Wintermute sells 2.651M Optimism tokens on Binance ahead of token unlock

Wintermute sells 2.651M Optimism tokens on Binance ahead of token unlock

386 million Optimism (OP) tokens shall be unlocked on May 31,
Wintermute transferred 2.651 million OP tokens to Binance and later bought all of the tokens.
The OP tokens have been bought for $1.63 per token.

In what’s seen as avoiding losses, the decentralized finance (DeFi) platform Wintermute transferred some of its Optimism (OP) tokens to a Binance crypto change pockets and bought the tokens ahead of the much-awaited OP token unlock.

Optimism is scheduled to launch 386 million OP tokens value about $587 million to early traders and contributors.

The unlocked tokens – 9% of the whole OP provide

The unlocked tokens account for 9% of the whole OP token provide and are anticipated to extend the token’s circulating provide by over 100%. That mentioned, the sudden surge in provide is anticipated by many to trigger a slight drop in OP value, which might be the explanation why Wintermute offloaded its OP tokens.

According to the on-chain analytics platform Spot on Chain, Wintermute amassed 21.31 million OP tokens from Coinbase and Binance at a median value of $1.01. The DeFi protocol has already bought 5.9 million tokens for a complete of $10.6 million leaving the protocol with 15.37 million OP tokens value about $23 million.

Wintermute was one of the traders who took half within the Optimism Series B funding spherical which noticed Optimism increase $150 million along with saving $1 billion in charges from Ethereum customers.

Optimism just lately introduced the date for its “Bedrock” improve, which is anticipated to reinforce the platform’s compatibility with the Ethereum community and scale back transaction charges.

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