News Report
July 10, 2024

Optimism Launches SuperFest Event With 1.5M OP In Rewards

In Brief

Optimism launched SuperFest to celebrate developers working on DeFi applications across OP Mainnet, Base, Mode, and Fraxtal.

Optimism Launches SuperFest Event With 1.5M OP In Rewards

Ethereum Layer 2 network Optimism (OP) announced the launch of the Superchain decentralized finance (DeFi) festival, SuperFest. SuperFest is an on-chain event that celebrates developers working on DeFi applications throughout OP Mainnet, Base, Mode, and Fraxtal networks, contributing value to the Optimism Collective. The event is currently open and will be over in August.

According to the announcement, the Optimism Collective, which oversees the governance of Optimism, will allocate 1.5 million OP tokens as rewards over the course of the festival. This initiative aims to encourage users to explore DeFi applications within the Optimism Superchain and emphasize the developments occurring on the OP Mainnet, Base, Mode, and Fraxtal blockchains.

Participating users will be able to claim their tokens on the Jumper exchange within the SuperFest page based on their engagement. This page will also host the available SuperFest missions. User reward balances will be updated every 24 hours or every seven days, depending on the specific DeFi protocol.

A variety of applications are participating in the festival, including Velodrome, Aerodrome, Uniswap, Aave, Curve, Morpho, ether.fi, Lido, and the Renzo protocol, among others. Additionally, several cross-chain bridges will be involved, such as Jumper, Across, Stargate, CelerNetwork, Bitconomy, and Symbiosis.

What Is Optimism’s Superchain?

Optimism is an Ethereum Layer 2 scaling network designed to enhance Ethereum’s transaction throughput and reduce transaction costs. This is accomplished through optimistic rollups, which enable transactions to be processed on OP Mainnet, Optimism’s blockchain, while leveraging Ethereum for settlement, consensus, and data availability.

Meanwhile, Optimism’s Superchain represents a network of interconnected blockchains that share features such as bridging, decentralized governance, upgrades, and a communication layer, all built on the OP Stack. Blockchains within the Superchain contribute a portion of their revenue back to the Optimism Collective, supporting public goods and network development.

Recently, Optimism Collective launched Optimism Governance Season 6, which aims to facilitate collaboration between the community and developers to discuss and implement network improvements. This season’s theme is “Optimizing to Support the Superchain.”

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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