3.6% Optimism (OP) Tokens Worth $258 Million Will Be Unlocked This Week
- On May 31, Optimism (OP) will hold a token-unlocking session worth $258 million.
- The unlock phase takes place before June 6, when the project will conduct a significant upgrade of Bedrock, the foundation to improve many technical aspects and optimize transaction fees for this layer-2.
- Additionally, $101 million worth of 1inch tokens and $64.7 million worth of Sui tokens will be unlocked this week.
According to data from Unlock Tokens, on May 31 of this week, 3.6% of Optimism tokens worth $258 million will be unlocked.
This month there is one last major unlock on May 31 from the layer-2 Optimism project, with 154 million OP tokens – worth $248 million at current exchange rates. This amount of tokens is equivalent to 3.6% of the total OP supply.
The amount of unlocked tokens will be allocated to the primary investor group and the development team, with the total OP supply will continue to increase steadily in the allocations from now on for these two groups.
Until June 6, Optimism will conduct an extremely important upgrade that is the foundation to improve many technical aspects and optimize transaction fees for this layer-2. Bedrock will also pave the way for another layer-2 solution that uses Optimism’s technology, Base, for mainnet deployment.
One of the main advantages of the Bedrock upgrade is the expected reduction in transaction fees. OP Labs, the developer of the protocol for Optimism, estimates that transaction fees will drop by an impressive 47%.
After a sideways period, the OP price recorded a 3% increase along with the positive news from Bitcoin today after the threat of US debt default waning. OP is currently trading at $1.66.
Besides Optimism, projects are eagerly awaited, such as $101 million worth of 1inch (INCH) tokens and $64.7 million worth of Sui (SUI) tokens, approximately 68 million Hedera (HBAR) tokens, $38 million will also be unlocked this week.
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