Optimism Drops 10% Following 11M Token Airdrop

Key Points:

• Optimism airdropped 11.7 million tokens to more than 300,000 wallets, bringing the total number of OP tokens in circulation to 234.74 million.
• OP has increased by more than 200% since January 1 and is one of the best-performing digital assets year to date.
• The airdrop is intended to reward “positive-sum governance participation and power users of Optimism Mainnet,” according to a statement made on February 9.

Optimism airdropped 11.7 million tokens to more than 300,000 wallets, bringing the total number of OP tokens in circulation to 234.74 million.

As a result of the revelation, the OP token dropped 13% in the last 24 hours to $2.33 as of the time of this writing, according to data from CryptoSlate.

OP has increased by more than 200% since January 1 and is one of the best-performing digital assets year to date. On February 3, thanks to its strong price development, it hit a brand-new all-time high (ATH) of $3.20.

Optimism’s airdrop

The airdrop is intended to reward “positive-sum governance participation and power users of Optimism Mainnet,” according to a statement made on February 9.

The airdrop, according to the scaling solution, was a part of a larger strategy to disperse 19% of its initial supply of governance tokens. In May 2022, it conducted its first airdrop, giving away more than 200 million tokens, or about 5% of the total supply of its governance tokens.

Users who have spent more than $6.10 on gas since March 25, 2022, and those who have assigned their OP tokens’ voting power were both eligible for the most recent airdrop.

The average amount airdropped to Dune analytics users was $38.13, while the highest amount was $10,462.

The L2 network’s transaction volume has fluctuated between 160,000 and 200,000 since dropping from an ATH of 800,000.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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