Optimism (OP) seems to be to be on a great restoration path up to now within the month of September. This is due to the growing constructive consumer sentiment across the Ethereum Layer 2 community. However, the newest growth on the community might pose a risk to this restoration pattern.
Optimism Announces Third Airdrop
After finishing two rounds of airdrops already this yr, the Optimism network has moved on to its third airdrop. This time round, the community is trying to reward loyal Optimism customers who’ve delegated their OP for use to take part in governance on the community.
In its announcement, the workforce revealed that the most recent iteration of its airdrop reward system would see 19 million OP tokens distributed to 31,000 distinctive addresses on the community. The airdrop distribution started on Monday, September 18, with the tokens being despatched on to the wallets of eligible customers.
The requirement was to have delegated OP tokens between January 20 to July 20 to obtain the airdrop. To sweeten the pot, the airdrop applies a 2x multiplier to those that had delegated their tokens to people who have been lively voters.
As for many who have been ineligible to obtain the most recent spherical of airdrops, the workforce assured the neighborhood that extra could be coming as 19% of the full OP token provide is devoted to airdrops.
What’s subsequent?
Eligible addresses are within the strategy of receiving OP for Airdrop #3.
🚨 There is not any want to say this airdrop. Do not work together with any web site asking you to take action. 🚨
If you missed out, don’t fear—19% of the full preliminary provide of OP is devoted to airdrops.
— Optimism (✨🔴_🔴✨) (@optimismFND) September 18, 2023
Will This Affect OP Price?
The worth of the full OP tokens being distributed within the third airdrop comes out to round $26 million. This signifies that $26 million value of tokens are making their approach into the open market. Only half of the contributors promoting their allocation might see a $13 million promoting strain on the worth of the digital asset.
Now, if there’s not sufficient demand to suck up this new provide, then the sellers will win and the OP price will drop drastically. This is already being manifested in Optimism’s efficiency within the final day which is already shifting into the pink with 0.24% losses. As extra customers obtain and entry their tokens, the promoting strain might climb quickly.
However, on condition that customers are being rewarded for holding and delegating their tokens, it might spark an urge to carry onto the OP tokens amongst those that obtain them in an effort to qualify for future airdrops. In such a case, the OP value will maintain firmly and shake off any bear strain.
OP is already seeing elevated curiosity which has translated to a 40% enhance in its day by day buying and selling quantity, in line with data from CoinMarketCap. Its value can also be holding tentatively at $1.40 as buyers watch for the market to react.
OP value recovers from crash | Source: OPUSDT on Tradingview.com
