Home Bitcoin This New Improvement May Cease The Optimism (OP) Worth Lifeless In Its...

This New Improvement May Cease The Optimism (OP) Worth Lifeless In Its Tracks


Optimism (OP) appears to be on a superb restoration path thus far within the month of September. That is because of the growing constructive person sentiment across the Ethereum Layer 2 community. Nonetheless, the newest improvement on the community might pose a menace to this restoration development.

Optimism Pronounces Third Airdrop

After finishing two rounds of airdrops already this 12 months, the Optimism network has moved on to its third airdrop. This time round, the community is seeking to reward loyal Optimism customers who’ve delegated their OP for use to take part in governance on the community.

In its announcement, the crew revealed that the newest iteration of its airdrop reward system would see 19 million OP tokens distributed to 31,000 distinctive addresses on the community. The airdrop distribution started on Monday, September 18, with the tokens being despatched on to the wallets of eligible customers.

The requirement was to have delegated OP tokens between January 20 to July 20 to obtain the airdrop. To sweeten the pot, the airdrop applies a 2x multiplier to those that had delegated their tokens to people who had been lively voters.

As for many who had been ineligible to obtain the newest spherical of airdrops, the crew assured the neighborhood that extra can be coming as 19% of the full OP token provide is devoted to airdrops.

Will This Have an effect on OP Worth?

The worth of the full OP tokens being distributed within the third airdrop comes out to round $26 million. Which means $26 million value of tokens are making their manner into the open market. Solely half of the contributors promoting their allocation might see a $13 million promoting stress on the value of the digital asset.

Now, if there’s not sufficient demand to suck up this new provide, then the sellers will win and the OP price will drop drastically. That is already being manifested in Optimism’s efficiency within the final day which is already shifting into the purple with 0.24% losses. As extra customers obtain and entry their tokens, the promoting stress might climb quickly.

Nonetheless, on condition that customers are being rewarded for holding and delegating their tokens, it might spark an urge to carry onto the OP tokens amongst those that obtain them in an effort to qualify for future airdrops. In such a case, the OP value will maintain firmly and shake off any bear stress.

OP is already seeing elevated curiosity which has translated to a 40% enhance in its each day buying and selling quantity, in response to data from CoinMarketCap. Its value can also be holding tentatively at $1.40 as buyers look forward to the market to react.

Optimism (OP) price chart from Tradingview.com

OP value recovers from crash | Supply: OPUSDT on Tradingview.com
Follow Best Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from CoinChapter, chart from TradingView.com

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