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Submission: On March 03 via api (March 3rd 2024, 5:01:40 am UTC) from US — Scanned from NL

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News
Crypto Briefing » News » Optimism to unlock $81 million in tokens next week


OPTIMISM TO UNLOCK $81 MILLION IN TOKENS NEXT WEEK

by
Vivian Nguyen
a month ago


OVER 24 MILLION OP TOKENS WILL ENTER THE MARKET.



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Optimism, an Ethereum layer 2 scaling solution, will unlock around $81 billion
worth of OP tokens on January 29, 2024, according to data from Token Unlocks.

Crypto projects often lock up a portion of the token supply and release it over
time to prevent early investors and insiders from offloading large quantities of
tokens immediately after they are distributed, which could potentially
destabilize the market. Yet, such events are often viewed with apprehension, as
they can lead to price declines due to the sudden increase in available supply.




Optimism’s upcoming unlock will distribute over 24 million OP tokens, equivalent
to around 2.5% of the circulating supply, to the project’s investors and core
contributors. The project has unlocked around 885 million tokens so far,
equivalent to 20.6% of its total supply.

Earlier this month, Optimism released its Canyon upgrade, the next major upgrade
following the Bedrock upgrade. Developed in partnership with Base, Canyon
focuses on supporting the Shanghai and Capella hardforks, along with
implementing several minor bug fixes. The project further announced a $30
million token distribution to reward contributors “building the public goods
that power the Optimism Collective.”



OP is trading at around $3, down over 2% in the past week, according to
CoinGecko’s data. The token’s market cap is around $2.9 billion.



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web3.dependle.click Open in urlscan Pro 2a06:98c1:3120::3 Public Scan

Form analysis 5 forms found in the DOM

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GET /

Text Content

web3.dependle.click Open in urlscan Pro
2a06:98c1:3120::3 Public Scan

Form analysis
5 forms found in the DOM