Optimism Price Declines After Airdrop
Optimism, a Layer-2 network, recently distributed 11.7 million tokens to over 300,000 wallets, boosting its circulating supply of OP tokens to 234.74 million.
Despite this, the value of the OP token declined by 13% in the past 24 hours, bringing it to $2.33 at the time of reporting.
Despite this setback, the OP token has performed exceptionally well this year, soaring by over 200% since January 1st. It reached a new all-time high of $3.20 on February 3rd.
According to a statement released on February 9th, the reason for the recent airdrop was to acknowledge and reward positive participation in governance and empower the “power users” of Optimism’s Mainnet.
The distribution of tokens is part of a larger plan to release 19% of its initial governance token supply. Its first airdrop in May 2022 released over 200 million tokens, accounting for approximately 5% of the total initial supply.
To be eligible for the airdrop, users had to have spent more than $6.10 on gas since March 25th, 2022, or delegate the voting power of their OP tokens. Data from Dune Analytics showed that the average amount airdropped was $38.13, with the highest amount being $10,462.
On the other hand, the volume of transactions on the L2 network has remained stable, fluctuating between 160,000 and 200,000 after reaching its all-time high of 800,000.