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Optimism distributes unclaimed tokens from first airdrop, totaling $66.7 million
Optimism unveils testnet of fault-proof system, eyes decentralization
- Optimism has directly distributed unclaimed tokens from its first airdrop to eligible addresses, amounting to an equivalent of $66.7 million.
- The distribution did not significantly impact the market price of Optimism’s governance token, OP, which showed only a 0.5% increase over the past 24 hours.
- The airdrop announcement led to scam attempts mimicking the new airdrop, prompting Optimism to emphasize its long-term development roadmap for the second-layer network on Ethereum.
Optimism, a leading Layer 2 network on Ethereum, has completed the direct distribution of unclaimed tokens from its first airdrop, amounting to an equivalent of $66.7 million. The airdrop initially commenced on June 1, 2022, and had successfully distributed 166 million of the nearly 215 million tokens reserved for the airdrop. However, about a quarter of eligible addresses did not claim their share, prompting Optimism to distribute the remaining tokens directly to these addresses.
The direct distribution aligns with Optimism’s commitment to airdropping 19% of its initial token supply. After two airdrops, 13.73% of that initial supply remains unclaimed. The company has yet to announce plans for a third airdrop.
Optimism has partnered with various entities, including Strathmore University, the Blockchain Association of Kenya, and the American Chamber of Commerce, to manage its crypto activities.
Scams and market response
While the direct distribution was a significant move, it did not result in a price surge for Optimism’s governance token, OP. At the time of the announcement, OP was trading at $1.39 on major exchanges, showing only a 0.5% increase over the past 24 hours. This lack of market response contrasts with the company’s “surprise” airdrop in February 2023, which led to a 13% price drop for the OP token.
Moreover, the airdrop announcement was immediately followed by scam attempts mimicking the new airdrop. Optimism’s governance structures emphasized that the direct distribution is part of their long-term development roadmap for the second-layer network on Ethereum. The move allows the core teams to focus on other smart contract work and future airdrops.
Optimism’s decision to directly distribute unclaimed tokens from its first airdrop marks a notable development in the Layer 2 Ethereum ecosystem. While the action did not significantly impact the market price of the OP token, it underscores Optimism’s commitment to its long-term goals.
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Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
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