Following Optimism’s Second Airdrop Payout, the OP Token Falls in Value

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Last Updated on February 10, 2023 by Bitfinsider

As part of the network’s plan to power its mainnet, optimism users who distributed their voting power or used gas in transactions on the Layer 2 network today earned a piece of an OP token airdrop.

According to Optimism, an airdrop of 11,742,277.10 OP tokens worth $28.5 million was made to 307,965 different addresses. According to Optimism, the OP token allocations were created as a partial gas fee refund and to compensate users based on the quantity of OP allocated.

Certain accounts that had more than 20 OP delegated at the time of the snapshot or had 54,367 OP delegated for a specific amount of days received additional multipliers. Additionally, multipliers were available to those who used the network’s apps for six consecutive months or who paid more than $20 in gas prices.

Data reveal that when traders suddenly came into a windfall of OP tokens, they flooded the market and OP token prices dropped by just over 13%.

Optimism launched the OP token in May 2022, with a 214 million token claim applicable to a total of 231,000 addresses, to power its bicameral governance structure.

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