OP Bulletin: Weekly news and insights on the Optimism Collective 📰

OP Bulletin: Metal joins the Superchain, more details on Retro Funding’s deliberative process | May 9th


  • Optimism Article: L3s on the Superchain
  • Metal joins the Superchain
  • Velodrome is live on Mode
  • CoC Council and Developer Advisory Board Retrospective
  • Retro Funding: deliberative process to define profit
  • Foundation Mission Request: Measuring Concentration of Power
  • Cycle 22 Final Grants Roundup
  • Audit Requests S5 Final Roundup

:globe_with_meridians: Ecosystem News

Article: L3s on the Superchain

The Superchain vision embraces L3s!

Optimism will support L3s with two key features. It will enable custom gas tokens. Projects that have built a community around their L2 native token can evolve into a L3 while using their token as a gas token. Additionally, Plasma Mode, an alternative data availability protocol, can be leveraged by L3s. This will reduce L3s’ transaction costs while unlocking high throughput.

Read more

Metal joins the Superchain

Metal, the L2 launched by Metallicus, joins the Superchain. Metallicus aims to bridge the worlds of DeFi and TradFi with its diverse features. Metal will provide “direct connections to banks, payment partners and comprehensive onchain identity solutions”.

Read the announcement

Velodrome is live on Mode

Velodrome, the MetaDEX bringing the best primitives in DeFi into a single protocol, aims to serve as the central liquidity and trading hub. This week, it launched on Mode and deployed the first iteration Velodrome Superchain Beta, including features such as self-contained gauges and AMM to enable liquidity bootstrapping, among others.

Velodrome will be working closely with OP Labs to design interoperability for the Superchain to empower chains and protocols in the Superchain. More expansions and additional Superchain deployments coming soon!

Learn more

:newspaper: Governance News & proposals

:exclamation:We are in the Reflection Period and Citizens House Cycle #22 Veto Period

Code of Conduct Council and Developer Advisory Board Retrospective

The Season 5 Retrospective of both governance bodies reflects on different perspectives and conclusions of its members.

Highlights of the CoC Council retrospective:

  • Suggestions around Internal Operating Procedures (IOPs) include closing the gap between the council and the community, as well as maintaining IOPs simplicity.
  • Suggested adjustments to the Charter, including modifying forms to allow for feedback loops and dialogue spaces, timelines, and innovating within the Council.
  • Suggestions for the next Season and future iterations of the Council.

Read the full CoC Council retrospective

Highlights of the Developer Advisory Board retrospective:

  • All goals set at the beginning of the season were completed including assessing technical aspects of Mission Requests, guiding the Grants Council in assessing applications under Intent #1, and advising the Council if required.
  • The DAB recommends integrating the board’s input earlier in the Grants processes, ideally on a rolling basis.

Read the full Developer Advisory Board retrospective

:ballot_box: Voting Reminders

No active proposals at the moment.

:dollar: Grant News

Retro Funding: deliberative process to define profit

After announcing that a deliberation experiment will be part of Retro Funding 4, Optimism revealed the topic to be discussed in the experiment: profit.

Selected badgeholders will deliberate and reach consensus on a definition of profit with an applicable formula. This definition will be ratified by the Citizens House and then applied by each badgeholder’s assessment of applicants. The formula will be used to calculate the amount of past rewards units received, given by instances of past funding as included in the application i.e. grants, revenue, and VC funding. These reward units will be deducted from impact rewards resulting in a project’s final OP allocation.

Ratification requires a quorum of 30% eligible voters and a majority of 51% casted votes. The vote will take place on Special Voting Cycle #23b (June 13th-June 19th).

Overall applying a defined formula to all applicants’ aims to bring some predictability to applicants and reduce voting complexity for badgeholders.

Read more | Experimenting with the Deliberative process

New Foundation Mission Request

The Foundation unveiled a new Mission Request to propose a metric and build a dashboard to measure the concentration of power in the Collective. The approach should build further than widely used concentration metrics such as the Nakamoto Coefficient, and should tailor its approach to the specific design of the Optimism Collective and its governance bodies

Submission deadline: June 3rd

Learn more

Cycle 22 Final Grants Roundup

Season 5 has ended! This post rounds up the experiences and results of the Grants Council grants initiatives during Cycle 22.

Season 5 has seen a 73% growth in applications compared to Season 4, with 530 Mission Request applications and 23 applications corresponding to Audit Requests from elected Service Providers. Cycle 22 kept the selectiveness percentage around 22%. Relative to the initial applications, 24.5% became finalists. Finalists will now be contacted by the Foundation to complete KYC

Meet the finalists for Cycle 22 | See the Final Review Rubrics

Audit Requests S5 Final Roundup

The roundup was published today including an overview of learnings on the audits program and announcements on the selection of a second batch of Smart Contract Auditing Services, as well as approval of 5 Audit Providers.

After thorough evaluation, the second batch of projects selected includes Beefy, Decent.xyz, dHedge, Omni-x, PoolTogether, Quantum Fair and Velodrome. Additionally, the Grants Council has approved a new batch of Audit Providers – Nethermind Security, Spearbit Cantina, Trail of Bis, Halborn, and Sherlock.

Read the roundup

Upcoming Calls

  • Token House Community Call [Tuesday, May 14th]
  • Token House Retroactive Public Goods Funding Round 4 Intro [Wednesday, May 15th]

You can add Optimism governance calls to your calendar here.

:red_circle::sparkles: Optimism Collective Resources

:saluting_face: Stay Connected, Stay Informed

Every week, we analyze new proposals, summarize discussions, and provide you with the tools to bring informed contributions to the Collective. Follow us on twitter @OPBulletin and subscribe on Substack: opbulletin.substack.com