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Over $250m worth of OP tokens set to enter circulation

over-250m-worth-of-op-tokens-set-to-enter-circulation
Edited by
News
Over $250m worth of OP tokens set to enter circulation

A substantial number of $OP tokens, totaling 154.6 million ($252 million), will be unlocked within a day, making them accessible for trading or transfer.

This represents approximately 3.6% of the total supply and a significant 46% of the circulating supply.

$252 million in circulation

According to a tweet from @lookonchain posted on May 29, 2023 154.6 million $OP tokens, valued at $252 million, which were previously restricted or held, will become available for use or circulation, a total of 3.6% of the total supply.

Over $250m worth of OP tokens set to enter circulation - 1
Optimism Locked Charts| Source: @lookonchain Twitter

Out of this unlocked amount, core contributors will receive 81.6 million $OP ($133 million), while investors will be granted access to 73 million $OP ($119 million). This is the first time in the platform’s history that seed investors and core developers will receive their allocated OP tokens.

Notably, prominent venture capital firms such as a16z, Paradigm, and IDEO CoLab, among others, stand to reap substantial returns on their initial investments.

The total financing secured by the project amounts to an impressive $178.5 million, with a corresponding allocation of 730 million $OP tokens, representing 17% of the total supply. Considering these figures, the average cost of $OP tokens to investors is estimated to be around $0.2445.

The market witnessed widespread speculation among traders regarding the potential selling pressure from core contributors and investors, leading to concerns of a possible dip in the price of OP tokens. 

@tantraxyz shares, “I wonder if the team/investors can keep their hands tied without selling.”

However, @lookonchain also shares that at a prevailing price of $1.63, investors can anticipate a significant return of 6 times their initial investment.

Over $250m worth of OP tokens set to enter circulation - 2
Optimism 1D Chart | Source: CoinMarketCap

On the contrary, in time with this announcement, $OP decreased 1.04%, where it is currently sitting at $1.60, putting it higher than the previous week’s low at $1.56.

Bullish or bearish?

The pressure for investors to sell only intensifies with the news of the Bedrock update which will occur on June 5.

According to Optimism, the update is set to deliver notable benefits such as reduced transaction costs, improved network security, and enhanced interoperability. 

After being proposed in May 2022, the Bedrock update garnered majority approval in the Optimism Token House, solidifying its implementation.