• Sun. Feb 25th, 2024

Vitalik Buterin Applauds Optimism’s $100 Million Developer Fund

Xavier Jackson

ByXavier Jackson

Jan 12, 2024

Ethereum co-founder Vitalik Buterin has commended Optimism for its substantial $100 million funding initiative aimed at supporting developers.

Buterin Lauds Optimism’s Funding Efforts

Speaking on the platform X (formerly known as Twitter ), Buterin expressed his admiration for Optimism’s unique approach to supporting the developer community, particularly noting the absence of a traditional business model in their operations. 

This commendation follows the recent allocation by Optimism’s Retroactive Public Goods Funding (RetroPGF) of 30 million OP tokens, equivalent to over $100 million, in its third round. This initiative rewards developers and contributors for their pivotal role in developing essential public goods that form the backbone of the Optimism Collective.

Optimism Recognizes Developers’ Efforts, Doles Out $100 Million

The latest round of funding from Optimism marks a significant milestone in acknowledging the hard work of individuals within its ecosystem. A total of 501 recipients, including writers, creators, educators, and contributors, were awarded a share of the $100 million fund. 

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These individuals were evaluated based on four key parameters—OP Stack, Collective Governance, Developer Ecosystem, and End User Experience and Adoption—ensuring a comprehensive assessment of their contributions to the platform.

The Retroactive Public Goods Funding (RetroPGF) by Optimism stands out as a novel approach to supporting creators of public goods, a sector often overlooked by conventional funding channels. This initiative not only recognizes their efforts but also provides the essential core tools and infrastructure needed for efficient blockchain operations.

Prior to this, Optimism’s RetroPGF had already made a significant impact by distributing over $10 million to developers and contributors in its first two rounds, demonstrating a consistent commitment to nurturing the blockchain community.

Optimism Token Struggles Despite Buterin’s Endorsement, Ethereum Soars

Despite the positive recognition from Vitalik Buterin towards Optimism for its role in enhancing the Ethereum ecosystem, this acclaim did not translate into increased interest in the Optimism token. As of the latest reports, the price of OP stood at $3.87, experiencing a slight decline of 0.7% in just seven hours. 

Moreover, trading volumes saw a significant drop of over 36% in the past 24 hours, settling at $488.3 million, which suggests a reduced interest from retail investors in the cryptocurrency.

Despite this short-term dip, it’s noteworthy that OP has seen a substantial rally of over 12% in the past week and an impressive 67% increase over the past month.

In stark contrast, Ethereum, ranked as the second-largest cryptocurrency, has been witnessing a remarkable surge in its value. This uptick in Ethereum’s price is largely attributed to the recent decision by the U.S. Securities and Exchange Commission to allow spot exchange-traded funds (ETFs) tracking Bitcoin.

This development has positively impacted Ethereum, with its prices soaring by more than 17% in the last seven days, as per the data provided by CoinGecko.

Xavier Jackson

Xavier Jackson

Xavier Jackson is a talented and versatile news writer with a knack for delivering compelling stories. With a dedication to accurate reporting and a captivating writing style, his articles provide readers with insightful and thought-provoking perspectives on current events.

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