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Optimism to Unlock $56 Million in Tokens Today, OP Slips 2%

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Key points

  • Optimism will unlock over 31 million OP tokens in the next few hours.
  • The previous unlock caused a temporary drop in prices, but it recovered slightly within a week.

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Ethereum Optimism Layer 2 Blockchain is Ready to Unlock $56 Million Worth of OP Tokens Today. Ahead of the expected increase in supply, the price of OP fell 2% to $1.76 in the past 24 hours, data from CoinGecko shows.

Second data from Token Unlocks, Optimism’s upcoming unlock will distribute over 31 million OP tokens, equivalent to nearly 3% of the circulating supply, to the project’s investors and top contributors. The project has unlocked approximately 1.13 billion tokens so far, representing over 26% of its total supply.

At current prices, the unlock will bring OP tokens worth over $56 million to the market, with $30 million going to top contributors and $26 million reserved for investors.

The token release is part of a larger strategy involving crypto projects, in which tokens are gradually made available to prevent flooding of the market. Overall, such events can create uncertainty in the market as more tokens become available, potentially impacting the price.

The previous unlock of the Optimism token on May 31st resulted in a slight decline across all OP trading pairs, although the price recovered slightly by more than 2% the following week, according to CoinGecko.

Earlier this month, OP Labs, the development team behind Optimism, announced the launch of permissionless proof-of-concept on the Optimism mainnet, a major milestone for the project as it moves closer to its goal of a decentralized network.

Ethereum co-founder Vitalik Buterin refers to permissionless failure testing as “Phase 1.” These proofs allow for the safe withdrawal of ETH and ERC-20 tokens without relying on any centralized authority. Additionally, any user can dispute and remove invalid withdrawals and earn a reward for doing so.

“Launching proof-of-error on OP Mainnet… and achieving Phase 1 decentralization are important milestones, but the end result is Phase 2 decentralization,” Optimism said.

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