• 1inch announces a 300,000 OP token airdrop for Optimism users

  • 1inch, a decentralized exchange aggregator, has announced a retrospective airdrop of 300,000 OP tokens to 1inch wallet users on the Optimism network, which is an Ethereum Layer 2 scaling solution.

    The tokens will be dispersed equally to all wallets that have made swaps on the Optimism network using the 1inch wallet between now and September 1. This excludes wallets used in a Sybil attack, which is a security threat in which an attacker uses many addresses for malevolent purposes. The airdrop was supposed to take place today, but it will instead take place in a few days.

    Sergej Kunz, co-founder of 1inch, stated in a statement, “Optimism is one of the most efficient and popular L2 solutions. Since 1inch expanded to Optimism, we have seen substantial activity on that network, and this reward will come as an extra incentive for them to use 1inch on Optimism.”

    1inch will be renamed Optimism in August 2021, with the goal of lowering transaction fees and increasing throughput for its consumers. It has the potential to reach 2,000 transactions per second (TPS) over time, compared to about 15 TPS on Ethereum, according to 1inch co-founder Anton Bukov last year.

    Over 45,000 wallets have used 1inch on Optimism, according to 1inch. Of these, 28,600 had it set as their priority, implying that the majority of their transactions took place on the Optimism network.

    The Layer 2 Optimistic Rollup scaling solution by Optimism promises to leverage Ethereum’s security while reducing costs and latency by bundling transaction verifications off-chain. It has currently locked over $900 million in value on the network and has experienced a continually increasing transaction count since the beginning of the year.

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