Crypto Networks Optimism And Sui Release Tokens Worth $652 Million
- Optimism and Sui are both preparing for significant token unlocks this week, which will increase their circulating supply by 114% and 13%, respectively.
- The tokens will be distributed primarily to core contributors, investors, and retail users as an airdrop as part of Sui’s community access program.
Optimism and Sui are set for significant token unlocks this week, with Optimism’s release increasing circulating supply by 114%.
Crypto networks Optimism and Sui are gearing up for significant token unlocks this week. On May 31st, Ethereum Layer 2 network Optimism will release 387 million tokens, worth $590 million, increasing its circulating supply by 114%.
The tokens will be primarily distributed among core contributors and investors. This release precedes Optimism’s Bedrock upgrade, which aims to improve performance and reduce fees. However, the price of Optimism’s native token, OP, has already dropped 6% from $1.64 to $1.52 in the last 24 hours, ahead of the unlock.
On June 3rd, Sui, a Layer 1 blockchain, will see a much smaller unlock of 61 million tokens, worth $62 million, increasing its circulating supply by 13%. Token unlocks like this will occur regularly until November when the circulating supply will double.
Unlike Optimism, 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, as reported by a Twitter account named Alex.
Although the OP unlock is for 114% of supply, and SUI is for 13%, other complex factors should be considered when evaluating the relative impact on the price for these events. This month, Avalanche unlocked 9.5 million tokens ($139 million), representing 1.3% of its token supply, without any significant impact on the token’s price.
These token unlocks will have an impact on the crypto market. Optimism’s token unlocks, in particular, is expected to generate considerable attention and interest. However, the true impact on the tokens’ prices remains to be seen. It is important for investors to carefully evaluate and consider various factors before making decisions regarding these tokens.
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