Sunday, December 3, 2023

Optimism airdrop overwhelmed by all-time high demand: ‘Scaling is hard’


Ethereum layer-2 scaling answer Optimism has been overwhelmed with “all-time high demand” following the launch of its extremely anticipated airdrop on Wednesday.

Customers racing to gather their tokens have been greeted with failed or delayed transactions because the Optimism group raced within the background so as to add further capability to the community.

As beforehand reported in April, Optimism is airdropping the brand new OP governance token — over a number of phases — alongside the launch of a decentralized autonomous group (DAO) dubbed “The Optimism Collective.”

Almost 250,000 addresses are capable of obtain the airdrop, with the eligibility set for Optimism early adopters and common Ethereum customers, corresponding to DAO voters, multi-sig signers and bridge customers.

Based on Optimism Standing, the mainnet skilled degraded efficiency for roughly three and a half hours, with the group “provisioning extra capability” to unravel the problem. In consequence, archive node performance stays quickly restricted till the community load subsides.

Optimism acknowledged on Twitter that it might take the teachings it discovered from the primary airdrop and apply them to the second spherical, whereas it should additionally publish an “in depth retrospective subsequent week” detailing what went down.

“Wow, what a day. OP Drop #1 had a turbulent launch which we lastly stabilized after greater than 5 hours of continuous work.”

Twitter customers, corresponding to OlimpioCrypto, have been the primary to announce the airdrop going reside earlier on Tuesday to their 35,400 followers, hours forward of Optimism formally doing so.

Because it stands, OP is out there for commerce on a number of centralized exchanges corresponding to Coinbase, OKX, Bybit,, MEXC International, together with well-liked decentralized trade Uniswap.

With customers racing to snap up free tokens earlier than the official announcement, the Optimism group acknowledged that its community was struggling to help the demand:

“Sup sleuths—as you might need guessed, OP Drop #1 launches at this time. We’ve got NOT formally introduced but, however we’re already experiencing an all-time high demand. We knew everybody could be excited, however holy cow—y’all simply could not anticipate #OPSummer.”

“We’re working to closely provision extra capability earlier than our official announcement—within the meantime the general public RPC could reply slowly,” it added.

An RPC (Distant Process Name) allows numerous functions, corresponding to MetaMask or Uniswap, to work together with Optimism and Ethereum and seems to have been a key situation that slowed down OP transactions.

Associated: Layer-2 adoption might spur the subsequent crypto turning level

Commenting on the drop, Martin Köppelmann, co-founder of Ethereum Digital Machine-compatible blockchain Gnosis, acknowledged he thinks Optimism is one of many “main” initiatives tackling Ethereum’s scaling points, however this drop highlighted the purpose that “scaling is laborious.”

Based on CoinGecko, OP opened at $1.43 earlier than surging to $2.10; nevertheless, the worth has since dropped again to roughly $1.92, marking a rise of roughly 34%. To this point, buying and selling quantity has topped $169 million on the time of writing.