Optimism Foundation has announced a grant of 118 million OP tokens to Coinbase-backed layer-2 platform Base. The grant is part of a proposal to enhance security, scalability, and decentralization in the Optimism Collective, also known as the Superchain.
The grant aims to reward Base for its contributions to scaling Ethereum and the OP Stack, as well as to ensure their long-term alignment and commitment to the ecosystem. It also gives Base a meaningful voice in the system of Optimism Governance, which they have entrusted with the future of their chain.
As part of the agreement, Base will distribute the greater of either 2.5% of its sequencer revenue or 15% of net on-chain profits to the Optimism Collective. The 118 million OP tokens will be spread over a period of six years, with a cap of 9% on votable supply.
The collaboration between Base and the Optimism Foundation comes in the wake of the “Law of Chains” proposal, which seeks to transition Optimism governance to all chains on the OP Stack. This transition, known as the Superchain, will include upgrades across Base, the OP Mainnet, and other chains on the OP Stack to ensure compatibility, homogeneity, and future interoperability. The governance vote on this transition is expected to take place in early 2024.
If the “Law of Chains” is ratified, the teams will also work on establishing a decentralized Security Council and developing a cybersecurity monitoring tool called “Pessimism.”
Base, which launched on August 9, has been gaining traction in the market, with its total value locked (TVL) increasing by 9% in the past week to reach $183 million. Meanwhile, Optimism ranks sixth among top chains with over $715 million in TVL, according to DeFiLlama data.
In conclusion, the grant from the Optimism Foundation to Base demonstrates the commitment of both parties to enhancing the security, scalability, and decentralization of the Optimism Collective. This collaboration paves the way for future upgrades and interoperability within the Superchain, leading to a more robust and sustainable ecosystem for all participants.