5.4亿枚代币空投即将被充公？OP治理投票陷内战
- Key Takeaway: The Optimism Foundation has proposed reallocating 546.9 million OP reserved for airdrops into a strategic ecosystem fund focused on enterprise growth. With low current voter participation and strong community opposition, approval would formally establish a token allocation structure prioritizing growth over user distribution, potentially intensifying selling pressure on the token price.
- Key Elements:
- Voting closes on August 20. Currently, approximately 9.1 million OP support and 4.25 million OP oppose, still significantly short of the 16.54 million OP quorum, leaving the outcome uncertain.
- From 2022 to 2024, five rounds of airdrops distributed approximately 269.1 million OP cumulatively, representing only 33% of the 816 million OP reserved. The fourth-year airdrop was reduced to zero, with the official focus shifting toward retention and revenue-directed initiatives.
- OP buybacks have been paused since May. A total of 9.45 million OP (approximately $756,200) was repurchased in March and April. The Foundation stated it would reassess after 12 months, without committing to long-term continuation.
- In the fourth year, overall OP expenditure decreased by approximately 35% year-over-year, governance fund circulating supply was reduced by 53%, and Retro Funding spending dropped 30%. TVL fell from a peak of $5.5 billion to $526 million, while core developers decreased from 144 to 42.
- The strategic ecosystem fund focuses on facilitating OP Stack partnerships, deepening on-chain activity, and expanding brand and institutional collaborations. Already-distributed airdrops remain unaffected.
- Community criticism centers on the misappropriation of user allocations and narrowed incentives. Long-term governance whale olimpio.eth cast its first opposing vote of 2.16 million OP.
Original author: Mahe, Foresight News
In early August, the Optimism Foundation formally submitted a proposal to its governance forum, planning to reclassify the remaining 546.9 million OP tokens from its user airdrop allocation into a "Strategic Ecosystem Fund." As this could materially impact token holders' expectations for future airdrops, the proposal requires a governance vote. Voting commenced on August 14 at 12:07 Beijing time and will close on August 20 at 12:07.
As of the latest on-chain data, the proposal has garnered approximately 9.105 million OP in support and 4.258 million OP against. The quorum requirement is around 16.54 million OP, and current participation remains significantly below this threshold. The final outcome is yet to be determined, and community deliberation continues.
OP buybacks paused since May this year
The initial total supply of OP was approximately 4.295 billion tokens, with 19% (around 816 million OP) explicitly reserved for user airdrops. While this arrangement is not a formal legal obligation, Optimism officials have repeatedly confirmed it in years of public communications. As recently as October 2024, during Airdrop 5, they still referenced approximately 550 million OP available for future airdrops.
Actual execution data shows: between 2022 and 2024, five airdrop rounds were completed, distributing a cumulative total of approximately 269.1 million OP, accounting for about 33% of the reserved amount. The first round had the highest distribution ratio, with subsequent rounds featuring continuously adjusted criteria, evolving from early usage and gas consumption metrics toward delegated governance, OP mainnet activity, NFT creators, and Superchain engagement.
In the fourth year (May 2025 to April 2026), no new airdrops have been conducted, with officials explicitly shifting toward "targeted growth initiatives tied to measurable retention and revenue outcomes."
On-chain data also reveals that Optimism has not continued its OP buyback program as originally planned since May. After completing the second and third monthly community buybacks in March and April, officials unilaterally halted subsequent buyback plans. In March, the Foundation spent 367.905 ETH to repurchase 6,951,453 OP, and in April, spent 50.16 ETH to repurchase 925,654 OP. To date, the cumulative amount of OP repurchased stands at 9,451,924 OP, valued at approximately $756,200 based on the latest price of $0.08.
The Foundation has stated it will reassess after the 12-month period concludes, without committing to long-term continuation.
Meanwhile, overall OP allocation in the fourth year has decreased by approximately 35% compared to the third year. New circulation from the governance fund is down 53% year-over-year, Retro Funding (a public goods funding mechanism where OP rewards are distributed based on actual contributions) expenditures have declined by 30%, and airdrops have dropped to zero. The Foundation simultaneously released its fourth-year budget update and fifth-year outlook, projecting approximately 273 million OP in new circulation for the fifth year (excluding the potentially reclassified airdrop allocation), with the Ecosystem Fund expected to deploy around 200 million OP.
According to DefiLlama data, the project's total TVL has fallen sharply from its peak of $5.5 billion to $526 million.
Strategic pivot toward enterprise growth
The Layer 2 network sector in the crypto market is currently facing challenges including user attrition and waning innovation. According to the latest data from Token Terminal, the number of core developers has declined to 42, down from a peak of 144 at the end of 2024.
Currently, Optimism is pivoting toward the enterprise market, including fintech companies, exchanges, payment institutions, and traditional financial institutions. Existing partnerships include Bitpanda, Ink, and Dunamu, among others.
Specifically, the proposal calls for:
- Creating a new allocation category called the "Strategic Ecosystem Fund";
- Reclassifying the remaining 546.9 million OP from the user airdrop category into this fund;
- Uses include facilitating partnership deals that bring chains, protocols, institutions, and infrastructure onto the OP Stack, enhancing incentives for on-chain activity and liquidity on OP Mainnet, and expanding collaborations with top-tier brands and institutions.
Airdrops 1 through 5 already distributed remain unaffected. If the proposal passes, the Foundation will update its token allocation documentation and public accounting records, continuing to use existing grant oversight and annual budget reporting mechanisms. The fifth-year budget outlook already assumes zero airdrop allocation and explicitly states that this outlook is independent of the reclassification proposal.
Following the official submission, early voting initially leaned in favor. As community discussion intensified, opposition rapidly grew. The main criticisms center on three points: the portion originally reserved for users has been diverted to Foundation-led enterprise growth capital, with officials using DAO governance as a guise to reclaim tokens; and with both airdrops and Retro Funding reduced to zero, the incentive pathways for ordinary users have further narrowed.
Among the notable developments, the shift in position by olimpio.eth, a whale with long-standing participation in Optimism governance and the airdrop space, has drawn significant attention. This account previously maintained high participation across over 120 governance votes, and its voting record shows it cast 2,165,459 votes against the proposal, which the community regards as its first opposing vote since engaging with Optimism governance. Some participating players have criticized...
Calls to "preserve future airdrop rights" have repeatedly surfaced in community discussions, though some argue that even if the proposal fails, the Foundation currently has no new airdrop plans anyway, limiting the practical impact.
If the proposal ultimately passes, Optimism's token allocation structure will formally shift from its dual-track system of "user airdrops + ecosystem incentives" toward greater emphasis on enterprise and institutional growth. This aligns with its OP Enterprise product line, Superchain expansion, and the broader trend toward spending discipline. For token holders, this may reinforce near-term expectations of "growth prioritized over broad distribution," potentially placing further downward pressure on the token price.
With approximately two days remaining before the voting deadline, the final outcome may still see shifts. As of press time, market data shows that Optimism's (OP) token currently has a market capitalization of approximately $185 million, with the token price fluctuating around $0.08 and an FDV of $348 million.
