Optimism (OP), a layer 2 scaling solution for Ethereum, is set to unlock a large amount of OPs this week according to the token unlock calendar.
Optimism (OP) Altcoin Will Have A Major Unlock Event On Wednesday
The unlock event will release 154.62 million OP tokens worth approximately $249.32 million at the current price of $1.61 per token. This represents 46.10% of OP's total market cap, which is currently $540.96 million.
The unlock event is part of a four-year vesting program for OP tokens that started on May 31, 2022 and will end on May 31, 2026.
There is a one-year restriction in the first year of the vesting period, meaning no tokens are set to be unlocked until May 31, 2023. After that, the tokens will be unlocked monthly until the end of the vesting period.
The OP token is an ERC-20 token that allows holders to participate in the governance of the Optimism protocol, which aims to improve Ethereum's scalability and user experience using optimistic rollups. Optimism claims to offer lower fees, faster transactions, and full compatibility with Ethereum smart contracts.
So far, only 5% of the total OP supply has been released, mostly to early investors and ecosystem partners. The upcoming unlock event will increase the circulating supply by 3.60% when the entire unlock calendar is included.
*Not investment advice.
