Optimism announces 2nd round funding for Retroactive Public Goods

Optimism has taken to Twitter to share the news about its upcoming Retroactive Public Goods Funding round. It is tentatively scheduled to go live in February next year with the initial distribution of 10M OP.

The distribution will be done among people and projects responsible for powering Optimism’s mechanism. More funding rounds are expected to follow the trend in the future. For now, the second funding round is planned to come with the Citizens’ House to grant the offering of One-Person-One-Vote.

Citizens’ House falls under the umbrella of Optimism Collective along with its counterpart, Token House. The voting feature mirrors itself in both cases.

Optimism stands on a pillar of belief where profitability for public goods is essential. However, this is possible through the deployment of Retroactive Public Goods Funding, a mechanism running on the simple idea that it is easier to determine factors that worked in the past instead of issuing proactive grants for what might work.

However, the mechanism needs to thrive for a longer time. The more it lasts in the industry, the more it will be able to educate the users on a larger scale, offer tools to developers in a more enhanced way, conduct research, and establish a much safer infrastructure.

Retroactive Public Goods Funding, also known as RetroPGF, is a primary mandate running in distinct rounds.

According to the timeline shared by Optimism, the project nomination window will open on January 03 and close on January 17. The deadline to sign up for the further steps is January 24, 2023. The voting window will have a timeframe of January 31 – February 10. A total of 90 badges will be distributed in the early days of February. However, this will make way for allocating 10M OP to the nominated projects.

Optimism seeks to improve the implementations, incorporate learnings, and strive for excellence in the rounds to come. Optimism has enabled the option to keep track of updates through its newsletters.

Round 2 goes live soon with expectations that more rounds will follow. It remains to be seen how effective Round 2 will be as a few followers have called the number 10M too small.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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