Optimism’s freshly launched governance token OP has plunged 40% since peaking at $2.10, leading members of the community to discuss baring those who dumped their tokens from future airdrops.
Cointelegraph reported yesterday that the Ethereum Layer-2 scaling solution was overwhelmed with demand for the first OP governance token airdrop, as 5% of the token supply was distributed to around 250,000 eligible users.
As per Coingecko data, the token opened at roughly $1.43 before surging to $2.10, but as more users got their hands on the free airdrop over the day, OP dropped to as low as $1.09 before climbing back to $1.18 at the time of writing, marking a 43% drop.
Yesterday was an absolute whirlwind. It wasn’t without hiccups, but to much excitement, OP was born. ‿
We’ll have an extensive retro on Drop Day next week. Meanwhile, we want to share some stats coming out of the launch.
With >50% of Drop 1 now claimed, let’s dive in! pic.twitter.com/oGnxB47E3f
— Optimism (✨_✨) (@optimismPBC) June 1, 2022
Following the sharp drop of OP’s price, a member of Optimism’s governance community who goes “OxJohn” put forward a proposal in the Optimism governance forum to exclude addresses that dumped 100% of their airdropped tokens. The post garnered a significant amount of attention from the community, pulling in 11,200 views, 305 replies and 595 likes.
OxJohn highlighted several addresses that received at least 32,000 OP tokens and promptly dumped them on the market, arguing that their actions are “counter-productive” to the community and diluted the governance process.
The OP hodler went on to suggest that these accounts should be barred from the next round of OP airdrops with “a public list of accounts that engage in this behavior” excluded. In their view, doing so would see the distribution of governance weight to only those who plan to actively participate.
“Why should Optimism Collective continue rewarding these kind of mercenary actors who will…
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