- 386 million Optimism (OP) tokens will be unlocked on May 31,
- Wintermute transferred 2.651 million OP tokens to Binance and later sold all the tokens.
- The OP tokens were sold for $1.63 per token.
In what is seen as avoiding losses, the decentralized finance (DeFi) platform Wintermute transferred some of its Optimism (OP) tokens to a Binance& crypto exchange wallet and sold the tokens ahead of the much-awaited OP token unlock.
Optimism is scheduled to release 386 million OP tokens worth about $587 million to early investors and contributors.
The unlocked tokens &- 9% of the total OP supply
The unlocked tokens account for 9% of the total OP token supply and are expected to increase the token’s circulating supply by over 100%. That said, the sudden surge in supply is expected by many to cause a slight drop in OP price, which is probably the reason why Wintermute offloaded its OP tokens.
According to the on-chain analytics platform Spot on Chain, Wintermute accumulated 21.31 million OP tokens from Coinbase& and Binance at an average price of $1.01. The DeFi protocol has already sold 5.9 million tokens for a total of $10.6 million leaving the protocol with 15.37 million OP tokens worth about $23 million.
Wintermute was one of the investors who took part in the Optimism Series B funding round which saw Optimism raise $150 million in addition to saving $1 billion in fees from Ethereum users.
Optimism recently announced the date for its “Bedrock” upgrade, which is expected to enhance the platform’s compatibility with the Ethereum& network and reduce transaction fees.
The post Wintermute sells 2.651M Optimism tokens on Binance ahead of token unlock appeared first on CoinJournal.
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