#Optimism is set to unlock around $81 billion in OP tokens on January 29, 2024, according to Token Unlocks data. Token lock-ups are common in the crypto space, where a portion of the token supply is held back and gradually released over time.
Crypto projects often lock up a portion of the token supply and release it over time to prevent early investors and insiders from offloading large quantities of tokens immediately after they are distributed, which could potentially destabilize the market. Yet, such events are often viewed with apprehension, as they can lead to price declines due to the sudden increase in available supply.
Optimism's upcoming unlock will distribute over 24 million $OP tokens, equivalent to around 2.5% of the circulating supply, to the project's investors and core contributors. The project has unlocked around 885 million tokens so far, equivalent to 20.6% of its total supply.
Earlier this month, Optimism released its Canyon upgrade, the next major upgrade following the Bedrock upgrade. Developed in partnership with Base, Canyon focuses on supporting the Shanghai and Capella hardforks, along with implementing several minor bug fixes. The project furtherannounced a $30 million token distribution to reward contributors "building the public goods that power the Optimism Collective."
OP is trading at around $3.275 up over 5% at the time of writing this article. The token's market cap is around $2.9 billion.
The Supra team has announced the launch of there decentralized Oracle (DORA) services on the Optimism OP Mainnet ๐๐
This launch signifies a leap forward in offering immediate access to live, real-time price feeds.
Overall, this is a game-changer for dApps on Optimism, helping users and developers alike make smarter decisions with better, faster, and more accurate data. ๐ป๐
#Write2Earn #TradeNTell #Optimsm
