1/ Hey Anon, missed out on @OptimismPBC #airdrop 😭? Fear not! They announced ~230M $OP token fund to “incentivize growth” as part of Token House initiative (read: user rewards 🪂). We answer your burning questions - what’s the deal and what should be your play on this 🦍?
🧵👇
2/ What’s the deal? Ecosystem growth fund that will allocate 5.4% of total $OP supply to projects so they pass this on to participants to encourage growth 🤑. This is NOT your Airdrop #2! Airdrop 2 is a separate pot that is yet TBC
3/ Fund allocation has 2 phases: Phase 0️⃣ (3-24 May) has 27 biggest OP apps get 300k-9mln tokens. Native apps get a whopping x3 multiplier. Projects MUST make proposal on how their allocation be used to spur growth. $OP holders then vote on it 🗳. If passed, projects get their💰
4/ Phase 1️⃣ (post-Phase 0) will focus on the growth segment. Any project will be able to submit a proposal for $OP holders approval. A total of ~207mln tokens are up for grabs and there is NO limit on how much a single project can apply for 👀
5/ To summarise 📝:
Phase 0️⃣: 36.6mln tokens. 27 apps can apply to get between 300k-9mln, depending on their tier. 3-24 May.
Phase 1️⃣: 207.4mln tokens. Any app can apply for ANY amount of tokens. Post-24 May.
Both: All projects need to apply and get approved by $OP holders.
6/ So what should be your play on this? 🦍
🚨 First, start using the Phase 0️⃣ apps now. We like @perpprotocol, @PolynomialFinance, @zip_swap, and @Pikaprotcol. Some apps like @lyrafinance are promising both future and retro rewards 🪂already 👀. Jump to 16/ for more projects
7/ 🚨 Second, when it’s time to vote for project proposals, ⚠️VOTE ⚠️. Projects aren’t competing with each other in Phase 0️⃣, but we fully expect a dejavú of Arbitrum Odyssey voting with offers of bribes, perhaps beyond just POAPs 👀🤫. Voting in Phase 1️⃣ should also be rewarding
8/ Participating in governance might also be the criteria for Optimism Airdrop #2 , especially given that mainnet DAO voters were rewarded in Airdrop #1.
🔴 Will get $OP via Airdrop #1? Don’t dump all of it!
🔴 Don’t have $OP to claim? Prepare to get some on the secondary!
9/ 🚨 Third, don’t disregard apps that didn’t make the cut to Phase 0️⃣. Many will now focus on the big boys, but Phase 1️⃣ might surprise us with interesting proposals. They’re unlikely to receive as much $OP allocation but the pie gets divided amongst fewer users 🙇♂️
10/ Some fan favorites like @Quixotic_io are likely to get $OP allocation during this phase. OP is trying to push for NFTs and Quixotic is in a good position to get special attention twitter.com/kevinjho_/status/1521626066330214401?s=21&t=BZ4pt7nEYltPeBs2pBkxew
11/ Use Quixotic today and check out other smaller projects on #Optimism. You may get classed as ‘early supporter’ and who knows what surprises might come up if the project gets $OP allocation?🔴 @0xngmi maintains an up-to-date list of apps at @defillama defillama.com/chain/Optimism
12/ As the result of the above actions, you might earn yourself multiple rewards from both the projects and OP itself - all while earning yield using innovative products and becoming the #L222 OG 😎
Get started now, we agree with @defi_airdrops
twitter.com/defi_airdrops/status/1522221446256230400?s=20&t=Und991A2QtgQ272jTIqQwg
13/ for those new to @OptimismPBC, here the TL;DR version of the onboarding steps:
First, you'll need a non-custodial EVM wallet, we prefer @Rabby_io for its speed, ease of use and packed features (eg various HW wallets supported, token approval management, multi-chain, etc)
14/ Next, you will need some ETH to pay Gasfees for TX on Optimism. Since there are few options from CEX (Coinbase, Binance etc.) and because we prefer permissionless systems, we use @HopProtocol (arguably the most trust-minimized bridge) to send funds over from the Mainnet
15/ Have funds on Avalanche or BNB-Chain and don't want to miss out from #OPSummer? Don't have any ETH? @BungeeExchange is for you & the handy "Refuel" feature got you covered: swap from BNB or AVAX to a small amount of ETH on destination. @vaibhavchellani, wen Optimism?
16/ Ready to get started on @OptimismPBC? Let's explore some underrated projects with $OP allocation - keep on reading anon, we are dropping some serious alpha 👀
17/ @lyrafinance $OP Governance Fund proposal will distribute 1mln $OP to projects built on-top of their protocol. A very interesting product here is @PolynomialFi by the serial 👷♂️ Builders @gauthamzzz & @0xmubaris
18/ @PolynomialFi offers long term sustainable 🤯 automated strategies - currently Eth Covered Call / Put Selling options vaults, netting up to 8% APY (more to come soon), on top of that you might get $OP incentives (not officially confirmed yet 🤫) and lastly - no token yet 👀
19/ Polynomial vaults are capped at 450 ETH + $1,5mln. Compare this to the $OP allocation they're to get:
1) 900k $OP directly from OP
2) x% of 1mln $OP from Lyra (this will be split with only @BrahmaFi).
Polynomial $OP incentives are set to present asymmetric risk/reward 🤫
20/ As if this wasn't enough yet, in their latest AMA the giga🧠 at @PolynomialFi presented their (experimental) market neutral automated yield strategy - only remaining question: are you on the WL anon? Comment below if you want to find out more about how to WL 🚀
21/ Get started with this great user walk through guide
from @cryptotesters @kubesqrt & @fommes1
cryptotesters.com/blog/polynomial
22/ There is also a useful TL;DR from @litocoen, who'll have you covered with a video walkthrough:
twitter.com/cryptotesters/status/1509820584972238882?s=20&t=vh-4vJKCjtb_84EaiD0iaw
23/ Another promising OP app, @Zip_swap is the native AMM -Dex that has some interesting farming opportunities for LPs to earn their native Token and hopefully some $OP incentives on top of that soon 🍌🍌. Uniswap might be too crowded for $OP farming 🤨
zipswap.fi/#/farm
24/ @PikaProtocol is the native perp for the Degens out there who want to trade with up to 50x leverage.
Pika's vault is a more conservative strategy and offers high (but still risky) USDC APY's by taking on the opposite position of all perp traders. twitter.com/PikaProtocol/status/1519305922517946368?s=20&t=W0kHCYXeUwT-wYIH4MUb5A
25/ Bonus: @0xPegasusFi is an @OptimismPBC native interest rate perp 🤯 (currently @AaveAave USDC and @opyn_ 's Sqeeth funding rate)
No airdrop and no $OP incentives as of now, but if you're still curious to try it out, @drismegistus made a great guide: twitter.com/drismegistus/status/1518062413496606720?s=20&t=UAYwsbPGmWjY1PqjoHc9ng
26/ P.s. this is a play on OP’s Token House. But what about the Citizens' House 🏛 and those soulbound NFTs mentioned in their Governance documents? What is it and why would you want to get one? We’ll look into this in one of our next alpha threads 🕵️♀️🔬—> Sub for takes on alpha