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Tuesday, September 27, 2022

Vitalik Defends  Governance Structure At Optimism And OP Fuel Proposal

Vitalik Buterin, the co-founder of Ethereum, has backed the new governance construction at Optimism. He has noted that proposals that resemble the utilization of OP tokens for fuel charges reveal excessive representation among non-token holders.

The co-founder of Ethereum has time and again advocated support for projects that should shift away from voting in DeGov and DeFi. It will permit smallholders to take part in governance.

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The layer-2 solution for scaling in Ethereum deployed the initial round of the much-anticipated airdrop of OP token this Wednesday. It is part of the fresh governance to portray this ‘Optimism Collective.’

Vitalik Says That New Governance Arrangement Of Optimism Comprises Two Parties

The new governance structure of Optimism comprises 2 parties that have been named Citizen House and Token House. While the form has ‘ soul-bound citizenship that is non-transferable, the latter comprises OP governance holder of tokens.

Though it remains uncertain if Vitalik would be wholly supportive of a proposal to use the governance token of Optimism for a gas fee or be content that such discussions have been initiated. He pointed out on social media that he was proud of Optimism for adding non-token governance.

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He added that optimism had goals other than merely ‘make OP go up.’ The only way that can be done on a long-term basis is through the explicit representation of the interests of non-token holders.

Both Token House and Citizen House generally look after different purposes, with the former tasked with resolving project incentives, treasury funds, and protocol upgrades. The latter concentrates on retroactive funding of public goods.

The two are also known to share the decision of governance on conceding new citizenship and network parameters to the Citizen House. This has been appreciated by Vitalik this time around.

Optimism reveals that the citizens in Citizens’ House would gradually grow and the Citizenship distributing mechanism will be decided by this Foundation with Token House contributions.

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