What Happened on May. 30th | Massive $OP Unlock on May 31, Monumental Upgrade on June 6

TI Research

386.5 million $OP tokens, 9% of total supply, to be unlocked on May 31. The Optimism team tactically arranged the monumental Bedrock upgrade just 1 week after the massive token unlocking.

The first cliff unlock of $OP token for investors and core contributors will happen on May 31th. There will be 386 million tokens to be unlocked, in which 204 million from core contributors and 182 million from investors. At today's price, the total dollar value to be unlocked amounts to $591 million.

When tokens are unlocked, their holders are then able to sell or swap that token. Since the coming unlocking token are held by early contributors and investors, they are quite likely to sell as they are sitting on significant gains and could choose to take profit.

However, there is a monumental upgrade to the Optimism stack just 1 week after this giant unlock.

Optimism Bedrock Mainnet Upgrade Scheduled on June 6, 2023, expecting 2-4 Hours of Downtime

The Optimism team appears to plan the upgrade timing quite carefully as major network upgrades are usually considered positive news for token prices. So the question is whether this big upgrade to Optimism can offset the negative effects of mass unlocking.

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Source:TokenInsight Gainers and losers


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