Optimism And Sui Unlock Tokens Worth $650 Million: The Future Looks Bright!
- Crypto networks Optimism and Sui will unlock tokens this week, significantly increasing circulating supply.
- Optimism’s 387 million token unlock represents a 114% increase, while Sui’s 61 million token unlock is a 13% increase.
- The tokens will be split between core contributors, investors, and retail users in an airdrop, but unlocking tokens does not always lead to significant price changes.
Crypto networks Optimism and Sui are getting ready for token unlocks this week that will significantly increase the circulating supply of their tokens.
The token unlock for Ethereum Layer 2 network OP is the largest, with 387 million tokens set to be released on May 31. This is equivalent to $590 million and represents a 114% increase to the current circulating supply. Approximately 9% of the total supply of tokens will be unlocked, and the tokens will be mainly distributed among core contributors and investors.
It is worth noting that this token unlock comes ahead of Optimism’s Bedrock upgrade, which is set to improve performance and lower fees. However, the price of Optimism’s native token OP has still dropped from $1.64 to $1.52 in the last 24 hours. It is down 6% as of today, ahead of the unlock.
In contrast, Layer 1 blockchain Sui will only see a smaller token unlock of 61 million tokens ($62 million) on June 3, which will increase its circulating supply by 13%. However, regular unlocks like this will happen until November, when the circulating supply will double, similar to Optimism’s unlock this week.
The Sui token unlock is different from Optimism’s as the tokens will be distributed to retail users as an airdrop, as part of its community access program. Some tokens will also go to the Sui Foundation. According to Alex, an analyst at crypto trading firm Scimitar Capital, there are other complex factors to consider when evaluating the relative impact on price for these events.
Join us to keep track of news: https://linktr.ee/coincu