The worth of Optimism’s native OP token is main losses among the many high 50 cryptocurrencies, falling so far as 10% on the week forward of a $30 million token unlock.
In keeping with information from tokenomics platform Token Unlocks, 24.16 million OP tokens, which account for roughly 3% of the circulating provide — are scheduled to be unlocked on Sept. 30.
At present costs, the unlock will see a little bit greater than $30 million value of OP tokens hit the market, with $15.49 million going to core contributors and $14.26 million put aside for buyers.
Token unlocking occasions kind a core a part of many principal cryptocurrency initiatives, with many groups selecting to steadily launch tokens to the market as a substitute of unleashing them all of sudden. Sometimes nonetheless, unlocking occasions are seen by buyers as prone to put stress on costs, as a brand new provide of tokens turns into obtainable on the market.
The worth of the OP token is at the moment buying and selling flat on the day at $1.26, after experiencing a quick 3% rally prior to now 5 hours, in keeping with value information from CoinGecko.
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Final week on Sept. 21, Optimism revealed that it will be promoting $160 million value of the OP token to non-public sellers as a part of a deliberate sale.
Beginning right now, there might be a number of transactions totaling roughly 116M OP tokens. We’re sharing as a heads as much as our group that these are deliberate transactions.
— Optimism (✨_✨) (@optimismFND) September 20, 2023
On Sept. 19, Optimism introduced its third airdrop, the place 19.4 million OP tokens had been allotted to greater than 31,000 addresses that took half in delegation actions referring to the community’s decentralized autonomous group (DAO), Optimism Collective.
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