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Significant Unlock of Optimism's OP Tokens Imminent, Wintermute Transfers a Large Batch to Binance

According to Token Unlocks data, a significant amount of Optimism’s OP tokens is scheduled for release on May 31st. A total of 386,547,056.64 OP tokens, equivalent to approximately $587 million and accounting for 9% of the total supply, are set to be unlocked. This includes 204,010,947 OP tokens for core contributors and 182,536,110 OP tokens for investors.

Furthermore, as monitored by Spot On Chain, Wintermute, one of the B-round investors of Optimism, has transferred 2.651 million OP tokens to Binance over the past 42 hours. The tokens, which were transferred at an average price of $1.63, amount to a total of $4.31 million.

Wintermute’s move comes ahead of the significant token unlock event, wherein OP tokens worth $587 million will be released on May 31st, representing 9% of the total supply.

It’s worth noting that the impact of such a substantial token release on the market could be significant, given the large value and volume of tokens involved. The market and the Optimism community will be closely observing the aftermath of this unlocking event.

Optimism Announces Third Airdrop Allocations

On September 19, 2023, Optimism, a Ethereum Layer 2 solution, unveiled details of its third airdrop, termed “OP Airdrop #3” on Twitter. The announcement confirmed the allocation of 19 million OP tokens to 31,870 distinct addresses. This move is an effort to incentivize and acknowledge those who have actively participated in the platform’s governance through the delegation of their voting power.

Key Highlights

Airdrop Details: The airdrop, which took place on September 18, 2023, at 18:10 UTC, allocated a total of 19,411,313 OP tokens. The beneficiaries of this airdrop were addresses that had delegated their OP token voting power between January 20th and July 20th, 2023.

Security Precautions: Optimism has emphasized that there isn’t a claims page for this particular airdrop. They’ve cautioned users against interacting with any websites falsely claiming to distribute Airdrop #3. The official OP token contract address has been identified as 0x4200000000000000000000000000000000000042.

Reward Breakdown: The airdrop comprised two main reward types:

Governance Delegation Reward: Addresses that delegated OP above a specified threshold were eligible. A total of 31,529 addresses qualified, with each receiving a reward calculated as 0.67/365 OP per OP Delegated x Day, with a cap of 10,000 OP per address.

Voting Delegate Bonus: This bonus was for addresses that delegated to an entity that participated in at least one on-chain vote during the snapshot period. 25,561 addresses met this criterion, receiving (0.67/365)*2 OP per OP Delegated x Day, also capped at 10,000 OP per address.

Eligibility Criteria: To be eligible for the airdrop, an address’s Cumulative Delegated OP (calculated as OP delegated multiplied by the number of days delegated) needed to exceed 18,000. However, if the delegation was to a “Voting Delegate,” the threshold was reduced to 9,000. Addresses that delegated for less than seven days or were known delegation program wallets were excluded from this airdrop.

Future Airdrops: Optimism has earmarked 19% of the total initial supply of OP tokens for future airdrops, indicating continued efforts to reward and engage its community.

Optimism’s focus on “scaling new coordination mechanisms” underscores the importance of robust governance in realizing the Optimistic Vision. By rewarding those who support governance through delegation, the platform aims to foster a more inclusive and participatory ecosystem.

Optimism (OP) Earns High Praise from Vitalik Buterin for $100M Public Goods Initiative

Ethereum Co-Founder Vitalik Buterin has applauded the efforts of Optimism for their RetroPGF Round 3 initiative. This round saw an impressive distribution of over $100 million to 501 contributors, marking a pivotal moment for the funding of public goods within the blockchain space.

Optimism’s Innovative Approach to Funding

Optimism has taken a novel approach to supporting the development of public goods through the Retroactive Public Goods Funding (RetroPGF) program. This initiative rewards contributions that have a lasting positive impact on the Optimism ecosystem and, by extension, the broader Ethereum network. The third round of this program, known as RetroPGF Round 3, was particularly noteworthy for its scale and impact.

Vitalik Buterin’s Endorsement

Vitalik Buterin, a prominent figure in the crypto community, has recognized and praised the endeavors of Optimism. His comments underline the significance of funding mechanisms that support developers and contributors who are engaged in building public infrastructure, especially those who do so without a traditional business model. Buterin’s commendation has brought considerable attention to Optimism’s efforts and highlights the importance of funding public goods in the blockchain domain.

The Impact and Reach of RetroPGF Round 3

In RetroPGF Round 3, Optimism allocated 30 million OP tokens to a diverse group of contributors, including builders, writers, creators, educators, and other contributors within the Optimism ecosystem. These awardees were recognized for their contributions across four critical categories: OP Stack, Collective Governance, Developer Ecosystem, and End User Experience and Adoption.

Optimism’s Contribution to the Ethereum Ecosystem

Optimism plays a crucial role in the Ethereum ecosystem by providing layer-2 scaling solutions. This technology enhances the performance of Ethereum by facilitating faster and cheaper transactions. The funding and support provided through programs like RetroPGF are vital for the continued growth and development of such technological innovations.

Despite the positive news and Buterin’s endorsement, the market response to Optimism’s native token (OP) has been somewhat muted, with a slight dip in its value. However, this does not detract from the long-term significance of Optimism’s initiatives for the Ethereum ecosystem.

Conclusion

The successful execution of Optimism’s RetroPGF Round 3 is a testament to the evolving landscape of blockchain funding and development. It not only demonstrates the potential of community-driven support mechanisms but also signifies a broader shift towards recognizing and valuing public goods within the blockchain space. As the industry continues to grow, the efforts of platforms like Optimism in supporting the backbone of the Ethereum network will likely become increasingly important.

Binance to Delist BAKE, ID, MBOX, OP, RDNT, UNI Related Trading Pairs in Spot Market

Binance, in its effort to ensure a vibrant and liquid trading environment, regularly reviews all listed spot trading pairs. Based on their most recent evaluations, the exchange has decided to delist certain trading pairs due to factors like poor liquidity and trading volume.

The spot trading pairs that will be removed from Binance on April 12, 2024, at 03:00 UTC are:

BAKE/BNB

ID/TUSD

MBOX/BNB

OP/TUSD

RDNT/TUSD

UNI/BNB

It is important to note that the delisting of these spot trading pairs does not impact the availability of the tokens on Binance Spot. Users will still be able to trade the base and quote assets of these tokens on other available trading pairs on the platform.

Additionally, Binance will terminate its Spot Trading Bots services for the aforementioned spot trading pairs on April 12, 2024, at 03:00 UTC. Users who utilize this service are advised to update or cancel their Spot Trading Bots prior to the cessation to avoid any potential losses.

Binance has provided guidelines and frequently asked questions regarding delisting, which users can refer to for more information. The exchange also advises users to check the original English version of the announcement for the latest and most accurate information, as there may be discrepancies in translated versions.

As with any investment in digital assets, Binance reminds users that prices can be volatile, and the value of investments may go up or down. Users are responsible for their investment decisions and should not invest more than they can afford to lose. It is recommended that users seek independent financial advice and consider their individual circumstances before trading.

Binance reserves the right to amend or cancel the delisting announcement at any time and for any reasons without prior notice.