Optimism (OP): how it works, supply and reviews
In short
- Type
- Optimistic rollup on Ethereum (layer 2) built with the OP Stack
- Token
- OP is an ERC-20 governance token native to OP Mainnet at 0x4200…0042
- Risks and caveats
- Security currently depends on a multisig of the Security Council and the Optimism Foundation that can upgrade core contracts without delay.
- Checked
- 31 October 2026
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Key facts
- Ticker
- OP
- Official site
- optimism.io
Key facts checked on 31 October 2026 against official sources.
What is Optimism
OP Mainnet is an Ethereum layer-2 optimistic rollup built on the OP Stack, the open-source software also used by other chains in the Superchain. It uses ETH for gas; the OP token is used to govern the Optimism Collective.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Optimistic rollup on Ethereum (layer 2) built with the OP Stack |
| Chain ID | OP Mainnet chain ID 10; gas currency ETH |
| Withdrawals | Withdrawals to Ethereum are proven against state proposals that anyone can submit and challenge with fault proofs |
| Sequencer | The Optimism Foundation runs the only sequencer; users can bypass it through the OptimismPortal contract on Ethereum |
| Bedrock | Current chain history starts from the Bedrock re-genesis at block 105235063 in 2023 |
Supply and issuance
| Parameter | Details |
|---|---|
| Token | OP is an ERC-20 governance token native to OP Mainnet at 0x4200…0042 |
| Inflation | The MintManager may mint at most 2% of total supply per mint, at most once every 365 days |
| Burn | Holders can burn their own OP tokens |
| Buybacks | In January 2026 the Foundation proposed using 50% of Superchain revenue for monthly OP buybacks |
| Initial distribution | Distributed through a season of airdrops rather than a single genesis allocation; Airdrop #1 covered over 250,000 addresses |
What OP is used for
- Voting in Token House governance, directly or by delegating voting power
- Governing protocol upgrades, network parameters and incentive programmes
- Buybacks funded from Superchain revenue (proposal published January 2026)
Who develops and governs Optimism
- Governance
- Bicameral: the Token House (OP holders) and the Citizens' House
- Voting rules
- Most proposals: two-week review, one-week vote, quorum of 30% of votable OP
- Foundation
- Optimism Foundation, a Cayman Islands foundation company
- Developer
- OP Labs PBC (formerly Optimism PBC) builds the protocol
- Upgrade keys
- Core contracts are upgradable by a 2-of-2 multisig of the Security Council and the Optimism Foundation
History
| Date | Event |
|---|---|
| 11 November 2021 | Final regenesis of OP Mainnet; earlier transactions are no longer part of the chain. |
| 26 April 2022 | The Optimism Collective, the Optimism Foundation and the OP token are announced; Optimism PBC becomes OP Labs PBC. |
| 2023 | Bedrock upgrade: governance-approved re-genesis of OP Mainnet at block 105235063. |
| 10 June 2024 | Permissionless fault proofs go live on OP Mainnet (Stage 1). |
| 8 January 2026 | The Optimism Foundation proposes OP buybacks with 50% of Superchain revenue. |
Security and audits
- Withdrawal proposals can be challenged by anyone through the permissionless fault proof system.
- Optimism publishes a list of security reviews (audits) of the OP Stack.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 8 June 2022 | Counterparty exposure: In a post on the Optimism governance forum, market maker Wintermute said it had received a 20 million OP loan from the Optimism Foundation but gave a receiving address that was its Ethereum-mainnet Safe, which it did not control on Optimism. It said an attacker took over the address with a replay attack and sold 1 million OP, and that the error was Wintermute's fault and it would buy OP to make the protocol whole. | gov.optimism.io |
Official OP contracts
| Network | Contract address |
|---|---|
| OP Mainnet | 0x4200000000000000000000000000000000000042 |
OP is a predeployed contract (GovernanceToken) on OP Mainnet. ETH, not OP, pays gas on OP Mainnet.
Risks and caveats
- Security currently depends on a multisig of the Security Council and the Optimism Foundation that can upgrade core contracts without delay.
- The Optimism Foundation runs the only sequencer on OP Stack chains.
- Optimism warns that OP Stack chains may contain unknown bugs that could cause loss of funds.
Official links
- Website: www.optimism.io
- Docs: docs.optimism.io
- Specification: specs.optimism.io
- Source code: github.com/ethereum-optimism
- Governance forum: gov.optimism.io
- Blog: optimism.io/blog
Questions and answers
What is Optimism?
OP Mainnet is an optimistic rollup on Ethereum built with the OP Stack, governed by the Optimism Collective. OP is its governance token; gas is paid in ETH.
What is the OP token used for?
OP holders vote, or delegate votes, on protocol upgrades, network parameters and incentives in the Token House.
What is the supply of OP?
On 31 October 2026 the OP contract on OP Mainnet reported a total supply of about 4.295 billion OP. The MintManager may mint up to 2% a year.
Is OP Mainnet decentralised?
Fault proofs are permissionless since June 2024, but the Foundation runs the sole sequencer and a Security Council and Foundation multisig can upgrade core contracts.
Who is behind Optimism?
The Optimism Foundation, a Cayman Islands foundation company, stewards the Collective; OP Labs PBC builds the protocol.
Sources
- Optimism Docs — Security model FAQ
- Optimism Docs — Connecting to OP Mainnet
- Optimism Docs — Network upgrades
- Optimism Docs — Regenesis history
- Optimism Docs — Governance FAQ
- Optimism Docs — Audit reports
- OP Stack Specification — Governance Token
- OP Stack Specification — MintManager
- OP Stack Specification — Predeploys
- Optimism blog — Introducing the Optimism Collective
- Optimism blog — Permissionless fault proofs and Stage 1
- Optimism blog — OP token buybacks
- OP Mainnet public RPC — OP totalSupply()
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