According to data from Token Unlocks, a token unlocking calendar platform, Optimism Network has unlocked 31.34 million OP tokens worth $54.53 million. Optimism’s token unlock event took place at 7 p.m. on June 30 (UTC). Token Unlocks noted that the event released the equivalent of 2.88% of OP’s circulating supply.
CoinGecko data shows that OP price is down 7.2% over the past 24 hours and 10.5% over 7 days, currently trading at $1.59 at the time of writing.
OP 4-hour price chart | Source: Tradingview
OP also experienced a similar trend during its previous unlock event on May 31, which saw all pairs drop 2% the following week. Current prices suggest that around $30 million will go to Optimism core contributors and $24 million to investors.
The latest Optimism unlock comes weeks after the network launched permissionless bug proofs on its mainnet on June 10. The launch aims to provide a decentralized option for withdrawing ETH and ERC-20 tokens without the need for intermediaries. Optimism has expressed its goal of becoming a fully decentralized network, with the issuance of permissionless bug proofs in Phase 1.
Optimism Unlocks More Tokens in July
Token Unlocks data shows that many crypto projects, including Optimism, have token unlock events when their vesting periods end. Crypto projects have introduced vesting as an incentive for holders and a tactic to prevent dumping too many coins into the market. Multiple sources report that projects will unlock more than $750 million in tokens in July.
Optimism’s next unlock event will take place on July 15 at 7pm (UTC). This event will release 10 million OP tokens into the market, worth $17.5 million at the current OP price.
Source: Token Unlocks
Arbitrum, AltLayer, dYdX, Ethena, SUI, Manta Network, Hashflow, XAI blockchain, Immutable X, etc. are among the top projects unlocking tokens in July. These projects will issue tokens worth between $1 million and over $100 million. Other projects are unlocking lower amounts in the thousands of dollars range.
Unlock Token may affect the altcoin market
As seen in the price movement of the OP token, many speculated how this unlock would affect the cryptocurrency market. According to an analysis by 6th Man Ventures (6MV), an upcoming venture capital firm, unlocking more than 1% of the circulating token supply could cause a price drop. 6MV’s analysis also mentioned that projects with more than 70% of their tokens vested would have more price stability than projects that are only in the early stages of vesting.
Source: 6th Man Ventures
CryptoSpace Ninja on X too mention to how upcoming token unlocking events could significantly impact the cryptocurrency market. While some tokens may see price volatility, others will see increased adoption after unlocking. However, the tweet encourages investors to do their research before drawing any conclusions.
*Vesting: The process of holding, locking and issuing tokens, to create leverage to enter the market.
You can see OP prices here.
Minh Anh
According to Cryptopolitan
