Optimism’s main utility is to batch transactions on the Optimism network. Optimism allows users to enjoy lower gas fees on their transactions executed on the Optimism network through optimistic rollup technology.
OP is the native token of the project. The current use cases for OP include:
Governance: OP tokenholders are part of a bicameral system where OP tokenholders form a body to vote on certain governance matters.
Rewards and Ecosystem Funding: OP tokens are airdropped to users and protocols which supported the Optimism ecosystem, and will be distributed through the OP Governance Fund to future projects building on Optimism.
The project consists of the following major components working in conjunction:
Optimistic rollup: Optimism relies on the security of the Ethereum blockchain to process blocks that are created on the L2.
Ethereum Layer 2 scaling solution: Optimism is a Layer 2 scaling solution built on Ethereum which is EVM equivalent and has its own ecosystem of applications
As at June 1st 2022, the total token supply of OP is 4,294,967,296. The current circulating supply is 1,318,490,188 (30% of the total token supply).
Learn more about the token distribution of OP here.