Why Did Optimism (OP) Drop?
Optimism is a Layer-2 solution that addresses scalability issues on the Ethereum network. Ethereum experiences frequent network outages and transaction costs increase as many users and malware use the network. Layer-2 solutions are designed to organize these dimensions.
Optimism is a system that integrates into the main chain of the Ethereum network, but its programming and processing are placed on the main chain of the Ethereum network rather than running it. This helps the Ethereum network become more scalable by reducing transaction fees and ensuring transaction protection. Optimism somehow ensures that smart contracts and DApps run faster and with lower defenses.
OP is traded at approximately 39.39 TL, with a decrease of 3.89% in the last 24 minutes. According to Token unlocks, unlocking will begin in the OP on October 29, 2023. Locks to be opened constitute 3.03% of the supply.
Token unlocks may be important events in cryptocurrency projects and token prices may change. Unlocking allows the expansion of the free market opportunities of previously locked tokens. However, it may cause the amount of tokens in current circulation to increase.
The amount of alloy tokens in the dollar is increased, the supply and demand amount can be found. After token unlocking, new tokens can be traded on the free market, which may cause prices to fall or rise. Therefore, when the unlock date approaches, mass and traders are watching this event.
The impact of unlocking may vary from project to project and should therefore be evaluated in detail. Additionally, prices for underlying technology, deployment support, and other variables may vary.
Once the token is unlocked, the transaction of the associated tokens becomes visible. An increase in the number of alloy tokens in the dollar may cause changes in the token price. The short time left until the unlocking may have affected the decrease in OP.