More than 386 million tokens of Optimism, which has a worth of $587 million at the current prices, have been scheduled to be unlocked by the 31st of May as the initial period of vesting for the early contributors and investors come to an end. This has managed to prompt concerns about the downward pressure on the price. The OP unlock on 31st May is going to be one of the largest scheduled unlocking events of this particular year. With a current total that would circulate the supply of just 335 million OP tokens, the unlock could see the circulating supply increase by over 100%.
Optimism Will Unlock Coins Worth $500 Million
According to the analysis conducted by Unlock Calendar, a token unlock research firm, there is a good chance that the unlock of this cryptocurrency could create some significant selling pressure for the native OP token, which would essentially be the result of early-stage investors hoarding up on sizable returns. The largest seed investors in this company include the crypto venture capital firms, IDEO CoLab Ventures, Andreessen Horowitz, and Paradigm. According to data put out by CryptoRank, the investment firms that managed to participate in the seed round- IDEO and Paradigm- are currently up by around 10,000% on their initial investment.
Optimism has always been considered to be a layer-2 scaling solution that aims to make transactions and activity on the Ethereum network faster, cheaper, and more efficient. The OP token is the governance token of the network of Optimism. On 1st June 2022, the cryptocurrency went live with its very first airdrop, where it delivered OP tokens to around 250,000 addresses throughout the network.