Optimism Governance Season 3 Update: Bedrock Upgrade, Token House, And Grants

Optimism Governance has provided an update on Season 3, which includes upcoming milestones and recent developments. Bedrock, the first protocol upgrade to the Optimism Collective, is one step closer to Optimism Mainnet.

Bedrock is one step closer to Optimism Mainnet! @optimismFND shared an updated proposal for Token House review – the first proposal for protocol upgrade to the Optimism Collective.

Voting starts Thursday.

You can read the full update here: https://t.co/eJdhI1FCU8

— Optimism Governance (@OptimismGov) March 22, 2023

The Bedrock release of the OP Stack is a complete rewrite of the core components of the Optimism architecture, offering a new level of modularity, simplicity, and Ethereum equivalence for Layer 2 solutions. Most users will not be impacted by the upgrade as the current mainnet is already EVM-equivalent.

The Bedrock upgrade is also a significant step towards the multi-chain future, creating a shared standard and setting the stage for a Cambrian explosion of aligned L2s.

The Optimism Collective is governed by two houses: the Token House and the Citizens’ House. OP holders are responsible for submitting, deliberating, and voting on various Optimism Collective governance proposals in the Token House. In contrast, Optimism citizens are responsible for allocating rewards to providers of public goods through a process called “retroactive public goods funding” in the Citizens’ House.

On May 31, there will be a substantial increase in OP token circulating supply, with tokens released from lockup. Votable supply, the number of OP delegated to a voter, also continues to increase.

Since the start of Season 3, the OptimismGrants Council has been running a transparent, community-driven grants program. At the conclusion of Cycle 11, the Token House will determine if the Council should continue. Season 3 ends April 5. Information about Season 4 of Optimism Governance and how to get involved will be shared in the future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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