OP (OP) トケノミクス

1. Issuance Mechanism

• Initial Supply & Design:
  Optimism’s OP token launched with an initial supply of 4,294,967,296 OP tokens (a 32-bit integer, symbolizing a nod to computer science). OP is an ERC-20 token natively deployed on OP Mainnet since May 31, 2022.
• Inflation:
  The OP token incorporates a 2% annual inflation rate following its genesis supply. Any changes to the inflation schedule or supply must be approved via governance proposals.

2. Allocation Mechanism

Detailed Breakdown

• Airdrop Details:
  The first airdrop distributed 5% of supply to users, governance participants, and builders, according to on-chain and off-chain criteria that rewarded historical use, voting, and ecosystem contributions. Subsequent airdrops are planned and retain flexibility for governance-defined eligibility.

3. Usage and Incentive Mechanisms

• Governance:
  OP is the principal governance asset—holders form the "Token House" (half of the Optimism Collective's bicameral system), empowered to vote on network upgrades, funding, budget allocations (including incentives and grants), and more.
  • Delegation: OP holders may delegate their tokens to others for voting efficiency.
• Ecosystem Incentives:
  The OP token is used to fund projects, protocol development, and liquidity mining programs designed to bootstrap adoption and activity. Notably, the bulk of incentive disbursements occur via:
  • Governance Fund: Ongoing support for developers and communities.
  • Liquidity Mining: A major early focus, responsible for the largest share of distributed incentives, fostering rapid TVL and user growth.
  • Development Grants, Airdrops, Partnerships: Targeted programs driving diverse engagement.
• RetroPGF (Retroactive Public Goods Funding):
  • Unique to Optimism, RetroPGF rewards ecosystem builders and public goods contributors after proven impact, funded by sequencer revenues and dedicated token allocations, and voted on by the Citizens' House.
• Sequencer Expansion:
  Revenues generated by the network’s transaction sequencing will ultimately be distributed to ecosystem contributors as the sequencer set becomes more decentralized.

Incentive Model Impact

• Incentivized users (from airdrops or mining campaigns) demonstrate higher engagement and retention.
• Disbursements via RetroPGF rounds (e.g., RetroPGF 4-6) have distributed tens of millions of OP to hundreds of participants, rewarding tangible onchain contributions.

4. Lock-Up and Vesting Mechanisms

• Core Contributors/Investors:
  These allocations (19% and 17% of supply, respectively) were subject to a one-year lock-up post-launch (i.e., until May 31, 2023), transitioning into linear vesting over subsequent years. Vesting for these groups ensures a gradual introduction to the circulating supply—reducing early selling pressure and aligning long-term interests.
• Community Allocations:
  Airdrop allocations are generally distributed with little or no lockup, fostering community engagement from the outset.
• Ecosystem Fund & RetroPGF:
  These allocations are unlocked on a rolling basis, largely programmatically or at the discretion of governance, with varying schedules depending on campaign structure.
• Scheduled Unlocking:
  The overall tokenomics anticipate that most non-circulating supply allocated to founders, contributors, and investors will be fully unlocked by ~4 years post-launch. Community/retro-funding portions show a front-loaded unlocking as public goods rounds and ecosystem incentives ramp up.

Supply Trends (as of June 2025)

• Total Supply: 4.295 billion OP
• Circulating Supply: ~1.715 billion OP
  • Indicates a substantial portion remains vested or reserved for long-term alignment.

5. Unlocking Schedules & Timeframes

• Aggregated Schedule:
  • User airdrop allocations were heavily front-loaded (Year 0–1).
  • Core contributor and investor allocations vest linearly post one-year cliff (Year 1–4).
  • Ecosystem and public good allocations ramp progressively, with full unlock targeting Year 4.
• Specifics:
  • For a visual, the cumulative unlocked supply for core contributors, investors, ecosystem, and airdrops grows steadily each year, with community allocations (Ecosystem Fund + RetroPGF) ultimately being the largest unlocked share by the end of Year 4.
  • Detailed vesting schedules for each allocation are governed by the foundation and published for transparency.

6. Nuances, Governance Evolution, and Ecosystem Philosophy

• Dynamic Incentive Alignment:
  The OP token’s economic model is intentionally designed for adaptive governance and sustainability, supporting:
  • Long-term ecosystem growth
  • Continuous public goods funding (a first among major L2s)
  • Progressive decentralization (future sequencer rewards, evolving council frameworks)
• Risks & Forward-Looking Considerations:
  • Unlocking events for investors/team are ongoing, so monitoring future unlocks is critical for market participants.
  • Competition from other L2s (Arbitrum, zk-rollup tech) and reliance on healthy governance participation are systemic risks.
  • The inflation component is modest, but any future changes must pass governance, adding an additional degree of economic flexibility—or unpredictability.

Conclusion

Optimism’s OP token economic design balances distribution to core stakeholders, ecosystem bootstrapping, and experimental incentive systems like RetroPGF. The aim is not just network growth and TVL, but also sustainable, public-goods-oriented value creation. With a gradual and transparent unlocking schedule, active governance, and unique mechanisms for rewarding impact, Optimism stands out among L2s for its multifaceted tokenomics and emphasis on long-term community ownership and innovation.

Key Takeaway:
Optimism’s token economics are engineered to bootstrap ecosystem growth, reward both early and future contributors, and institutionalize public goods funding, all under an evolving, governance-centric model. Regular unlocks and adaptive incentives require vigilant monitoring for investors—but also offer a transparent, mission-driven growth roadmap.