CDS Crypto News Optimism And Sui Unlock Tokens Worth $650 Million
Crypto News

Optimism And Sui Unlock Tokens Worth $650 Million

Optimism and Sui will unlock tokens this week, significantly increasing circulating supply.

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Optimism And Sui Unlock Tokens Worth $650 Million

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.

Optimism And Sui Unlock Tokens Worth $650 Million

Sui Network Will Launch Mainnet In Q2

This week, two crypto networks, Optimism and Sui, are preparing for token unlocks that will significantly increase the amount of their tokens in circulation. The largest token unlock is expected for the Ethereum Layer 2 network OP, with 387 million tokens scheduled to be released on May 31.

This amounts to $590 million and represents a 114% increase in the current circulating supply. Around 9% of the total token supply will be unlocked, and the tokens will primarily be distributed among core contributors and investors.

It is important to note that this token unlock precedes Optimism’s Bedrock upgrade, which aims to enhance performance and reduce fees. However, the price of Optimism’s native token OP has declined from $1.64 to $1.52 in the past 24 hours. As of today, it is down 6% ahead of the unlock.

Optimism And Sui Unlock Tokens Worth $650 Million

In contrast, the Layer 1 blockchain Sui will experience a smaller token unlock of 61 million tokens ($62 million) on June 3, resulting in a 13% increase in its circulating supply. Similar unlocks will occur regularly until November when the circulating supply will double, mirroring Optimism’s unlock this week.

Optimism And Sui Unlock Tokens Worth $650 Million

The Sui token unlock differs from Optimism’s in that the tokens will be distributed to retail users through an airdrop as part of its community access program. Some tokens will also be allocated to the Sui Foundation.

According to Alex, an analyst at crypto trading firm Scimitar Capital, there are additional complex factors to consider when assessing the relative impact of these events on the token prices.

To access more crypto news: cryptodataspace.com

Written by
Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.

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