Enabling $OP as a gas token on Optimism Network!

Enabling $OP as a gas token on Optimism Network! :red_circle: :star2: :red_circle:

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!

Benefits

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.

Additional benefits:

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

Technical Details

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.

Conclusion

$OP Token Receives Utility Boost, Use for Gas Fees on Optimism Network

Credits goes to - Zukaboba :red_circle: :star2: :red_circle: :

110 Likes

This same topic is going on in here :point_down:

19 Likes

Yes, I’m aware. Thank you for pointing it out.

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Firstly, as @NicoEsp pointed out, this is duplicating discussion. You can see my general response to this idea over there - Change the use of OP tokens from a governance token to the main network token for gas payment - #13 by MinimalGravitas

As for:

This is impossible. Fees collected on Optimism are used directly to pay for writing to Ethereum mainnet. If you charge less fees there just wont be enough OP to sell for the ether the rollup needs to post it’s proofs. The fees aren’t arbitrary.

It would also destroy Ethereum equivalence, which is one of the main reasons that Optimism stands out against other optimistic rollups.

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If in the other L2 the native tokens are spent as gas, why wouldn’t it be like that in the OP? I hope everyone agrees.:rocket::rocket::rocket::rocket::rocket:

4 Likes

love this idea. I hope team olso like it and start voting

4 Likes

this is a good idea,i like

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I fully agree with ApePrince’s point of view. The distinction between L1 and L2 is only at the level of calculation and function positioning. The prosperity of L2 depends on the prosperity of the user ecology, including investors’ profit expectations, the profitability of the project party, and the complexities in the future. If the L2 token can only be used as a vote, what is the significance of the L2 project token? Where is the motivation of investors or participants? Buying or selling tokens is a real gold and silver transaction. In the end, the unsupported tokens will fall, and the profitability of the project side in the ecology will also become very lacking, because the L2 level fee is very low and can be ignored. , the only source of profit for the project party is to issue coins and earn money from investors, which is a very bad and unsustainable situation.
The status of ETH at the L1 level is unshakable. Any ecology that operates in the L1 has achieved good development and sustainable momentum. ETH itself has also appeared a lot of content that maintains the currency price and investors’ income. For example, defi/gamefi/nft, and pledge income, etc., if L2 projects have no such income, and lack of expectations for project growth, then everything will not develop.

4 Likes

That’s a very good offer

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Makes absolute sense . The token should have dual purpose . Token holders can vote on can governance but the non-token citizens voted should carry more weight. And also the token should be used as Gas token

1 Like

Love the idea … thought this is will be the case…

1 Like

yes it could be awesome for OP once it will take place OP going to the moon

2 Likes

Totally Agree :100:
Let’s make it happen

2 Likes

yes lets make it happen

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Agree 100% … No further comments needed … This indeed will add value.

2 Likes

Agree with 100%%%%%%%%%

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Yes it’s good idea…team must consider this proposal.

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I think it’s a good idea. help OP has more use case.

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I support. This process will help the ecosystem of OP. The gas fee should be off ETH.

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very good idea. I hope team olso like it and start voting.

2 Likes