OP token trades down after second airdrop reward from Optimism

Ecosystems•February 9, 2023, 4:13PM EST
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OP token trades down after second airdrop reward from Optimism

Quick Take

  • In all, 11,742,277.10 OP tokens were distributed to 307,965 unique addresses to reward users who delegated their governance votes or who spent gas fees transacting on the Layer 2 network.
  • The tokens were directly airdropped into eligible wallets following a snapshot taken on Jan. 20 and required no claim.
  • As traders are likely taking profit from the airdrop, OP is trading down around 13%, according to TradingView.
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Optimism users who delegated their voting power or spent gas transacting on the Layer 2 network received a portion of an OP token airdrop today as part of the network’s plan to power its mainnet.

A total of 11,742,277.10 OP tokens ($28.5 million) were airdropped to 307,965 unique addresses, according to Optimism. The OP token allocations were designed to reward users based on the amount of OP delegated, and to serve as a partial gas fee rebate, Optimism said.

Additional multipliers applied to certain accounts that delegated more than 20 OP at the time of the snapshot or had 54,367 OP delegated for a certain number of days. Those who made app transactions on the network over six months or spent over $20 in gas fees were also eligible for multipliers.

Traders with a sudden windfall of OP tokens hit the markets with their bounty, and OP took dip in the charts, trading down just over 13%, TradingView data show.

TradingView OP Chart
Chart from TradingView.

Optimism introduced the OP token to fuel its bicameral governance system via a 214 million token claim eligible to a total of 231,000 addresses in May 2022.