1inch users on Optimism to receive airdrop of 300,000 OP tokens

Decentralized exchange aggregator 1inch is offering users free tokens for participating in Optimism. The move will further spur activity on the Ethereum Layer 2 scaling solution, the organization said.

The exchange aggregator announced Tuesday that it will evenly distribute 300,000 OP tokens to the most active wallets and regular users of Optimism through retroactive Merkle drops. According to 1inch, 3,782 wallets were selected for the airdrop. The OP Token is Optimism’s native cryptocurrency, allowing holders to participate in the network’s multi-layered governance system.

According to CoinMarketCap, the OP token is currently worth $1.22, up 5% on the day.The Governance Token was trading at a high of $4.57 when it first airdropped in May, but since then, underlying market conditions and so-called air drop damperOptimism witnessed surge in demand after project Announced multi-phase airdrop program.

1inch will be deployed in Optimism in August 2021, Co-founder Sergej Kunz touts faster transaction speeds After integration. On Thursday, Kunz said the 1inch and Optimism integration has seen “a significant amount of activity on the network.”

According to the company, as of August 2022, over 45,000 wallets were interacting with the 1 inch protocol on Optimism. Of that total, 28,600 wallets performed the majority of their transactions on Layer 2 scaling solutions.

Related: Buterin: Layer 2 Scaling Makes Crypto Payments ‘Makes Sense’ Again

The Optimism Foundation, which oversees the Optimism Network, announced a new governance structure in April of this year. The newly formed Optimism Collective is governed by two components. Citizens’ House, tasked with distributing funds through earnings, and Token House, responsible for voting on protocol upgrades.

According to DeFi Llama, Optimism’s Total Locked Value (TVL) peaked at over $1.1 billion in early August. Currently, Network TVL is $892.9 million.