• Tue. Jul 16th, 2024

DEX aggregator 1inch announces 300,000 OP token airdrop on Optimism network

Decentralized exchange aggregator 1inch has announced that it will conduct a 300,000 OP token airdrop to 1inch wallet users on the Optimism Network, which is an Ethereum Layer 2 scaling solution.

The OP tokens will be equally distributed between all wallets that have made swaps through the 1inch wallet on Optimism Network. However, wallets involved in a Sybil attack, where an attacker uses multiple wallet addresses for malicious activities, will not be included in the distribution.

The Airdrop is scheduled for September 1.

1inch expansion on Optimism

1inch became integrated on Optimism in August 2021 with the aim of reducing transaction fees and improving throughput for its users. Optimism has the potential of processing up to 2,000 transactions per second (TPS), which is far more than what Ethereum can handle.

1inch co-founder Sergej Kunz in a statement said:

“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.”

According to 1inch, more than 45,000 wallets have used 1inch on Optimism with 28,600 performing most of their transactions on the Optimism network.

Optimism’s layer 2 Optimistic Rollup scaling solution leverages the security of Ethereum while reducing the latency and costs of transactions. It currently has a locked value of over $900 million and has seen a steady rise in transactions for the first half of the year.

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