Fail from the Optimism development team

[zasad@]

https://twitter.com/OptimismGov/status/1579515114071302145
"When we first launched the OP token, we announced that the total supply would inflate at a rate of 2% per year. However, when we deployed the contract, the rate was mistakenly set to 20%. Later today, we’ll be updating the contract logic to the intended 2%."

https://twitter.com/OptimismGov/status/1579515115631968260
"There was, and will be, zero impact to the planned token supply as a result of this fix. Inflation of OP does not begin until next year. No new tokens have been minted or moved, and no tokens were ever at risk."
 

[1715298713]

1715298713

[Cee2]

quite a big screw up.

In business unfortunately spotting the screw up before it happens isn't always a good thing.

People will ask the question why did this screw up even happen and this is a challenge to the competency of the whole organisation.

[Yatsan]

Good thing if the team managed to cope with the mistake. It simply shows how professional they are with their project. But I hope this won't mess their project in general 'coz for sure there will be impressions especially to those who are really meticulous with their prospects.

But I'm a bit curious of how will OP team be able to control the inflation rate and using it as an advantage, annually. I mean, adding token supply could put the value at risk right? (correct me if I'm wrong). I do get the point that low inflation rate could stimulate a balance and healthy economy for a token but I guess it would be better if they will be focusing more on the aspect of attracting investors to theur project first.

[malcovi2]

But I'm a bit curious of how will OP team be able to control the inflation rate and using it as an advantage, annually. I mean, adding token supply could put the value at risk right? (correct me if I'm wrong). I do get the point that low inflation rate could stimulate a balance and healthy economy for a token but I guess it would be better if they will be focusing more on the aspect of attracting investors to theur project first.

I think the smart contract is not immutable which enables them to change anything if they want to. Also Optimism isn't being runned by professionals their codes are prone to bugs or exploits they should just abandon the project they clearly haven't learned their lesson


https://cointelegraph.com/news/ios-jailbreak-dev-wins-2m-bounty-for-finding-critical-optimism-bug
https://decrypt.co/102541/optimism-hacker-returns-17-million-tokens-airdrop

I wouldn't want to trust them with any money.