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Usha Yadav
Jun 3, 2022
by Usha Yadav

Vitalik Supports Optimism's Governance Structure and OP Gas Proposal

Vitalik

Table of contents

  1. Citizens' House Will Expand In Size
Vitalik Buterin, the co-founder of Ethereum, has expressed support for Optimism's new governance structure, pointing out that suggestions like using the OP token for gas costs indicate a "clear representation of non-token-holder interests." As part of its new governance project, "Optimism Collective," the Ethereum layer-2 scaling solution, launched the first wave of its long-awaited OP token airdrop on June 1. The "Token House" and the "Citizens' House" are the two parties that make up Optimism's new governing structure. The former comprises holders of OP governance tokens, while the latter is made up of owners of "soul-bound" non-transferable citizenship NFTs. While it's unclear whether Buterin completely supports a proposal from June 2 to use the OP governance token for gas fees, he did say on Twitter today that he's glad such a discussion is going place:

The Token House is in charge of project incentives, protocol updates, and treasury cash, while the Citizens' House is in order of retroactive public goods funding. Vitalik Buterin appears to welcome the fact that the two share governance choices on network parameters and issuing new citizenships to the Citizens' House.

Citizens' House Will Expand In Size

According to Optimism, the Citizens' House will expand in size over time, and the foundation will define the "method for allocating Citizenships with feedback from the Token House." Buterin has stated on multiple occasions that the crypto sector has to "go beyond coin voting" in decentralized finance (DeFi) or decentralized governance (DeGov) to avoid the risk of whale governance token holders gaining control of the voting process. Buterin claims that this can lead to the whales' short-term emphasis on accepting proposals that aim to boost the price of specific assets.

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Vitalik Supports Optimism's Governance Structure and OP Gas Proposal
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.