Optimism Foundation OP Token Grant Emissions Commencement
The Lido DAO reWARDS committee is pleased to announce the acceptance of an OP token grant from the Optimism Foundation. This grant is made for the purpose of furthering the availability and adoption of liquid staking on the Optimism Network. It will be emitted over the coming months to users of protocols that have integrated wstETH into their products and services. Below you will find details of the token grant, the token emissions plan, and other relevant information.
Token Transfer Information:
The Optimism Foundation transferred 1,000,000 OP tokens to the reWARDS committee 4/7 multisig on Optimism (https://research.lido.fi/t/proposal-to-form-rewards-committee/1447/32) on March 3rd, 2023 (Optimistic L2 Transaction Hash (Txhash) Details | Optimism).
Each month OP tokens will be transferred to the reWARDS committee 2/3 multisig on Optimism (Proposal to form reWARDS Committee - #22 by GrStepanov ) which will manage distribution to rewarder contracts and team multisigs for application as incentives.
Current State of wstETH on Optimism Network
Optimism Network Usage Metrics:
- 28,000 - Total amount of wstETH bridged to Optimism
- 5,275 - Total amount of wstETH deposited to LPs on Optimism
- $22,000,000 - Total LPs TVL of wstETH pools on Optimism
- 1,176,080 - Total number of wstETH transactions on Optimism
- 633,500 - Total LDO Spent by Lido to date on Liquidity Mining campaign
For more Optimism usage metrics, please refer to the Lido wstETH-On-Optimism Dashboard.
wstETH is already available by:
- Granary Finance
- Kyber Swap
Token Emission Plans
The OP tokens will be used over the next 4-6 months to incentivize the adoption of wstETH across the Optimism ecosystem.
The first requirement to accelerate that adoption journey is to have liquidity on wstETH on Optimism. As such OP tokens will be emitted alongside existing liquidity mining incentives geared towards wstETH pools on Optimism. The reWARDS committee has, via the monthly LDO reWARDS budget, already established baseline liquidity across the core wstETH-ETH and wstETH-USDC trading pairs. This will continue and be matched with OP token incentives.
Such collaborations will offer LPs the benefit of the baseline rewards of Lido staked-ETH as well as OP token co-incentives from Lido reWARDS and our collaborators. In addition, the reWARDS committee will continue to apply token incentives to user activity on non-dex protocols to bootstrap the availability and utilization of wstETH in exciting DeFi use-cases, many of which can only exist in an efficient Layer 2 environment. The end result will be an even more vibrant, unique, and attractive DeFi ecosystem for all Lido users and Optimism Network stakeholders.
The reWARDS committee anticipates the distribution of LM rewards to LPs of the following DEXes (alphabetical order)*
Other DEXes will be considered in the future.
Additionally OP tokens may to be distributed via incentives to users of the following projects (alphabetical order)*
- Granary Finance
- QiDAO/Mai Finance
The reWARDS committee will open up a process for all Optimism Ecosystem protocols to initiate an incentives collaboration with the reWARDS committee. If you are interested in applying at this time please utilize the existing Lido Partnership Proposals application form (Lido Partnership Proposals)
*Neither of these are exhaustive lists and the reWARDS committee will consider rewards/incentives with other collaborators of ours within the Optimism ecosystem. These updates will be announced here in this discussion thread.
The reWARDS committee will provide regular updates regarding the emission of the OP tokens granted to it by the Optimism Foundation. This will include a monthly report posted here in this thread.
The anticipated the emission of OP tokens to begin the Week of March 20th.