Summary
We propose reallocating ~110,000 OP tokens from previously approved but unused sources into the Rubicon Grants Fund. This includes 60,000 OP from Phase 1, which was initially allocated for Rubicon Pools V2 (a product we no longer plan to pursue - in fact, Pools v1 was entirely deprecated well over a year ago), and over 50,000 OP in unclaimed rewards from Rubicon’s early user airdrop (Phase 0), which took place over 792 days ago. By sweeping these idle OP tokens into the already-approved and utilized Grants Fund, we will support further development of the Rubicon protocol, including the launch of our RUBI token, which will be airdropped to active Optimism users.
Rationale for Reallocation
- Unclaimed Airdrop Rewards (50,000+ OP): The early user airdrop was distributed 792 days ago to over 2,700 unique users. As of now, over 50,000 OP tokens remain unclaimed. Given the significant time elapsed, it is reasonable to reallocate these unclaimed rewards to a more active use case: the Rubicon Grants Program. This will ensure that these tokens are put to work, directly funding builders and projects that contribute to Rubicon and the Optimism ecosystem.
- Phase 1 Allocation for Rubicon Pools V2 (60,000 OP): The original Phase 1 grant allocated 60,000 OP to liquidity pools for Rubicon Pools V2, a product that we have since decided not to pursue. Rather than leaving this allocation unutilized, we propose sweeping it into the Grants Fund, where it can provide direct value to builders and projects developing on Rubicon.
Why Reallocate to the Grants Program?
By sweeping these idle OP tokens into the Grants Program, we achieve the following:
- Maximized Token Utility: Instead of allowing over 100,000 OP tokens to collect dust, we are putting them to immediate use by funding developers, builders, and contributors.
- Support for the Optimism Ecosystem: The Rubicon Grants Fund is already approved and active, supporting Rubicon’s deployment on Optimism. This reallocation will enhance its ability to drive further innovation and growth on the network.
- Launch of RUBI Token: This OP will help accelerate the open-source development and launch of the RUBI governance token, which will include a substantial airdrop primarily aimed at Optimism users. With over $200 million in trading volume, the vast majority of which has been on Optimism, a large portion of the airdrop will reward active Optimism users. Passing this proposal will accelerate the launch of RUBI, benefiting both the Rubicon and Optimism ecosystems.
Proven Track Record with Optimism
Rubicon has consistently executed all previous grants in good faith. In an incentives analysis conducted for the Optimism Foundation, Rubicon was highlighted as a project that has generated substantial value for the network, particularly in terms of transactions. To date, Rubicon has done over $200 million in trading volume, most of which has been on Optimism. This proposal builds on that track record by ensuring that unused resources are effectively repurposed to further benefit the Optimism ecosystem.
Implementation and Timeline
If approved, Rubicon will:
- Reallocate 60,000 OP from Phase 1 and over 50,000 OP in unclaimed airdrop rewards into the Rubicon Grants Program.
- Continue using the Grants Fund to support developers and contributors building on Optimism.
- Launch the RUBI token ASAP and upon launch execute the airdrop to active Optimism users.
In the event this proposal is not approved, we will continue using the OP tokens as already approved per the rules of the Grants Council. Unfortunately, this includes a large number of tokens that are not providing any utility, hence this proposal for reallocation. Obviously, as well, this mismatch in utilization is due to us pivoting our product stack and the passage of time.
Conclusion
This proposal is about optimizing the use of previously approved but idle OP tokens. By reallocating unclaimed airdrop rewards and unused Phase 1 liquidity incentives into the previously approved Rubicon Grants Program, we ensure that these tokens are put to work, supporting the development of Rubicon as an Optimism-native project and the launch of the RUBI governance token. This approach maximizes the impact of OP tokens and directly benefits both the Rubicon and Optimism ecosystems.
