Enabling $OP as a gas token on Optimism Network!
The $OP token can be used to pay gas fees on the Optimism Network!. This is a major addition to the utility of the $OP token, and will help increase adoption and usage of the Optimism Network!.
ETH remains the default gas token, but all users will have the option to change to $OP. Users preferring to stick with ETH gas payments do not have to do anything, but using $OP will result in a 25% gas fee discount!
The Optimism token already has significant utility on the network, and this improvement will unify usage of $OP as the fees token for all Optimism Networks. Currently, $OP is used for voting and delegating votes in the Optimism Network.
This can incentivize bridging since we can airdrop a small amount of $Op for first time users of the network. It will also prevent the need to bridge both ETH and for Optimism Network usage.
Increased trading volume for $OP
Increase the total market cap with the usage of $Op tokens as Gass
Increase the price of the $OP.
$Op will be traded in Eth and L1 markets.
Increased user choice on the network.
Makes it easier for bridging.
Eliminates the need to bridge both $ETH and $OP for network usage
Adding a second fee token to a live Mainnet is a major technical lift with many ramifications for security, convenience, documentation, message-relay, fraud-detection, block-explorers, The Graph indexing, wallets, the gateway, and overall developer and user experience. We are proposing an opt-in strategy where users can, if they wish, pay for fees in $OP. This fee choice will be recorded in an L2 contract. Changing the fee token will require interacting with this feeChoice contract. To reduce friction points for new users, a second system of contracts will be built that allows users without ETH on L2 to change their fee setting to $OP, using a MetaTransaction, in which Optimism Network pays the ETH to change their fee token setting in return for OP from the user. This means that for new users, they will only need to bridge OP to Optimism to then use its full range of services, contracts, and DAPS
What Does this Mean for User experience?
If you want to continue to use ETH to pay for transactions on the Optimism Network, you don’t have to do anything.If you want to pay for transactions in $OP, select $OP, and confirm the transaction. After that, all future transactions will be charged in $OP. Users will be able to switch between $OP and $ETH as the fee token.
$OP Token Receives Utility Boost, Use for Gas Fees on Optimism Network
Credits goes to - Zukaboba :