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Espresso Network introduces ESP token featuring a 10% airdrop during discussions on Ethereum layer-2 solutions.
The network has shifted to a proof-of-stake model, coinciding with the introduction of the ESP token, which facilitates staking, securing the network, and participating in the protocol.
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What to know:
- The Espresso Network has officially transitioned to a permissionless proof-of-stake blockchain with the launch of its ESP token, enabling participation in network security and distributing a community airdrop that represents 10% of the total supply.
- This transition coincides with the introduction of the ESP token, which is utilized for staking, network security, and protocol participation. The Espresso Foundation announced that the total supply is 3.59 billion ESP, with 10% designated for a fully unlocked community airdrop targeted at early ecosystem participants and users of Espresso-integrated rollups.
The Espresso Network has officially transitioned to a permissionless proof-of-stake blockchain with the launch of its ESP token, enabling participation in network security and distributing a community airdrop that represents 10% of the total supply.
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This transition coincides with the introduction of the ESP token, which is utilized for staking, network security, and protocol participation. The Espresso Foundation announced that the total supply is 3.59 billion ESP, with 10% designated for a fully unlocked community airdrop targeted at early ecosystem participants and users of Espresso-integrated rollups.
“There were various ways of determining who was eligible,” Espresso Systems CEO and co-founder Ben Fisch told CoinDesk in an interview. “The idea here is to get the token circulating among members of our extended community, but also to reward early participation and adoption of the Espresso network.”
The foundation indicated that further token supplies have been allocated to contributors, investors, future ecosystem incentives, and long-term network sustainability, with the majority of these allocations being subject to vesting.
Espresso serves as a coordination and finality layer for rollups, which function as independent execution environments. Fisch noted that the network is specifically designed to support layer-2 blockchains rather than compete with them at the execution level.
“Layer-2s need only one thing from a layer-1, which is finality,” Fisch stated. “The effectiveness of a layer-1 in providing services to a layer-2 is assessed by two factors: the security of that blockchain and the speed at which it can deliver finality.”
“Unlike Ethereum, or any existing layer-1s, it is tailored for layer-2s,” he added. “It doesn’t compete with L2s. It’s designed for L2s.”
Espresso currently finalizes rollup blocks in approximately six seconds on average, in contrast to Ethereum’s finality window, which exceeds 12 minutes (finalizing blocks means they become immutable). Fisch argued that this discrepancy has turned into a structural bottleneck as applications and liquidity diversify across multiple rollups instead of being concentrated on a single chain.
“Fast finality isn’t a luxury for rollups,” Fisch said. “It’s the essential element that converts isolated chains into a unified, composable ecosystem.”
The launch occurs amidst discussions within the Ethereum ecosystem regarding the future of layer-2 networks, following recent remarks from Ethereum co-founder Vitalik Buterin suggesting the network may eventually shift away from an L2-centric strategy as enhancements to Ethereum’s base layer lessen the necessity for rollups as a scaling solution.
This discussion has prompted broader inquiries into whether layer-2 networks are merely extensions of Ethereum or operate as independent blockchains, and whether infrastructure primarily aimed at scaling Ethereum will maintain its relevance as the base layer becomes faster and more cost-effective.
As Ethereum’s long-term scaling strategy faces renewed examination, Espresso is wagering that the demand for application-specific rollups, especially from institutions and consumer platforms, will persist regardless of Ethereum’s roadmap.
Read more: Espresso, project for composability between blockchains, pushes main product live
