# Foundation Mid-Year Budget Update **URL:** \ **Category:** Foundation Budgets\ **Created:** [January 2, 2024, 8:24pm UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295 "2024-01-02T20:24:29Z")\ **Posts on this page:** 8\ **Page:** 1
**Author:** ![system](https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg) [@system](https://gov.optimism.io/u/system)\ **Post date:** [January 2, 2024, 8:24pm UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295/1 "2024-01-02T20:24:29Z")
# Summary This is a mid-year update on the Foundation’s use of its token budget. No action is necessary from our Token House delegates; this is purely informational. Feedback is welcome, as always. # Background ### Foundation Budget Proposals The Optimism Foundation administers a portion of the token supply to help further the Collective’s goals. This set of tokens will be referred to as the “Foundation Budget.” The Foundation Budget must be utilized in line with the overall OP Token Allocations, described in detail below. Going forward, any further budget for the Foundation must be approved by the Token House. As described in the [Operating Manual](https://github.com/ethereum-optimism/OPerating-manual/blob/main/manual.md), the Foundation may submit a proposal to the Token House once each year to request additional OP be added to the Foundation Budget. The first [Foundation Budget Approval proposal](https://gov.optimism.io/t/treasury-appropriation-proposal-foundation-year-2-budget/5979) was approved in May 2023. As a follow-up to that proposal, the Foundation committed to providing a mid-year update, in between May 2023 and May 2024. This is that mid-year update. The Foundation’s next formal Budget Approval proposal will be posted in May 2024. ### Overall OP Allocations The overall ecosystem allocations of the total initial supply of OP (as outlined in the [governance documentation](https://community.optimism.io/docs/governance/allocations/)) are as follows: - **858,993,459 OP** (20%) to Retroactive Public Goods Funding - **1,073,741,824 OP** (25%) to Ecosystem Fund (Governance Fund, Partner Fund, Seed Fund, Unallocated) - **816,043,786 OP** (19%) to User Airdrops - **810,329,332 OP** (19%) to Core Contributors - **735,858,894** **OP** (17%) to Sugar Xaddies In April 2022, 30% of the total initial token supply was made available to the Foundation for administration in line with the overall token allocations detailed above. In utilizing these tokens, the Foundation may not exceed 30% of the total supply, and may not exceed any individual category’s allocation limit. In May 2023, the Token House approved the Foundation’s first Budget Proposal request for an additional 1 OP. # Budget Update ### Total Token Supply As always, the current circulating supply of OP, as well as a breakdown in each category, is maintained in the public OP Token Unlock tracker [here](https://docs.google.com/spreadsheets/d/1qVMhLmmch3s6XSbiBe8hgD4ntMkPIOhc1WrhsYsQc7M/edit#gid=470961921). As of 30 Nov 2023, token supply is as follows: | Category | Total OP Circulating | Total OP Committed | Total OP Allocated | | --- | --- | --- | --- | | Governance Fund | 59,040,054 | 73,218,219 | | | Partner Fund + Seed Fund + Unallocated | 64,248,501 | 428,565,480 | 1,073,741,824 | | Airdrops | 245,901,955 | 245,901,955 | 816,043,786 | | RPGF | 8,087,372 | 40,000,000 | 858,993,459 | | Early Core Contributors | 258,069,939 | 712,140,140 | 810,329,332 | | Sugar Xaddies | 275,947,126 | 735,858,894 | 735,858,894 | | | | | | | Cumulative Total | 911,294,948 | 2,235,684,688 | | | % Relative to Fully Diluted Supply | 21.2% | 52.1% | | ### Foundation Budget The Foundation has access to 30% of the total initial supply to administer in line with the allocations outlined above. As of Nov 30, these tokens have been administered as follows. See the **Notes** section below for details on “circulating” vs. “committed.” | Category | Total OP Circulating as of 30 Nov | Change in OP Circulating since May 2023 | Total OP Committed as of 30 Nov | | --- | --- | --- | --- | | RetroPGF | 8,087,372 | +106% | 40,000,000 | | Ecosystem Fund | | | | | (Partner Fund, Seed Fund, Unallocated) | 64,248,501 | +60% | 428,565,480 | | Airdrops | 31,153,590.1 | +165% | 31,153,590.1 | | | | | | | Cumulative total | 103,489,463.1 | +54% | 499,719,070.1 | | % of Foundation Budget | 8.0% | | 38.7% | | % of Total Supply | 2.4% | | 11.6% | ## Notes **Circulating and Committed** In this update and going forward, the Foundation will report on “circulating” and “committed” separately in order to provide more detailed information on OP token allocations. “Circulating” refers to tokens with no known restrictions on sale or transfer. “Committed” refers to (1) OP tokens that have been granted subject to a lock-up + (2) all OP tokens that have been conditionally committed subject to vesting or completing milestones. Examples of “Committed” tokens include: - OP tokens that will be sent out in RetroPGF 3 rewards. - OP tokens that will be sent out per milestone-based grants, such as the [OP grant to Base](https://gov.optimism.io/t/welcoming-base-to-optimism-governance/6689). **Airdrops** The Foundation is aware that the rate of airdropped tokens from the Airdrop allocation has been slower than many community members want or expect. We are excited to renew our focus here in 2024 as the Collective’s strategies for growth take clearer shape. **Ongoing transparency** As always, information about current circulating and committed supply of OP is available in the [public OP Token Unlock tracker](https://docs.google.com/spreadsheets/d/1qVMhLmmch3s6XSbiBe8hgD4ntMkPIOhc1WrhsYsQc7M/edit#gid=470961921). This sheet is updated at the beginning of each month. **Next steps** The next Foundation Budget Proposal will be posted for community feedback and Token House approval in May 2024. ---
**Author:** ![joanbp](https://avatars.discourse-cdn.com/v4/letter/j/b4bc9f/32.png) [@joanbp](https://gov.optimism.io/u/joanbp)\ **Post date:** [January 3, 2024, 8:48am UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295/2 "2024-01-03T08:48:47Z")
> [@system](#): > > As of 30 Nov 2024, token supply is as follows: 2024 must be a typo? ---
**Author:** ![bobby](https://dub1.discourse-cdn.com/bc41dd/user_avatar/gov.optimism.io/bobby/32/71_2.png) [@bobby](https://gov.optimism.io/u/bobby)\ **Post date:** [January 3, 2024, 3:18pm UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295/3 "2024-01-03T15:18:13Z")
It is. Updated to “2023” - thank you! ---
**Author:** ![Andol](https://dub1.discourse-cdn.com/bc41dd/user_avatar/gov.optimism.io/andol/32/6073_2.png) [@Andol](https://gov.optimism.io/u/Andol)\ **Post date:** [January 6, 2024, 8:59pm UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295/4 "2024-01-06T20:59:15Z")
This sounds great! Do you have a rough outline of what the 2024 strategies for growth might look like? It would be great to start thinking about the impact and outcomes achieved by these allocations, to ensure that the resources are being utilized effectively and in alignment with the Collective’s goals. ---
**Author:** ![artespraticas](https://dub1.discourse-cdn.com/bc41dd/user_avatar/gov.optimism.io/artespraticas/32/5431_2.png) [@artespraticas](https://gov.optimism.io/u/artespraticas)\ **Post date:** [January 9, 2024, 7:32pm UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295/6 "2024-01-09T19:32:17Z")
Optimism Foundation-always ahead of time 🙂 Best buddy! ---
**Author:** ![Andol](https://dub1.discourse-cdn.com/bc41dd/user_avatar/gov.optimism.io/andol/32/6073_2.png) [@Andol](https://gov.optimism.io/u/Andol)\ **Post date:** [January 17, 2024, 4:45am UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295/7 "2024-01-17T04:45:28Z")
🙂 true dat 🙂 Very well run indeed. Thanks ---
**Author:** ![DAODude\_DAOASIA](https://dub1.discourse-cdn.com/bc41dd/user_avatar/gov.optimism.io/daodude_daoasia/32/7807_2.png) [@DAODude\_DAOASIA](https://gov.optimism.io/u/DAODude_DAOASIA)\ **Post date:** [January 27, 2024, 6:50am UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295/8 "2024-01-27T06:50:25Z")
That looks amazing! thank you so much ---
**Author:** ![system](https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg) [@system](https://gov.optimism.io/u/system)\ **Post date:** [December 19, 2024, 7:05pm UTC](https://gov.optimism.io/t/foundation-mid-year-budget-update/7295/9 "2024-12-19T19:05:20Z")
This reporting is now available on an ongoing basis [here.](https://docs.google.com/spreadsheets/d/1qVMhLmmch3s6XSbiBe8hgD4ntMkPIOhc1WrhsYsQc7M/edit?gid=470961921#gid=470961921) Therefore, we will no longer provide a mid-year budget update. We will continue to provide full year budget updates in connection with the yearly Foundation Budget Proposal type.