The official launch of Optimism Rollup's OP governance token caused a delay in network transactions. The developers managed to stabilize Optimism after 5 hours.
Ethereum scaling network Optimism Rollup launched its OP governance token on Tuesday. As reported on its official Twitter account, OP had a turbulent start due to the high demand the network experienced in the hours leading up to the token's official launch.
According to the developers, although they had not yet announced the official launch of OP for this Tuesday, the network experienced a moment of unprecedented high demand. Some users on Twitter They advanced Optimism and revealed that the token was already available for claiming and could be traded on some exchanges.
As a result of high demand, transactions with the OP token became stuck, preventing holders from buying or selling it.
However, despite a bumpy launch, the arrival of the OP token on the Optimism network marks the end of one chapter and the beginning of a completely new one towards a more open and human-centered Internet, Web3, the blockchain developers indicated on Twitter.
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As reported by this media, Optimism Rollup confirmed the creation of a governance token at the end of last April, noting that this would open the door to digital democratic governance to promote the construction of a new, more productive and empathetic economy within the protocol.
Optimism RPCs crash
Massive user demand on the Optimism network brought down its RPC (Remote Procedure Call) communication protocols, which allow other protocols and applications to interact with the blockchain. Because of this, users were unable to access their OP tokens from applications such as MetaMask and Uniswap.
“We significantly underestimated the amount of expected load this would have on our public RPC endpoint”, the developers said.
On Twitter, they also noted that the network was stabilized after 5 hours, while users rushed to posts about his inability to trade OP token. “Just watching my airdrop that was worth over 5 ETH this morning go to zero,” said user @phunk2243 while lamenting not being able to sell OP even if he wanted to.
In a status update In a post on the Status Optimism portal, the developers indicated that in order to add network capacity, they decided to limit the functionality of the archive node and, with it, access to archive requests. This is a stopgap measure until the network decongests and returns to normal.
In addition to this, they have pledged to ensure that future airdrops of the token take place in a more stable and smooth manner for users. “There are many lessons we learned from this to apply to Drop #2”, Optimism developers said on Twitter.
According to CoinMarketCap, over $244 million has been traded in OP over the past 24 hours. At press time, Optimism's governance token is trading at a value of $1,68, while its all-time high seen so far is $4,57 per token.
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