The 🔴Optimist: OP Superchain News #26-1
#1 media about The Superchain: Optimism, Base, Mode, Zora, Lyra, Ancient, Redstone, Worldcoin, Mint, Lisk
First of all, i’d like to express my thanks to you readers, for your comments, support, likes on this Journey. Big 👏 to the team for making The Optimist the go-to Media for everything about DEFI on Layer 2 chains.
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————————————— KEY TAKEAWAYS ——————————
🔴RPGF #3: Results & Thoughts
RPGF stands for Retroactive Public Goods Funding. During round #3, Optimism distributed 30m OP tokens to 501 projects, individuals, creators, builders. Anyone could be part of round #4, are you ready?
🔵Projects Research : Which bridge Whales are using & why?
Clique event #1 related to Bridging activies has ended with a total of 125m$ bridged. Almost 300 power users filled out a survey about their behavior. Read to learn what whales are doing.
🔥Hottest news
Your new bi-weekly breakdown of the most juicy news about the Superchain.
🟠Podcast: Project interview (Updates & Roadmap)
The last 2 weeks, we were pleased to receive on Stage :
Derivatives On base: Join us with Kwenta, Contango & Avantis to discuss the state of Derivatives on Base and how they plan to attract more users.
GOVERNANCE & VOTE TIMELINE
If you wish to delegate your OP Tokens to Subli => Go to this page, and click on DELEGATE. Delegate Address: 0x3b128c6c1207d72092a8b3f6d651dfe54682a404
Spotlight Project: Wombat 2.0
Wombat Exchange, a groundbreaking Multichain Stableswap DEX, announced Wombat V2.0. Thanks to the support of their Lead Investor, Animoca Brands, WomPets will be a Gamified Bribe Market with multiple partnerships with games, NFTs & metaverses.
Accumulate WomPets points by swapping, providing liquidity, staking or holding partnered projects digital assets to earn rewards.
🔴RPGF #3: Results & Thoughts
by Nataliii
Have you read Subli’s philosophy of his crypto’s involvement?
The best way to earn in this very new economy is to build in it.
The best place to earn in this very new economy is on Optimism & the Superchain.
Today we will discuss with you about the results of RPGF#3, but first of all, we want to express our great gratitude to our readers, without you we would not have received proper recognition, and of course, special thanks to the badgeholders for appreciating our project and giving their votes for us.
Yes, The Optimist took part in the RetroPGF Round 3 and received 38,233 OP. We are very grateful for this and will try to get better and better for you.
Detailed information about what is RPGF#3 you can find in The Optimist #19-1 and here we will talk about the results and impact of this round.
RESULTS
RetroPGF 3 were allocated 30m OP tokens😱 to reward contributions that have supported the development and adoption of Optimism.
501 builders, writers, creators, educators, and contributors from across the Optimism ecosystem have been allocated a portion of 30M OP!
RetroPGF Round 3 rewarded contributors based on the rule IMPACT = PROFIT, so based on the impact they provided to the Optimism Collective across four categories:
OP Stack,
Collective Governance,
Developer Ecosystem, and
User Experience and Adoption.
As we can see, RPGF program is constantly increasing in popularity and scale. The number of recipients increases significantly from round to round.View the full list of awarded contributors here.
With learnings from previous rounds, Optimism experiments with the scope, structure, and process of RetroPGF, aiming to provide the community with a self-sustaining, reliable grant source that public goods builders can depend on. To date, RetroPGF has been fully funded from the initial token budget allocations dedicated to supporting public goods. In future rounds, surplus protocol revenue will also be used to fund RetroPGF.
IMPACT
RPGF has become so popular that it has even been written about in Forbes!
“Not only is there a significant increase in each round’s fund (the current round of RetroPGF is about 30 million OP, which is around $112 million), but there is an extension into various categories that the program is accepting applications into from infrastructure contribution to an NFT art, both developers and artists are welcome to apply. Currently, the range is quite white, and the program is open for any submissions fitting the outline criteria as long as the project is deployed onto any of the OP Stack chains”. - we can read in Forbes.
Agree, not every grant program is written about in such a well-known media as Forbes! This means a lot for Optimism and underlines the importance and impact of this program not only in the crypto world, but also throughout the financial world.
Not only Forbes, but also Vitalik Buterin hastened to mention about RPGF#3 in his Twitter (X). He stressed the importance of financing all creators, developers, artists for their contribution to the Ethereum Chain (Optimism L2).
Thus, as we can see, many famous personalities notice and emphasize the importance of RPGF. We cannot disagree with them, since RPGF allows us to compensate and reward the contribution of individuals and projects to development of Superchain Ecosystem, which is not paid in any other way. The goal of Optimism’s Retroactive Public Goods Funding is to retroactively allocate rewards to realize impact=profit— the principle that positive impact to the Collective should be rewarded with profit to the individual.
Сontroversy & Improvements
However, it was not without discontent. Many projects have found that the amount of remuneration does not correspond to the level of their onchain impact.
It should be noted right away that it is very difficult for badgeholders to carefully analyze all the participants who submitted their applications, therefore, of course, an ideal reward distribution system is unlikely to be achievable, but Optimism strives for it and is being improved based on the lessons of previous rounds.
It's insane to ask 1 badge holder to review 600+ projects. Therefore, in the future rounds it is necessary to develop some kind of system for dividing the analysis of projects between badgeholders.
Since many projects and individuals consistently participate in RPGF, it might be a good idea to introduce a multiplier system for regular participants.
As we can see, 23 participants took part in all three rounds. Since any ecosystem is much more interested in permanent participants who will consistently contribute to development, I believe that permanent participants should be encouraged more than those who periodically appear in the system. A reward multiplier would motivate you to make a permanent contribution.
Multipliers can also be used depending on which part of the ecosystem is affected by the contributor. for example, 0.5 for Base or Zora contributions and 1 for Optimism.
Carl Cervone has done an amazing report about RPGF#3, click here to read it, otherwise here are some key takeaways: If we analyze the results of RPGF#3 we can see that big teams received smaller per capita distributions of tokens. If the voting mechanisms determined that larger teams had super-linear impact, then a top project with a big team like Protocol Guild would probably be receive well over 1M OP. Instead, the distribution appears to favor smaller teams. A number of smaller teams received well over 50K OP per active developer whereas none of the medium to larger teams receive anything close to this.
It is necessary to separate projects and individuals. Individuals do not have the opportunities that collective projects have, so it is impossible to compare these two categories of contributors with each other. Perhaps there should be a separate pool of awards for individuals and a separate one for projects, as well as a different system for analyzing and evaluating their contributions.
Also during Round 3, badgeholders and community members debated the role of VC funding in the context of RetroPGF. Perspectives across the issue, including the Foundation’s viewpoint, are compiled in this forum post.
These are just our thoughts on possible improvements to the program RPGF, but we hope you were interested in them.
Conclusion
Optimism has dedicated 20% of the whole OP Supply to RPGF, so about 860m OP. As of today, only 41m has been distributed, I’ll let you make the maths of the remaining distro, without considering that RPGF is also funded by Sequencer fees from all chains of the Superchain.
Optimism will run more rounds of RetroPGF in 2024. Stay tuned for details about future rounds, and in the meantime, keep building!
The strength of a community building together!
😁Meme of Week
Following approval of spot BTC ETF, Franklin Templeton, founder of the top #8 Asset & Wealth management fund, changed his profile PIC with laser eye, a blink towards BTC maxi.
🔵Projects Research : Which bridge Whales are using & why?
By Subli
Hope you’re aware that Clique has launched a series of 4 events following their OP Grant. Event #1, related to Bridges, ended up end of last year. I hope you managed to grab some OP tokens as rewards.
The interesting parts is that Clique ran a survey about user behavior, and almost 300 power users answered this survey. The Optimist is the official Media Partner of Clique on this event, and as such I will bring you some interesting data about user behavior, bridge preference & most frustration when bridging.
Users bridge preference
Something very interesting here is that while Bungee & Jumper are both bridge aggregators, people are also using across protocol, widely known for his previous Airdrop campaign, and Orbiter as well, just before they announced their new point system. On the other side O3 Swap is the least appreciated bridge by users.
Total Bridged Volume
On the left, you can see the volume bridged before the event. Bungee metric is very impressive compared to other bridges, and I would have expected a closer gap with Jumper, that falls at the 5th position after Across, Meson & Rubic.
Just look how much chains Meson bridge have whitelisted 😱:
During the campaign, the rank has changed completely. Across reached #1 position, with a total volume greater than the sum of Bungee & Jumper volumes. Jumper & Orbiter saw their volume increased by a factor 3x. And the best, is that Bungee & Jumper bridgooors are farming potential Airdrop.
Find our strategy for Jumper Exchange Airdrop in this newsletter (tips you won’t find anywhere else i swear).
Who are these users?
YESSSSAAAA!! We, the Boomers, are definitively representing more than half of the users here. Very interesting takes, as my 1st thoughts would have been to find Generation Z leading the race.
Without any surprise, most of the users who are interested in Optimism are also interested on Arbitrum. Again, a big surprise to see ZKSync ERA ranked #2 after the bluberry chain, and Linea #3. This could tell that most of these people might be Airdrop farmers.
Other interesting stats:
70% of users interact onchain daily
60% of users spend more than 11 hours in crypto / week
Metamask is the #1 wallet used → Terrific when you see how best Rabby, #2 position only, is far better => Read this newsletter and make your own POV
The #1 reason to bridge is for Airdrop farming (seems to cross check my assumption just above)
Conclusion
Don’t make mistake here, this type of event might not bring the biggest whales out there, but this will drive a lot of users who can freely claim few bucks. With an average bridge volume of 25k$ across close to 5k bridgooors, this event is a real success and has allowed users, like me, to participate to it, farm airdrop of our preferred project, but also discover Clique.
Clique is an onchain identity oracle. If you remember back in 2021/2022, we were talking a lot about Decentralized Identity or DID, with even some side chains building this on Kusama chain (Polkadot)… What a time LMAO! In addition to check onchain behavior, Clique also manages to gather offchain information to provide identity & reputation for different use cases.
But where do you need Onchain Identity? Check out Clique documentation for more info, but this is self explainable.
One of the most recent use case is Gaming, with the recent partnership between Clique & Ronin chain, very famous for being the chain for Axie Infinity game.
At the time of writing, Event #2 is also completed and event #3 [Lending] just started. Access the event here: https://www.clique.social/joint-campaign/op-red-wars/op-red-wars-event3
🔥Hottest news (new section)
🎁Contango dropped some Alpha on our podcast (Token launch & Point system)
🟢Velocimeter released Graphene on Base, users can now access Overlapping/Concentrating liquidity, limit orders, range orders, recurring orders
💯20m OP allocated for Airdrop 4? Speculation from Michael
👀 What Zora meant with this post? Could this be a snapshot taken?
🤴Metamask introduced Validator staking on Metamask portfolio
🟡New quests by Mode on Intract Campaign
⚫OP Red wars by Clique event #3 live since 18 January (Lending wars event)
🅱Worldcoin partnered with Friends With Benefits (FWB)
👨🎓Listen to Kain Warwick (Synthetix Founder) talking about Synergies between Ethena_Labs x Synthetix x Infinex
🟢Thales tokenomics V2 Live (Crosschain staking, uncapped deposit for LP, revenue sharing to stakers)
💌Kelp DAA LRT, rsETH, soon supported by Pendle. Buy YT-rsETH and boost your points earnings:
✖ Post of the week:
New project, AltLayer, will reward EigenLayer restaker. Hope you followed our tips to restake on Kelp DAO.
🟠Podcast:
Podcasts are the source of Alpha🔥. And what if you can transform 1h of listening into 5min of reading? The 🔴Optimist Podcast partnered with Revelo Intel to provide written notes of all podcasts for FREE.
Optimism Twitter accounts:
@OPLabsPBC for protocol development
@OptimismGov for governance
@OptimismGrants for Grant Council uipdates
Optimism Website:
Base Social links
The Optimist Social accounts:
Discord Handle: Subli#0257
Twitter: The Optimist
Farcaster: Subli_Defi
Notion (Research database): https://sublidefi.notion.site/sublidefi/Subli_Defi-c57a3141c983433ca74e785a0bf1bcd0
Youtube: https://www.youtube.com/c/Subli_Defi
Disclaimer: Nothing in this content is financial advice. We may have some positions on the presented projects, however these articles are written in a non biais way so that you can make you own opinion out of it.
Do your own research before investing, and remember that Crypto is extremely volatile and risky.