As per the most recent reviews, enterprise capital large Andreessen Horowitz (a16z) has proven curiosity in Ethereum Layer-2 platform Optimism, buying a staggering $90 million price of OP tokens. Defying the broader market downturn, the Optimism (OP) price has rallied by 13.5% within the final 24 hours, and at present buying and selling at $2.65 with a market cap of $2.77 billion.
a16z Secretly Snaps Optimism Tokens
Interestingly, final month on March 7, the Optimism Foundation introduced that it had offered round 19.5 million OP tokens, valued at practically $90 million, to an undisclosed purchaser. These tokens had been sourced from a 30% pool of OP’s authentic treasury designated for the muse’s preliminary operational finances.
Sources aware of the matter informed Unchained that the a16z’s buy of OP tokens has occurred underneath a two-year vesting interval, amid robust developmental exercise within the Optimism ecosystem, together with the surge in utilization of Optimism’s OP Stack.
Investors participating in token vesting intervals usually safe discounted purchases in comparison with the token’s present buying and selling worth.
Optimism’s OP Stack product affords builders of Layer 2 blockchains the chance to make the most of its open-source know-how for deploying their mainnets. Recently, Optimism achieved a major milestone when the builders of the Celo blockchain chosen OP Stack to launch the blockchain’s extremely anticipated Layer 2 answer.
Speaking on the event, one of the sources stated: “It’s interesting. Optimism’s done pretty well. They’re still doing airdrops.”
Without mentioning a16z’s involvement in Optimism, a spokesperson for the Ethereum Layer-2 platform stated: “We are thrilled with the energy and momentum that Optimism is getting and excited for what’s to come”.
Interestingly, a16z additionally holds an funding in crypto trade Coinbase, which runs its personal Layer-2 answer Base. Base and Optimism are potential rivals, with each attracting important crypto initiatives to make the most of their know-how stacks.
OP Price Rally to Continue
The information of enterprise large a16z shopping for Optimism tokens has garnered robust curiosity within the altcoin. Along with the OP worth rallying over 13%, regardless of the broader market sell-off, the buying and selling volumes have additionally surged by 90% all the way in which to $548 million.
Following the latest Bitcoin halving occasion, the OP found stable assist across the $2 psychological threshold, establishing a neighborhood backside. This assist catalyzed a optimistic reversal, propelling the asset by 45% in two weeks to its present buying and selling worth of $2.63.
Currently, the coin worth hints at a possible breakout from the overhead trendline. A day by day candle closing above this resistance trendline would point out a shift in market dynamics, favoring consumers. Subsequently, the post-breakout rally might propel the Optimism coin towards potential targets of $3.4, $4, and $4.78
The offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
