Crypto News

OP Token Plummets After Unexpected Optimism Giveaway

Optimism Network conducted a surprise token airdrop

Optimism Network, a layer 2 blockchain platform, conducted a surprise token airdrop on Thursday, distributing 11.7 million governance tokens to more than 300,000 wallets.

This move is part of the blockchain’s effort to broaden its adoption by distributing 19% of its initial governance token supply.

Users who spent gas executing transactions on the Optimism Network or delegated their voting powers to others were eligible for the airdrop. The platform recognizes the sharing of voting powers as a way to strengthen its governance system.

Despite the token’s price dropping 13% following the announcement, Optimism has seen a 200% rally over the past few weeks.

The airdrop was a smooth process, unlike the first airdrop in July 2022, which required manual claiming by users. This time, the distribution was automatic.

Optimism’s airdrop comes as the platform seeks an advantage over its largest competitor, Arbitrum. Arbitrum currently has more than double the number of transacting wallets compared to Optimism and has been widening the gap between the two platforms over the past month. Unlike Optimism, Arbitrum does not have a token.


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