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
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.
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.
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
%s Comment