Optimism Prepares to Release $30 Million in Tokens
Following scheduled plans, Optimism's OP Mainnet is set to release 24.16 million OP tokens on September 30, equivalent to 3% of its circulating supply, valued at approximately $30 million USD.
Out of this total, around $16 million worth of tokens will be allocated to project contributors, with the remainder reserved for investors.
Token unlocking refers to the automated process of releasing tokens into circulation on any blockchain. Unlock schedules are predetermined by projects to gradually release tokens, preventing early investors and insiders from flooding the market with large amounts immediately after allocation. However, with underlying demand, new investors or traders may capitalize on this opportunity by purchasing additional tokens, thereby helping to manage selling pressure.
Over the past 24 hours, the price of OP has seen a slight decline but continues to underperform compared to most other altcoins in the market. Weekly comparisons show a 10% loss in OP's value, placing it at the lower end among the top 50 cryptocurrencies. At the time of writing, OP is trading around $1.27 USD.
Matrixport forecasts challenges ahead for altcoin prices for the remainder of the year, partly due to ongoing token vesting affecting the market.
In recent September activities, Optimism has been actively involved in token distributions, including:
- September 16: Announcement of distributing 48 million remaining OP tokens from the June 2022 airdrop to valid unclaimed wallet addresses.
- September 19: Conducting the third airdrop, distributing 19.4 million OP tokens to over 31,000 participating wallet addresses.
- September 20: Launching a $30 million OP sponsorship round aimed at ecosystem development.
- September 21: Announcing the sale of $162 million worth of OP tokens to seven investment funds.
