The value of Optimism’s native OP token is main losses among the many high 50 cryptocurrencies, falling so far as 10% on the week forward of a $30 million token unlock.

Based on data from tokenomics platform Token Unlocks, 24.16 million OP tokens, which account for roughly 3% of the circulating provide — are scheduled to be unlocked on Sept. 30.

The subsequent OP token unlock is scheduled for Sept. 30. Supply: Token Unlocks

At present costs, the unlock will see just a little greater than $30 million price of OP tokens hit the market, with $15.49 million going to core contributors and $14.26 million put aside for buyers.

Token unlocking occasions type a core a part of many fundamental cryptocurrency tasks, with many groups selecting to progressively launch tokens to the market as an alternative of unleashing them . Usually nonetheless, unlocking occasions are seen by buyers as more likely to put strain on costs, as a brand new provide of tokens turns into out there on the market.

The value of OP token has rebounded barely prior to now 5 hours. Supply: CoinGecko

The value of the OP token is presently buying and selling flat on the day at $1.26, after experiencing a short 3% rally prior to now 5 hours, based on worth data from CoinGecko.

Associated: Optimism transactions surpass Arbitrum, but what’s behind the uptick in users?

Final week on Sept. 21, Optimism revealed that it will be promoting $160 million price of the OP token to personal sellers as a part of a deliberate sale.

On Sept. 19, Optimism announced its third airdrop, the place 19.4 million OP tokens have been allotted to greater than 31,000 addresses that took half in delegation actions regarding the community’s decentralized autonomous group (DAO), Optimism Collective.

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