The Grill: Editorial Notes (vol. 7) — Let's Get Optimistic

The Grill: Editorial Notes (vol. 7) — Let's Get Optimistic

A great week is behind us, with an amazing new native staking integration – BNB. Now, it’s time for a new update to our Explore Screen. Optimism’s OP token went live a few hours ago – on our Explore Screen, you’ll find a quick way to get to the site where you can claim your airdrop.

To claim the airdrop, you’ll need to complete a few steps. First, check your eligibility. If you are eligible, you’ll need to answer three simple questions, accept the Working Constitution, and delegate your tokens before claiming your airdrop. After that’s done you’ll be a proud owner of OP!

Don’t worry if you weren’t eligible for the airdrop, as this was just the beginning of what’s to come. This week, we’re looking into Optimism Governance Fund’s Phase 0 of OP distribution plan and some of the things you can do to get included in the future OP distributions.

This Phase was meant for projects that have been building on Optimism. With it, they want to distribute OP tokens to help incentivize and grow the user base of the projects as well as of Optimism itself. The snapshot of the eligible projects was taken of Apr 1, 2022 and the funding amount for each project was determined by a set of on-chain metrics – TVL and transactions per day.

Below we’ll look at some of the projects that were eligible and have announced their own distribution plans for the OP tokens they can claim. You’ll find them all in a Let’s Get Optimistic feature on Steakwallet’s Explore Screen and have quick access to them straight from the wallet.


Let’s Get Optimistic

Trade or provide liquidity on Perpetual Protocol – the leading perpetual swap protocol.

Perpetual Protocol is the most used protocol on Optimism with around 21k transactions per day. It is Optimism native and will be receiving 9m OP tokens as part of the distribution plan. They will use those tokens to (a) incentivise lenders to lend collateral to the market makers, (b) incentivise market makers to ensure deep liquidity on their platform and (c ) expand their grants program to further incentivise builders to build on top of Perp.

They expect these incentives to last from 4 months up to a year. Read the full proposal here.  

Lyra – the first native project on Optimism offering options trading with deep liquidity and a rage of strike prices and expiry dates.

With ~$40m TVL, Lyra is the third largest protocol on Optimism and will be receiving 3m OP tokens. With 1m OP tokens, they will be incentivising builders to build on Lyra anything from DeFi option vaults to community newsletters. 1.5m will go to Liquidity providers who will be receiving a share of OP tokens proportional to their share in the pools. The rest of the tokens will go to anyone trading on Lyra as a rebate on trading fees.

The distribution is targeted to last 6 months. If you have been a user or builder on Lyra, you might also be eligible for a retroactive distribution. Take a look here.

Trade derivatives on Kwenta with zero slippage.

Kwenta’s proposal consists of three parts: Platform migration incentives, Competition prizes, and DAO contributor incentives.

Out of 1m tokens, they distribute 660k to 1000 trader addresses who weren’t able to claim dYdX airdrop and will migrate to Kwenta’s trading platform. 140k OP will be used in prize pools for incentivisation of two trading competitions at the launch of Kwenta’s own token. The rest will be used to reward past and future contributors to Kwenta DAO.

Full proposal can be found here.

Transfer or swap assets cross-chain, access unified liquidity pools and more on Stargate Finance.

Stargate Finance will be receiving 1m OP tokens. 70% will go to the creation of a Liquidity Mining program and 30% to their partners who integrate Stargate widget. Stargate offers single sided pools where providers have no impermanent loss risks and the liquidity mining program will help incentivize and bring even more the liquidity providers to Stargate, which will translate into deeper liquidity – reduced slippage.

Link to the full proposal.

Trade binary options on a permissionless and non-custodial protocol – Thales.

Thales will be able to claim 900k OP. 40% of their tokens will go towards Thales product users and 15% will go to bonus rewards for users who are also staking THALES  at the same time. They have a few existing products, but will be deploying a lot more such as Sport markets AMM, etc.

Liquidity providers will receive 35% allocation. For 20 weeks, THALES/ETH LP token stakers will be receiving OP tokens in parallel with the current LP incentives program which distributes 45k THALES tokens per week. The remaining 10% will go to builders utilizing or building products on top of Thales.

Read the full proposal here.

Pool, stake, swap or bridge assets on Synapse – one of the most used cross-chain liquidity networks.

With 1m OP tokens, Synapse will incentivise Liquidity providers and users by spending a portion of their allocation to boost rewards for their stablecoin pools. They will also be adding new pools for DAI and USDT. With the combination of OP incentives and existing SYN emissions, they expect their stablecoin pools to become some of the most attractive in the space.

150k OP will go to developers and the rest – 400k they propose to be used for creation and incentivisation of a new SYN/Stablecoin pool on Curve’s Optimism instance.

Read the full proposal here.

Trade tokens at best possible prices with SligShot which aggregates liquidity across top DEXs.

Slingshot will be able to claim 300k OPs. Their goal is to increase transaction volume and unique traders on Optimism. They will be creating a campaign lasting 2 months, during which users will be incentivized to trade. The rewards will be structured in 5 different tiers depending on how much volume is traded. Higher the tier, more volume is traded and more tokens the user will receive. It is important to note that to qualify for receiving tokens you need to place the minimum of three trades.

Read the full proposal here.

Swap tokens, trade with limit orders or provide liquidity in Rubicon Pools to earn some yield.

To kickstart OP Summer, Rubicon plans to use this OP allocation to incentivize liquidity providers, reward early users with an airdrop, and begin a Rubicon Grants Program for developers building on Optimism.

60% will be delegated to rewards for liquidity providers on Rubicon. 15% will stay for their new grants program, with which they’ll be rewarding individuals who contribute to the project, be it code, content, translations, memes, or something else the community might find useful. Rubicon will also seed the OP liquidity pool on their platform with 10% of the received OP and the rest will be airdropped to users who were affected by the vampire attack in November 2021.

Read the full proposal here.


You’ll find all the dApps above in the Explore Optimism section of your Steakwallet or in the Feature Card on The Grill. Try them out and potentially earn some OP rewards along the way 🤝


Remember, while we love to share which projects we've been into, please remember to always DYOR on new protocols!

Stay tuned for a new update next week and come chat with the team on Discord – we wanna know which dApps you are using, which strategies you're diggin', and which protocols you want to see featured! 🥩


More on Steakwallet

Steakwallet is a next generation multi-chain self-custodial Web3 wallet on mobile. Our goal is to give users one place to manage all their assets across chains and make engaging with Web3 as easy as never before. To achieve this, Steakwallet brings critical functionality natively into the app where we abstract away backend complexity and add market leading user experience. This includes Steakwallet’s signature 3-tap staking flows, which make participating in securing blockchain networks and earning yield as simple as ordering an Uber or a pizza. With our Explore Screen, Steakwallet allows you to find all the right dApps on any chain. With one simple tap via WalletConnect, you can now easily bridge, swap, and ape into any yield opportunity right from your phone. And with multi-chain NFT support, you can collect all of your favorite NFTs in one place and even set them as your background for to easily flex your collection. Now this is what a Web 3 wallet should look like!

Core Steakwallet Features

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Come hang – join the Steakwallet community on Discord and follow Steakwallet on Twitter for all updates!

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