Puzzling Reality of OP Grants Pt 1: Introduction and Movements

Castle Capital investigated where Optimism RetroPGF Round 2 grant tokens went, categorizing recipients as Sold, Holding, or Untraceable based on on-chain behavior. The Optimism Collective's second round distributed 10 million OP tokens, and the authors estimate that about 35% of the granted tokens were sold, 25% were held, and 40% remained untraceable. Among the top 20 projects, ZachXBT, Lighthouse and wagmi sold their entire grants. The article also summarizes Optimism's own critique of the process, including weak impact data and voting tooling problems, and says Part 2 will examine the public goods built by recipients.