[Crypto projects](https://revain.org/projects/) › Optimism

# 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

## Key facts

- **Ticker**: OP
- **Official site**: [optimism.io](https://www.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](https://gov.optimism.io/t/message-to-optimism-community-from-wintermute/2595) |

## 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](https://www.optimism.io/)
- Docs: [docs.optimism.io](https://docs.optimism.io/)
- Specification: [specs.optimism.io](https://specs.optimism.io/)
- Source code: [github.com/ethereum-optimism](https://github.com/ethereum-optimism)
- Governance forum: [gov.optimism.io](https://gov.optimism.io/)
- Blog: [optimism.io/blog](https://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](https://docs.optimism.io/op-stack/security/faq-sec-model)
- [Optimism Docs — Connecting to OP Mainnet](https://docs.optimism.io/op-mainnet/network-information/connecting-to-op)
- [Optimism Docs — Network upgrades](https://docs.optimism.io/op-stack/protocol/network-upgrades)
- [Optimism Docs — Regenesis history](https://docs.optimism.io/op-mainnet/pre-bedrock-history/regenesis-history)
- [Optimism Docs — Governance FAQ](https://docs.optimism.io/governance/gov-faq)
- [Optimism Docs — Audit reports](https://docs.optimism.io/op-stack/security/audit-reports)
- [OP Stack Specification — Governance Token](https://specs.optimism.io/governance/gov-token.html)
- [OP Stack Specification — MintManager](https://specs.optimism.io/governance/mint-manager.html)
- [OP Stack Specification — Predeploys](https://specs.optimism.io/protocol/predeploys.html)
- [Optimism blog — Introducing the Optimism Collective](https://optimism.io/blog/introducing-the-optimism-collective)
- [Optimism blog — Permissionless fault proofs and Stage 1](https://optimism.io/blog/permissionless-fault-proofs-and-stage-1-arrive-to-the-op-stack)
- [Optimism blog — OP token buybacks](https://optimism.io/blog/op-token-buybacks)
- [OP Mainnet public RPC — OP totalSupply()](https://mainnet.optimism.io)

## More in this section

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Page updated: 2026-10-31

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Source: https://revain.org/projects/optimism/