other deliberate for a wider group of community customers, however which will change if a brand new proposal will get voted for.

On June 1, Optimism group member ‘0xJohn’ initiated a proposal titled “Users who sold the initial OP airdrop should become ineligible for all future airdrops.”

In it, he expressed his annoyance on the token selloff stating:

“Have seen enough wallets collect the OP airdrop, swap it straight to Uniswap. These accounts are not playing a constructive role in Optimism governance,”

He added that there’s nothing improper with maximizing for revenue however added that these accounts have been “counter-productive” for the protocol’s said objectives. Optimism claimed to have airdropped tokens to nearly 249,000 eligible addresses.

0xJohn listed 4 addresses that dumped the whole airdrop, with one swapping 32,421 OP for 45,894 USDC earlier than sending it out of the ecosystem, which he described as “purely mercenary, net loss to Optimism.”

He proposed excluding such accounts from future airdrops and making a public listing of wallets that have interaction on this habits.

“Why should Optimism Collective continue rewarding these kind of mercenary actors who will dump their tokens on first sight? Why should any future airdrops reward these addresses?”

The majority of the 300 or so replies to the proposal agreed with it.

At the time of writing, OP was buying and selling down 26% on the day at $1.19, based on CoinGecko.

The Same Old Story

Optimism is just not the one platform to endure an airdrop token dump. The identical factor occurred with Uniswap’s UNI drop and once more when the Ethereum Name Services airdropped ENS tokens to Ethereum area holders.

UNI costs halved in worth a couple of days after their launch in September 2020, and ENS costs crashed 40% in simply three days following their debut in November 2021.

Project loyalty solely extends thus far, particularly when free money is concerned, it seems.

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