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Crypto News: Optimism protocol is set to unlock 9% of its native crypto, OP's total supply on May 31, 2023. Data suggests that 386.5 million Optimism (OP) tokens (approx worth $587.5 million) will be added to its circulating supply.
The event will nearly double the circulating supply of OP tokens.
On-chain analytics platform Spot on Chain reported that Wintermute has already sold these tokens for $1.63 per OP.
Optimism's price is down 7% on Tuesday after the OP token fell from around $1.64 to $1.51. The declines come as the community braces for a supply bump that could see further downside pressure for the Ethereum layer-2 solution. OP traded at around $1.53 at 6 am ET on Tuesday, down 6.
Crypto networks Optimism and Sui are set for large token unlocks this week that will increase each of their circulating supply of tokens.
As per a tweet from Optimism, 396 million OP tokens worth $587 million would be unlocked on May 31.
The Optimism (OP) token, the governance token of the Optimism network, is set to experience a significant unlocking event on May 31. With over 386 million tokens, worth $587 million, becoming available, concerns have arisen regarding potential downward pressure on the token's price.
Companies and organizations holding OP now having a backup plan in place, including Wintermute.
Layer 2 (L2) solutions enable blockchain networks to be scaled and costs reduced. This post will look at the top 5 Layer 2 coins.
The initial vesting period for early investors and contributors ends today and will nearly double the circulating supply of the tokens.
OP tokens are scheduled to be unlocked on May 31 as the initial vesting period for early contributors and investors comes to an end.
More than 386 million OP tokens are scheduled to be unlocked on May 31, more than doubling the total circulating supply.
According to Token Unlocks data, a significant amount of Optimism's OP tokens is scheduled for release on May 31st. A total of 386,547,056.64 OP tokens, equivalent to approximately $587 million and accounting for 9% of the total supply, are set to be unlocked.
The upcoming unlock of 3.6% of Optimism tokens may disrupt OP's growth, increasing selling pressure and price volatility. Protocol remains high, despite waning interest in its NFTs.
Optimism will unlock around 155 million OP tokens.
A substantial number of $OP tokens, totaling 154.6 million ($252 million), will be unlocked within a day, making them accessible for trading or transfer.
Crypto market maker Wintermute Trading on Monday dumped Optimism (OP) tokens worth millions. The move comes as 9% Optimism tokens worth millions of dollars are about to unlock on June 1.
Several prominent crypto projects will be unlocking tokens this week. The move could have an impact on token prices as markets are currently in the green.
Today's cryptocurrency market presents Agix, PEPE, Kava, CSPR, Zec, and EOS as the top gainers, making impressive strides despite the volatile market environment. On the other hand, Optimism (OP), TRON (TRX), BitTorrent (BTT), Iota, Fantom (FTM), and Pax Gold (PAXG) have had a challenging day, experiencing market declines.
BeInCrypto looks at the five biggest altcoin losers in the entire crypto market this week, specifically from May 19 to 26.
Optimism outperforms other chains and ranks number one in terms of net flows on the network. User retention remains high however there has been no positive impact on OP's price.
Base clarified that there no plans to issue a network token.
The Base mainnet launch will depend on successful testnet performance, security audits, and Optimism's Bedrock upgrade.
In today's crypto market analysis, we spotlight the tokens making significant strides and those navigating through challenging waters. Today's victors include SingularityNET (AGIX), Kava (KAVA), Injective Protocol (INJ), XinFin Network (XDC), and Blockstack (STX).
