After the token airdrop, the OP rate fell by 49% to $1

Optimism community proposed to exclude coin sellers from airdrops

03.06.2022 - 07:25

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2 min

What’s new? The community of the Optimism (OP) network is discussing excluding from future airdrops those users who immediately sold 100% of the coins received. A community member under the nickname OxJohn has highlighted addresses that received a minimum of 32 000 OP. The user claims that these people managed to earn an average of $40 000 each. According to him, such actions are “counter-productive” in the network governance process.

Discussion on Optimism forum

What else did OxJohn add? In addition, he suggested making a public list of all such accounts so that other decentralized autonomous organizations (DAOs) can use it as well.

“I believe many projects will be interested in rewarding those who actually contribute to governance, rather than those who just see ownership given into a protocol as a short term liquidity bonus,” the user explained.

What is Optimism? It is an Ethereum Level 2 (L2) scaling solution, on Optimism transactions are almost instantaneous and with lower fees. On May 31, the network’s native token, OP, was issued, with 5% of the issue airdropped to 250 000 addresses. The OKX, LBank, and MEXC exchanges already listed it.

Token’s response. According to CoinGecko, the price of OP was $1,49 at the time of opening trading and then rose to a high of $1,89. As coins were airdropped, the token price corrected and fell by 49% to $1,10. As of June 3, 07:40 UTC, OP is trading at $1,45.

What happened before? Analytics firm PeckShield warned of the emergence of fake Optimism tokens. Scammers created fake coins on the BNB Chain and Ethereum. Cyber security experts were able to detect these assets using the honeypot mechanism.

Also, the Optimism token made it to the top of crypto analyst Austin Arnolds as one of the altcoins with high growth potential. The analyst noted the high throughput of the network and low fees.

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