Ethereum scaling protocol Optimism is set to release a 9% locked supply of its native crypto on May 31, 2023. Data shows that 386.5 million Optimism (OP) tokens (worth approximately $587.5 million) will be added to its circulating supply. Optimism prices recorded a 6% decline in the last 24 hours before the event.
Based on the data, 204 million OP tokens (Estimated value of $312.6 million) will be distributed among core contributors, while investors will grab 182.5 million OP (Estimated value of $279 million).
To date, there are 335 million OP tokens in circulating supply with a market cap of around $511 million. It is important to know that the number of tokens set to open to the market is 9% of its total supply which is more than the current circulating supply. The scheduled event has sparked a bit of panic among traders.
Spot On Chain reports that Wintermute, one of Optimism's series B investors made several large transactions. The whale transferred 2.65 million OP tokens (worth approximately $4.31 million) to crypto exchange Binance.
Optimistic prices have declined over 30% in the past 24 hours. Ops are trading at an average price of $1.51, at the time of writing.
