News By  Gagarin News
Normal +2 261 30 May 2023
Normal +2

Wintermute Transfers Millions in OP Tokens Ahead of Unlock Event

By  Gagarin News 261 30 May 2023
Photo - Wintermute Transfers Millions in OP Tokens Ahead of Unlock Event

In anticipation of the impending unlock slated to introduce $587 million worth of tokens into circulation, DeFi operator Wintermute has relocated its Optimism (OP) tokens to a wallet on the Binance exchange.

On the last day of May, a colossal 386 million OP tokens will be released for early contributors and investors, amounting to 9% of the total supply. This colossal quantity of tokens, estimated to be worth approximately $587 million, is projected to amplify the circulating supply by over 100%.

In apparent readiness for this significant event, Wintermute has been witnessed transferring 2.651 million OP, equivalent to $4.31 million, to Binance over the past 48 hours. Spot on Chain, an on-chain analytics service, has reported that the DeFi protocol has already traded the tokens at $1.63 per OP.

The analytics service states that Wintermute has amassed a total of 21.31 million from the crypto exchanges Binance and Coinbase at an average acquisition price of $1.01. Currently, the platform has sold off 5.9 million tokens, raking in a total of $10.6 million. Wintermute continues to hold 15.37 million OP, valuing around $23.4 million as of now.

In the previous year, Optimism, the Ethereum layer-2 scaling solution, secured $150 million in a Series B funding round led by Andreessen Horowitz (a16z) and Paradigm, contributing to savings of $1 billion in fees for Ethereum users. Crunchbase records indicate that Wintermute was among the investors participating in this round.

Furthermore, a substantial upgrade to the platform is scheduled for June 6. Optimism declared the date for its "Bedrock" upgrade on May 16, which is anticipated to decrease transaction fees and bolster compatibility with the Ethereum network.