Try Quests to earn cryptoOptimism Governance
On June 2022, Optimism released the OP Governance token to enable DAO like governance for further progression of Optimism Roll-Up. The OP Governance token was distributed mostly via airdrop to previous users of Optimism Roll-up, ETH and its other L2 users and active governance participants. Similar to Maker DAO, the OP tokens can be delegated to others, thus allowing governance to be handled by specialized entities. In this dashboard, we will look at some metrics related to the Optimism Governance. The OP token is deployed in 0x4200000000000000000000000000000000000042 and, DelegateChanged and DelegateVotesChanged are essential events to be tracked.
Since Optimism allows delegation to literally any address, it means, there is quite alot of delegates in existence on technicality. Do they take part in governance or not, by definition, these wallets are delegates. We will analyze these delegates first, before delving deeper into Recognized Delegates.
On technicality, there are 10,000+ delegates, capable of taking part in governance. Altogether, the hold 26 Million OP worth voting power.
Most of these wallets are stray wallets, as seen by the Median parameter on the right.
The massive difference in Average and Median suggests the top-heavinesss of the distribution.
Analyzing the distribution using Lorenz Curve and Gini coefficient, the top heaviness is much more clear.
41% of the voting power is held by 0.1% of the delegates, i.e 10 delegates have accumulated 41% of the voting power.
0.99 Gini coefficient suggests a totalitarian governance control as 10 out of 10,000 wallets horde alot of voting power.
However, this is where recognized delegates come it to play, to even out the play better.
Recognized delegates are dedicated governance teams of individuals that have listed themselves on the Optimism Delegates page, explaining their motives, goals, and why one should delegate to them. While Recognized delegates are simply glorified delegates, they tend to carry a little bit of accountability and publicity. Moreover, their presence in the Official page, tends to bring them more delegated voting power.
This is clearly evident as the 57 recognized delegates from the Optimism Delegates page, accumulate 24 Million OP governance power, i.e 92% of the available Governance power. Top 9 wallets account for 58%. However, alot of these Delegates are individuals extremely active on crypto twitter.
On average, a recognized delegate has 200,000 to 400,000 OP governance power. The relatively smaller disparity ratio between Average and Median, suggest a slightly more egalitarian distribution.
This is reinforced by the Gini Coefficient of 0.6. In crypto, we see alot of 0.99 Gini Coefficient values due to first mover advantages reinforcing the top users. Being in the middle of 0 and 1, 0.6 suggests a much more egalitarian governance distribution.
Top heaviness exists, like 10% of the recognized delegates (6 wallets) control 45% of governance power. But the likes of Polynya, Linda, Lefteris suggest good decision making from the OP delegatees overall, in terms of power distribution. Even SNX and Quixotic are Optimism natives.
FlipsideCrypto has its own governance team. They have their own delegate to take part in Optimism Governance too, handled by the multi-sig deployed on flipsidecrypto.eth or 0x62a43123fe71f9764f26554b3f5017627996816a. Lets see some activity regarding Flipside Crypto.
As of now FlipsideCrypto delegate retains 200,000 voting power, almost half of the Recognized delegate average
To look into the metrics of other delegates, simply copy paste the respective delegates wallet address into the search bar at the top. The list of delegates is given under the List of Recognized Delegations section at bottom.
> # Other Delegates
0x5e349eca2dc61aBCd9dD99Ce94d04136151a09Ee- Linda Xie0xB1EA5a3E5EA7fA1834d48058EcDa26d8c59e8251- Quixotic0x45a10F35BeFa4aB841c77860204b133118B7CcAE- Ethernaut0xdb5781a835b60110298fF7205D8ef9678Ff1f800- Yoav Weiss0x75536cf4f01c2bfa528f5c74ddc1232db3af3ee5- Katie0xa6e8772af29b29b9202a073f8e36f447689beef6- GFX Labs0x48a63097e1ac123b1f5a8bbffafa4afa8192fab0- Scott Moore0x01e6b50557ef1a2ca58a621998ace3f278e808b8- Nick Tong (Perpetual Team)0x1b686ee8e31c5959d9f5bbd8122a58682788eead- Kris Kaczor (L2BEAT)0x512fce9b07ce64590849115ee6b32fd40ec0f5f3- Solarcurve0x9b7df3a2df61e72df5c4d565a0e017d7c5c6e532- Jen Senhaji0x9cbe5b896d0c24acf41860b9e3df6750c2040a40- Devon Zuegel0x839395e20bbb182fa440d08f850e6c7a8f6f0780- Griff Green0x6cea573473348367a5f66e0f261bfa25799e6a60- Mike0x94db037207f6fb697dbd33524aadffd108819dc8- Joxes0x13838884271ec954cb036d0b29d404afab5eae2a- Cryptotesters0xd23199f1222c418ffc74c385171330b21b16e452- Doug0x46abfe1c972fca43766d6ad70e1c1df72f4bb4d1- Synthetics Ambassador Council0xed11e5eA95a5A3440fbAadc4CC404C56D0a5bb04- she2560x7ae109a63ff4dc852e063a673b40bed85d22e585- Blockchain at Berkley0xdab0d648a2a771e6952916a822dddf738b535f5a- Wildfire Infra Prod0xb7abf554aefd4686639afcf2a653adfda3d9b038- pseudotheos0x8f73be66ca8c79382f72139be03746343bf5faa0- David Mihal0x429f9ada43e9f345cbb85ec88681bb70df808892- Polynya0xf3f527b70af6012f328d3ede7fcd3f5f3ca6cba2- Zeng Jiajun0x8f07bc36ff569312fdc41f3867d80bbd2fe94b76- Jacob0x0331969e189d63fbc31d771bb04ab44227d748d8- Butterbum0x2fd8bd701461684957a9d6a9d15f9d5cbf17a58d- Jonathan West0xf417ace7b13c0ef4fcb5548390a450a4b75d3eb3- wojtek
0xdcf7be2ff93e1a7671724598b1526f3a33b1ec25- Gonzalo Diez (Dhannte)0xfd4f24676ed4588928213f37b126b53c07186f45- Matthew Bunday0x523d007855b3543797e0d3d462cb44b601274819- Danielle Salatti0x0f9457824adb0649f57b91f21fcaf598b7ed9230- Dane Lund0x9e5b45e4872de2ee4b6ffbd06b3735501826b032- Rick Dudley0x70d95a4e6f514149af97de9a107d12bf1cf57169- ScaleWeb30xc20687Cd6FFF6BcFE8032fdA567c35F55543C2aC- Srikar0xfc61965861b679c5aa728d41fa6ea0b29544f554- Blockchain@Hopkins0x7899d9b1181cbb427b0b1be0684c096c260f7474- Minimal Gravitas0x1d1a13b16667c284b87de62caeeff0ce89e342b2- StableNode0x070341aa5ed571f0fb2c4a5641409b1a46b4961b- Penn Blockchain0xb55a948763e0d386b6defcd8070a522216ae42b1- Reverie0xeef440ea127a0aabf70601c6c68c425c29d02018- Blockchain@Columbia0x6eda5acaff7f5964e1ecc3fd61c62570c186ca0c- Michael Vander Meider0x1372eda77df5a048db8af4db3d8680ff56388824- Pat LaVecchia0xc540eb6c7b3e44ef8a45db3ad8618404baed88f6- Darwin0x2b888954421b424c5d3d9ce9bb67c9bd47537d12- Lefteris Karapetsas0xdf629daa1e3a099d4c87d7ba855e9561d2300032- Annymest Mohanty0x265c328bf0cad7f6fcddd375a4c02754963e3a2e- Jiawei Hu0x1de2a056508e0d0dd88a88f1f5cdf9cfa510795c- L2220x8c580556fdb1f57853e49f409ae9b89f7658e7a2- web3magnetic0xf9551c66995ed3ff9bb05c9fd7ff148bd75dc99a- Snapshot Labs0xe31b7439693889cae4490eb6e7ca88fb23b1d11b- datangxinyu0x2345f4e0cdf00d427d773413dd4617d0156c29a9- Boiler Blockchain0x6fc69da059944b4895d65f385b9a26b1285cab88- Muiris0x062a07cbf4848fda67292a96a5e02c97e402233f- Exosphere0x4ac799e9B0E252bC45d499857C84809A5A444AE0- Forrest Norwood0x62a43123FE71f9764f26554b3F5017627996816a- Flipside Crypto
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> # List of Recognized Delegates