OP Unlock Update
May 31st marks one year since the Optimism Collective was introduced, along with the OP governance token, enabling our delegates to begin actively shaping the Collective’s governance system and driving towards Collective Intents. It’s inspiring to reflect on all that our delegates have accomplished in the past year. What a whirlwind!
As a reminder: on May 31st, OP circulating supply will increase. You can view estimated circulating supply allocations here. As circulating supply increases, so does the opportunity to increase votable supply within the Token House, a critical step towards increasing the resiliency of our governance system. Increasing votable supply is an ongoing goal of the Collective, evidenced by initiatives like the Protocol Delegation Program and airdrop #2, the importance of which delegates have repeatedly highlighted. The upcoming unlock presents another opportunity to drive new delegations and further increase the votable supply.
We recognize the importance of making sure these new delegations are driven to a broad range of delegates and are actively discussing initiatives to improve delegate discoverability with the community. We hope to have a few of these initiatives in place before the unlock (like the Delegate Spotlight list), but making continual progress towards distributing voting power across a broad base of diverse delegates is something that will require ongoing effort, experimentation, and iteration over time.
While some delegates may see a near term increase in voting power, Optimism’s bi-cameral governance system is designed to avoid the plutocratic pitfalls of governance that’s solely token-based. While token holdings will continue to fluctuate, the Citizens’ House provides an important check on the governance power of any one token holder. Accordingly, enabling joint House voting is a top priority for future Seasons.
It’s been an amazing first year for Optimism governance! We’re grateful to all the delegates that are committed to building the Collective with us. Our work is far from over and we’re excited to work with you to make Optimism governance even stronger in our next phase.
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. Well done all!