Di Optimism Collective’s RetroPGF Learning Journey | Layer 2 Review
Di Layer 2 system dey hot, with more dan nine billion USDC wey dem lock, e clear say no be play play. But still, we fi still jolly as Onchain Summer don dey inspire plenti creative campaigns and NFT mints wey dey jinja vibes.
Di correct way wey we dey do all dis na to dey make things beta every taim. Di Optimism Collective, thru aw dem dey reason Retroactive Public Goods Funding model, dem dey show aw we suppose dey improve awasef. Dem dey do am like di normal "planning" wey pipu dey do, but dem dey ginger say dem wan make everything beta and say e go bring beta results. For dis edition, read more about wetin dem learn for Rounds 1 and 2 and wetin dem plan for RetroPGF 3.
Things dey sup for crypto dis past few weeks. Dem talk say Vitalik Buterin bin lose control of im X account small time, and say e fi apun say pesin go do mistake pay 20 BTC for one transaction fee for Bitcoin. But no too reason am! Read dis Newsletter make you sabi everything wey dey apun for Layer 2, and remember say we go still come back in two weeks for anoda Layer 2 Review.
Contributors: Warrior, jengajojo, thinkDecade, trewkat, HiroKennelly
✅ Action Items
🏃♀️ Banish Permissionless FOMO as you dey watch "Onchain na di New Online" with Jesse Pollak, David Hoffman, and Ben Jones.
🔔 Register for Optimism's RetroPGF Newsletter so dem go fi alert you about project registration.
🔥As e dey Hot
Celo don yarn say dem don launch MiniPay with Opera (di web browser). MiniPay na new stablecoin wallet wey dem build for Celo to carry plenti mobile users for Africa enta web3!
Rene Reinsberg, wey dey Celo talk say Celo get am for mind to reduce di wahala for stablecoin transfer base on di way pipu dey use Opera Mini for Africa, na wetin make dem create dis non-custodial wallet as e go make am easy for pipu to send moni and use dApps for dia Android phone.
According to Celo blog, "Dem go start MiniPay for Nigeria, e go spread reach Kenya, Ghana, South Africa, and di whole Africa as taim dey go."
🏛 Governance
💬 Proposals Wey Dem Dey Yarn
Arbitrum
Dis proposal dey yarn say make we introduce one staking contract wey go use sense share di 1.75% wey dem dey keep one side every year for di total ARB supply to pipu wey wan lock dia ARB.
Di Arbitrum DAO get di power to create new ARB wey no pass 2% of di total ARB supply every year and dem fi use am as dem like. But because di mint function neva ready, di ppipu wey write dis proposal dey suggest say make dem use di same amount of moni from di Arbitrum DAO account plus one method wey go share am to pipu wey lock dia ARB. Di moni wey dem use from di account go come back thru minting on March 15, 2024, when di annual mint function don dey available.
Mantle
Smart bug bounty programs na win-win for evribodi. Dis proposal dey try create one pool wey go give incentives for hackers and auditors wey wan help protect Mantle smart contracts for Hats Protocol. Di aim for dis vault na to encourage pipu make dem report any problem wey dem see for Mantle smart contracts. Dem fi add liquidity inside am without wahala (with $MNT and/or tokens wey dey bring profit), and pipu wey put moni for di vault go collect $HAT tokens once dem launch di liquidity mining program.
⚡ For Snapshot
Dis proposal dey talk about one community program wey dem go create just once wey go share up to 75,000,000 ARB wey di DAO go fund. Dis moni go focus on di active Arbitrum protocols.
🪂 Airdrop Station
📈 Data
Total Value Locked on L2s
Top Ten Projects by Total Value Locked:
🔭 Project Watch
Arbitrum
Top Projects by TVL in the Last 7 Days
Which Protocols Pipu Dey Rush?
Optimism
Top Projects by TVL in the Last 7 Days
Top Projects by User Accounts in the Last 7 Days
zkSync Era
Top Projects by TVL in the Last 7 Days
zkEVM
Top Projects by TVL in the Last 7 Days
Di Optimism Collective’s RetroPGF Learning Journey
Author: sandeepdas
If you be person wey dey always follow Optimism Foundation as dem dey do Retroactive Public Goods Funding, you suppose sabi say dem don announce Round 3, wey dem dey call RetroPGF 3 for June 2023. But still, continue to dey read dis tori so you fi sabi more about di process, especially aw dem dey take make sure say every RetroPGF round dey learn from di one wey dem don do before.
Dem dey follow dia principle wey dey talk about continuous and governance improvement. From Round 1 reach Round 3, dem don dey change aw dem dey run Retroactive Public Goods Funding. Di Optimism Foundation summarize dis principle well:
RetroPGF go continue steady until e become di main way wey dem dey take fund di whole Optimism Collective economy. Dis na process wey dey happen step by step. Every round na chance to observe and make changes based on di things wey dem notice do well and di things wey no work well for di last round.
Di RetroPGF rounds don dey popular as dem dey run am steady, evidence full ground:
RetroPGF 1
Dem nominate 76 projects
58 projects see funds collect
Di average funding of wetin projects collect: $14,670
Di top 10% of projects wey collect funds: $36,919
RetroPGF 2
Dem nominate 195 projects
195 projects see funds collecti
Di average funding of wetin projects collect: 22,825 OP
Di top 10% of projects wey collect funds: 140,000 OP
As di RetroPGF rounds dey popular, di number of badgeholders too don increase(badgeholders na di pipu wey get OP token wey dem choose to vote awdem go share di funding for each round. For RetroPGF Round 1, dem get 24 badgeholders, Round 2 get 71 wey participate, and for Round 3, dem go give badge to 208 community members. As each round dey grow, e dey jinja pipu say di badgeholders go get experience and go sabi well aw dem go reason each project to sabi di one wey deserve funding.
While RetroPGF still be small pikin for dis mata, e dey clear say di program get head. Vitalik Buterin bin write one positive review of RetroPGF 1. E talk say di round na success, but e still talk say make dem improve am small, like to increase di different pipu wey be badgeholders.
After RetroPGF 2, di Optimism Foundation bin check, come write dia own detailed report, wey dem call "RetroPGF2: Learnings & Reflections." Some of di things wey dem discover na:
Di funding wey dem give to projects wey dem talk say get "high impact" and di one wey dem talk say get "moderate impact" no too different (like aw e be for Round 1).
Aw dem take share tokens for Round 2 big pass Round 1. For di first round, 58 out of 76 projects wey dem nominate collect votes, but for di second round, all di 195 projects wey dem nominate collect votes.
Di projects for Round 2 dey different areas like infrastructure and education, and different projects dey work for different places and dem dey yarn different languages, E no be like round 1 wey be say all di 58 projects wey collect votes na techonology projects, dis one na beta improvement from Round 1.
Even tho RetroPGF 2 carry di positive impact go more projects wey different, e still get wahala. Di wahala be say di way dem nominate projects and di information wey dem request from project teams, e no give badgeholders enough understanding to make beta decisions based on di data wey dem collect.
As dem dey follow dia principle of continuous learning, di Foundation don add beta things for aw dem go run RetroPGF-3. Dem dey see am from di angle of project nomination and aw dem go reason am. Some of di beta things wey dem add na:
Beta level wey go show weda each project nomination dey succeed or not. Di aim na to make sure say badgeholders fi understand beta, but still get room for discussion and beta definition.
Beta way to gada data from projects, plus beta way to vote wey go dey inside one custom-made voting application.
One process wey community fi recommend and direct projects so di badgeholders fi use di community research and experience.
For example, di way dem categorize projects when dem nominate dem don sharp, and dem don yarn di clear purpose of RetroPGF-3:
RetroPGF-3 go share 30 million OP tokens to reward di pipu wey don contribute to di development and use of Optimism.
Pipu fi nominate projects under four categories, wey dem explain well for di Optimism documentation:
OP Stack: Work wey make di OP Stack beta base on efficiency, security, resilience, and open eye.
Collective Governance: Work wey don help governance participants for di Optimism Collective or don bring new pipu join di governance.
Developer Ecosystem: Work wey help application developers for di Optimism Collective or don bring new developers enta di Collective.
End User Experience & Adoption: Work wey make di end user experience beta for pipu for di Optimism Collective or bring new end users enter di Collective.
To make say di voting process dey beta and reduce di work wey badgeholders go do manually, di Foundation don provide one baseline grant of 150,000 OP. Dem wan invite developers wey fi meet dis important goals:
Objective 1: Dem go build one front-end wey go help find projects and voting by badgeholders for RetroPGF 3. Di front-end go use di Ethereum Attestation Service and other sources like onchain and offchain sources (like storage bucket, IPFS, and so on) to read data.
Objective 2: Dem go host and manage di application infrastructure, wey be di backend wey go capture and keep badgeholder votes.
Voting for RetroPGF 3 go start later for 2023. Shine ya eyes well for beta improvements for project description and information (thru di new Project Signup Form), plus rules for voting (wey dem go share with OP badgeholders when di taim for voting don reach), and beta voting experience.
As di Optimism Foundation still dey work well for Retroactive Public Goods Funding, we fi expect say di beta things go continue from RetroPGF 3 reach RetroPGF 4 and more. Dis one go benefit di whole public goods funding system as dem dey draw inspiration from aw di Foundation dey strengthen coverage, recognition, and impact.
🔥 L2 Fees and Costs Update
Transaction Fees as of September 12, 2023:
Security Costs as of September 12, 2023:
🗞️ Ecosystem Updates
⛓️ Layer 2 Demystified: How Polygon Scales Ethereum.
🆕 Astar Network Launches Astar zkEVM Powered by Polygon's CDK.
🔵 Base Ecosystem Fund Announces First Six Investments.
➿ Base Joins the Tokenized Asset Coalition.
⚡ Polyhedra Network Announces Integration and Strategic Partnership With Taiko.
⭕ Socket Incentive Rush Results in $150M Liquidity Bridged to Optimism.
🔮 Track All Your Bridge Transactions in One Place With Socket Explorer.
📈 Blockframe Joins the ZK Core Development Team
🧰 Onchain Is the New Online — Jesse Pollak, David Hoffman, and Ben Jones.
🏁 Transitioning zkSync's Ecosystem Management to DappRadar.