OP

OP is the token of the Optimism Foundation. Tokenholder governance is based on delegated voting power. Delegated power is considered active if it has voted within the last six months, and a snapshot of active delegated OP supply is taken at each voting period’s start. The 2024‑10‑22 proposal replaces cohort elections with a nomination‑by‑lead process. The Lead of the Security Council nominates members; each nominee may be vetoed by tokenholders holding 20 % of active delegated OP supply. This 20‑% threshold is computed on the active delegated supply snapshot and is exempt from the general 30 % turnout quorum. The proposal does not change the existing operating manual v2.0.0 but will take effect upon the Lead election, with existing signers remaining until replacements are confirmed. The plan keeps OP at zero collateral borrowing power for new borrowing· Entity summary generated by Graphiti