Summary: The Optimism Foundation has announced a proposal to grant 118 million OP tokens to Base, a layer-2 platform backed by Coinbase. The grant is intended to reward Base’s contributions to scaling Ethereum and the OP Stack and to ensure its long-term alignment with and commitment to the Optimism ecosystem. In addition, Base will have a voice in the system of Optimism Governance. The grant will be spread over six years and will come with a cap on votable supply.

The Optimism Foundation, in collaboration with Base, a layer-2 platform on the OP Stack, is focused on enhancing security, scalability, and decentralization in the Optimism Collective, also known as the Superchain. To further this cooperation, the Optimism Foundation has proposed a grant for Base, which could total 118 million OP tokens.

The grant aims to acknowledge Base’s contributions in scaling Ethereum and the OP Stack, align Base’s long-term commitment to the ecosystem, and provide Base with a meaningful voice in the Optimism Governance system. The details of the proposal can be found in the announcement made by the Optimism Foundation.

As part of the revenue and governance proposal, the Base team has committed to distributing either 2.5% of its sequencer revenue or 15% of net on-chain profits to the Optimism Collective. The grant of 118 million OP tokens will be dispersed over six years with a cap of 9% on votable supply.

Base and Optimism Collaboration

Last month, the “Law of Chains” proposal was introduced to transition Optimism governance from being focused solely on the OP Mainnet to encompassing all chains on the OP Stack, including Base. This transition is referred to as the Superchain. The Optimism Foundation plans to conduct a governance vote on the proposed transition in early 2024.

If ratified, the “Law of Chains” proposal will involve executing upgrades across Base, the OP Mainnet, and other chains on the OP Stack. The collaboration will also involve the establishment of a decentralized Security Council and the development of “Pessimism,” a cybersecurity monitoring tool.

Base, which launched on August 9, has been gaining traction, with a 9% increase in total value locked (TVL) in the past week, reaching $183 million. According to DeFiLlama data, Optimism currently ranks sixth among top chains, with over $715 million in TVL.

Frequently Asked Questions (FAQs)

What is the Optimism Foundation?

The Optimism Foundation is an organization focused on enhancing security, scalability, and decentralization in the Optimism Collective, a network for building and deploying decentralized applications on Ethereum.

What is Base?

Base is a layer-2 platform built on the OP Stack that aims to enhance scalability and decentralization for Ethereum-based applications.

What is the purpose of the grant to Base?

The grant is meant to reward Base for its contributions to scaling Ethereum and the OP Stack, align Base with the Optimism ecosystem, and provide Base with a voice in Optimism Governance.

How long will the grant be spread over?

The grant of 118 million OP tokens will be dispersed over six years.

What other steps will be taken as part of the collaboration between Base and Optimism?

If the proposed “Law of Chains” is ratified, upgrades will be executed across Base, the OP Mainnet, and other chains on the OP Stack. The collaboration will also involve the establishment of a decentralized Security Council and the development of a cybersecurity monitoring tool called “Pessimism.”

What is the current status of Base and Optimism?

Base, which launched on August 9, has seen growing traction, with a 9% increase in total value locked (TVL) in the past week, reaching $183 million. Optimism currently ranks sixth among top chains with over $715 million in TVL.