1) Introduction to Optimism(OP)

Currently, Ethereum has become the second largest cryptocurrency by market value, largely due to its support for smart contracts, which has supported a growing ecosystem of decentralized applications (Dapps) and decentralized finance (DeFi) platforms. However, it also has a major problem: high and rising transaction fees, making it slow and expensive to use. The Ethereum Foundation continues to roll out network upgrade plans to address these issues, and there are already many solutions to make Ethereum transactions faster and cheaper. Optimism(OP) is one of the largest Ethereum layer 2 scaling solutions.

Optimism is a second-layer scaling solution based on Optimism Rollup technology, which can handle large-scale transaction processing while maintaining the security of Ethereum. At the same time, Optimism achieves EVM equivalence, allowing Solidity smart contracts on Ethereum to run on Optimism's Layer2 without the need to build additional functionality, and developers can seamlessly switch to Optimism to develop applications. Its main feature is to make transactions on Ethereum applications very cheap by moving transactions from one blockchain to another, greatly reducing miner fees and increasing throughput. At the same time, it provides Ethereum developers with the opportunity to use all available tools on Ethereum without making changes. According to L2BEAT data, Optimism currently has the second largest Total Value Locked (TVL) on Layer2, second only to Arbitrum.

*Optimism has the second largest TVL on Layer2. Source: L2BEAT (2023.9.27)

Three Technologies

l Optimistic Virtual Machine (OVM)

OVM is a fully-featured and EVM-compatible execution environment created specifically for use on Optimism L2, interacting with the Ethereum mainnet through the Web3 API. Overall, OVM is very similar to EVM, but it has been optimized and improved to facilitate the modification or removal of context-dependent opcodes (such as TIMESTAMP or ORIGIN). When opcodes are executed on different chains, the output results are different. However, after optimization in OVM, all transactions can be re-executed on different chains, producing the same results. OVM is essentially a sandbox environment that allows L2 transactions to be re-executed and verified on other chains. This allows verifiers to create fraud proofs and re-execute transactions on L1, producing the correct stateRoot.

l Optimism Bedrock

Bedrock is a rollup infrastructure designed and developed by Optimism, which optimizes transaction fees, network performance, and block generation processes through modularization and extreme segmentation. Bedrock includes a new L2 derivative pipeline, which is the only rollup infrastructure that maximizes gas savings when sending transaction data to the Ethereum network. Bedrock is also the only rollup that uses the Ethereum engine API as a segregated consensus client or execution client. After the Ethereum scaling solution EIP-4844 (proto-danksharding) goes live, Optimism can seamlessly integrate with data blob, significantly reducing gas fees.

l OP Stack

OP Stack is an open-source software stack created for the Optimism Collective to empower its ecosystem, mainly including Chain Stack and Governance Stack, with the ultimate goal of becoming an infinitely combinable and expandable "Superchain." Currently, under OP Stack, there are two highly anticipated blockchains, Optimism and Base, and in the future, with the prosperity of the Layer2 ecosystem, more OP Chains may emerge and combine into a Superchain.

Optimism Token

Optimism launched its native governance token OP on May 31, 2022, which plays a crucial role in the direction and operation of the Optimism ecosystem. Here are some key details about the OP token:

Token type: OP is an ERC-20 token built on the Ethereum blockchain.

Token utility: OP is used for governance and decision-making within the Optimism network, as well as for payment for network services.

Governance system: Optimism is collectively managed by the Optimism Collective, including governance by the Citizens' House and Token House. OP token holders have the right to participate in the Optimism Collective, which is a dual-layer governance system.

References:

[1] https://www.optimism.io/

[2] https://www.coindesk.com/learn/what-is-optimism/

[3] https://cryptopotato.com/what-is-optimism-op-guide/

[4] https://learn.bybit.com/altcoins/what-is-optimism-op/

2. OP Trading Market

OP tokens can be traded on major mainstream exchanges, as shown in the following image.

*Source: https://coinmarketcap.com/currencies/optimism-ethereum/#Markets

3. Tokenomics

Tokenomics

The initial token supply of OP is 4,294,967,296 OP tokens, with an annual inflation rate of 2%. In the first year, 30% of the initial token supply will be allocated to the foundation, and after the first year, token holders will vote to decide the annual OP allocation budget for the foundation.

Optimism aims to create value for its three supporters:

• Token holders gain value by effectively redeploying sequencer revenue.
• Contributors and builders gain value from retroactive public goods funding.
• Users and community members gain value from ongoing airdrops and project incentives.

In summary, demand for OP block space generates revenue, which is allocated to public goods, driving more demand for block space.

Therefore, the token allocation for OP is as follows:

• Ecosystem Fund (25%): divided into Governance Fund (5.4%), Partner Fund (5.4%), Seed Fund (5.4%), and Undistributed Fund (8.8%).
• Retroactive Public Goods Fund (20%)
• User Airdrops (19%): divided into Initial Airdrop (5%) and undisclosed subsequent airdrops.
• Core Contributors (19%): individuals who helped turn Optimism Collective from concept to reality.
• Investors (17%)

Source: https://community.optimism.io/docs/governance/allocations/

Regarding airdrops: Optimism has conducted multiple OP token airdrops. The first airdrop took place on May 31, 2022, distributing 5% of the total OP token supply. The third airdrop occurred on September 19, 2023, distributing 19,411,313 OP tokens worth $27 million.

References:

[1] https://community.optimism.io/docs/governance/allocations/

[2] https://community.optimism.io/docs/governance/airdrop-1/

[3] https://cointelegraph.com/news/optimism-private-token-sale-op-token-price

[4] https://boxmining.com/optimism-op-token-airdrop/?amp=1

[5] https://www.coindesk.com/business/2023/09/21/optimism-foundation-sells-157m-op-tokens-citing-treasury-management/

[6] https://www.coindesk.com/markets/2023/09/19/optimism-quietly-rolls-out-third-community-airdrop/

4. Investment Institutions

Notable investment institutions involved in investing in Optimism include A16z, Paradigm, Spark Capital, Sequoia Capital, Polychain Capital, DRW Venture Capital, Alameda Research, Coinbase Ventures, Pantera Capital, and Three Arrows Capital, among others.

According to Tracxn's data, Optimism raised a total of $175 million in two funding rounds from 10 investors, including Spark Capital, Paradigm, and 8 other investors. The most recent funding round was a $150 million Series B led by A16Z and Paradigm, valuing Optimism at $1.65 billion.

References:

[1] https://pitchbook.com/profiles/company/399544-84

[2] https://app.dealroom.co/companies/optimism_1

[3]https://tracxn.com/d/companies/optimism/__jIHbTdDsd8Ux1eWS2Fc6kTZK4mU5GkwJrFbLADP8Xvc

[4] https://techcrunch.com/2022/03/17/paradigm-and-a16z-back-ethereum-scaling-startup-optimism-at-1-65b-valuation/

[5]https://tracxn.com/d/companies/optimism/__jIHbTdDsd8Ux1eWS2Fc6kTZK4mU5GkwJrFbLADP8Xvc/funding-and-investors

[6] https://corporatefinanceinstitute.com/resources/wealth-management/pessimist-vs-optimist-investors/

5. Team Introduction

Optimism was created by a group of Ethereum developers, including Jinglan Wang, Ben Jones, and Karl Floersch. Jinglan Wang is the CEO of Optimism, and Ben Jones is the Chief Technology Officer. The team also includes several other developers, engineers, and advisors dedicated to building and developing the Optimism ecosystem.

Jinglan Wang has a background in computer science and has worked at Google and Uber. She is an experienced blockchain evangelist. During her time at MIT, she joined the school's Bitcoin club, starting her journey into crypto. She later worked at Nasdaq as a blockchain product manager and founded the trade finance company Eximchain. She also co-founded The Blockchain Education Network with Jeremy Gardner, helping schools worldwide establish blockchain clubs.

Ben Jones is a software engineer with experience in building decentralized applications on Ethereum. In his spare time, he often creates Ethereum-based parody songs under his stage name Weird ETH Yankovic. He is also an artist within the team.

Karl Floersch is a researcher and developer who has been involved in multiple Ethereum projects, including Ethereum 2.0. He is an OG developer at the Ethereum Foundation.

One of the key features of Optimism is its strong alignment with the Ethereum ethos. The ultimate goal of Optimism is not to create a new power but to become Ethereum itself, which is why we often hear the team use the term "Optimistic Ethereum."

References:

[1]https://tracxn.com/d/companies/optimism/__jIHbTdDsd8Ux1eWS2Fc6kTZK4mU5GkwJrFbLADP8Xvc

[2] https://www.theblockbeats.info/news/30720

6. Trading Data

Regarding OP (Optimism token):

• 24-hour trading volume: $59,769,497
• Current circulating supply: 798,517,235 OP
• Total supply: 4,294,967,296 OP

Reference:

[1] https://coinmarketcap.com/currencies/optimism-ethereum/

7. Recommendations

1. Core Team Status:

For further information about the team, please refer to the previous sections. The team consists of some of the most outstanding researchers in the Ethereum community, and their mission is to make Ethereum more scalable, faster, and cheaper for everyone. The team prioritizes remote work and is passionate about solving complex problems by exploring and expanding technological boundaries.

Core members Jinglan Wang, Ben Jones, and Karl Floersch have been actively involved in the development of the ecosystem. They recently discussed the development of the Optimism ecosystem and the significance of Superchain on a recent episode of the Bankless podcast.

References:

[1] https://www.youtube.com/watch?v=Aq-WSnGL7w4

[2] https://www.youtube.com/watch?v=qk4JfDur9TY

2. Recent Developments

• In October 2022, Optimism launched OP Stack, an open-source development stack to support the OP mainnet. It introduced the concept of Superchains, which are a set of L2 blockchains (OP chains) built on OP Stack.

• The Bedrock upgrade on June 6, 2023, was the first official version of OP Stack. After the upgrade, Optimism's transactions surged, with a 67% increase in transactions on the Optimism Layer-2 network, leading to significantly reduced transaction fees.

After the Bedrock upgrade, Optimism's next step is to upgrade to Superchains. Optimism's L2 Rollup chain will be the first member of the Superchain. Coinbase's upcoming mainnet Base chain will be the second member.

• After raising $240 million, Worldcoin is also committed to building on OP Stack. The Worldcoin wallet, led by OpenAI CEO Sam Altman, chose Optimism to improve scalability.

• Binance's BNB Chain also launched the testnet of opBNB, an EVM-compatible OP chain based on OP Stack.

The ultimate goal is to have various L2 networks built using OP Stack form a "Superchain" where all L2s share sequencing, proving, and cross-chain infrastructure, facilitating seamless communication between networks.

Additionally, in September 2023, Optimism Collective announced that its third round of Retroactive Public Goods Funding (RetroPGF) applications is open. The third round will allocate 30 million OP tokens to builders, artists, creators, and educators who have demonstrated impact in building the Optimism Collective.

The Optimism team has been focused on developing its platform and expanding the impact of its product range.

References:

[1] https://www.optimism.io

[2] https://www.bsc.news/optimism

[3] https://cointelegraph.com/news/ethereum-layer-2-optimism-transactions-surged-following-bedrock-upgrade-nansen

[4] https://cointelegraph.com/news/optimism-transaction-volumes-surpass-abitrum-first-time-six-months

[5] https://opbnb.bnbchain.org/en

[6] https://help.coinbase.com/en/coinbase/other-topics/other/base

3. Industry Outlook

Advantages of Optimism: Leading Projects + Top Investment Bank Support + Super Circle

1. Support from Leading Projects and Top Investment Banks

Optimism has maintained close cooperation with leading Ethereum projects Uniswap and Synthetix during its development.

In October 2019, Optimism collaborated with Uniswap to release the Unipig Optimism Rollup testnet, an experimental Layer2 DEX product based on Optimistic Rollup. Uniswap later announced that it would deploy Uniswap v3 on Optimism when it goes live.

In 2020, the Optimism team partnered with the synthetic asset trading platform Synthetix, which later chose Optimism as its preferred scaling solution to bring derivative trading products to the Optimism ecosystem.

Notably, the support of Uniswap founder Hayden Adams and Synthetix founder Kain Warwick, who are active and influential in the Ethereum ecosystem, has paved the way for Optimism's ecosystem expansion.

Top investment banks have also been early to focus on Optimism. With the backing of a16z and Paradigm, it has gained support from more top investment banks.

2. Super Circle

The "super circle" of Optimism mainly refers to the superchain network built on its OP Stack, which can be understood as a set of open-source software components. Developers can use the OP Stack toolkit to assemble a customized Layer2 network according to their own needs.

Two years ago, application developers faced a relatively simple choice when deciding on which chain to deploy their applications: Ethereum, Solana, Cosmos, Polkadot, or other Layer1 blockchains. Rollups had not yet launched their mainnets, and few people had heard of the term "modular stack." The differences between L1s (throughput, fees, etc.) were very clear and relatively easy to understand.

Now, with the maturity of the Layer2 track, developers have a richer set of choices, including the OP Stack route—directly launching a chain through OP Stack to establish a presence in Optimism's superchain ecosystem.

As of now, a significant number of institutional friends have joined or plan to join the OP Stack circle, covering leading projects in CEX/DEX, public chains, NFT, and more:

• Coinbase launched the Base public chain based on OP Stack, and on June 19, BNB Chain announced the launch of the opBNB testnet, a Layer2 network based on OP Stack. With this, the two major CEXs have joined the battle for Optimism's superchain.

• Beyond CEX, NFT marketplace Zora launched the Zora Network, a Layer2 network based on OP Stack. a16z also announced the launch of Magi, a Rollup client solution based on OP Stack, in April.

• The recent high-profile project Worldcoin, launched by the founder of ChatGPT, has also chosen Optimism. Worldcoin ID will build an application chain based on OP Stack, creating an ecosystem related to on-chain identity systems.

In addition, some older Layer1 public chains or projects have also begun to join the OP Stack camp to transition to the Layer2 track:

• On July 7, the Public Goods Network (PGN) supported by Gitcoin announced its construction based on OP Stack.

• On July 12, the ZK-based Layer1 public chain Manta Network announced the launch of Manta Pacific, a Layer2 network designed for zero-knowledge proof (ZK) applications, based on OP Stack.

• On July 17, Celo development organization cLabs proposed to transform Celo from an independent EVM-compatible Layer1 blockchain to an Ethereum Layer2 based on OP Stack.

• On August 11, DeBank announced the launch of the DeBank Chain L2 testnet based on OP Stack and plans to launch the mainnet in 2024.

4. Future Prospects

Currently, in the Rollup track, OP is technologically and on-chain data-wise behind Arbitrum. However, due to its support from leading projects, top institutions, and the superchain network built on OP Stack, it has made significant progress in ecosystem partnerships, application areas, and partnerships.

We are very optimistic about the grand vision that Optimism has shown in decentralized governance and highly scalable blockchains. Although Optimism still has some gaps compared to its competitor Arbitrum in the current market, we are very much looking forward to the paradigm shift that the Superchain paradigm brought by Optimism will bring to the future Ethereum ecosystem.

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