Optimism, Sui Unlock $650 Million Worth Tokens

Optimism and Sui are preparing for the release of tokens, which will significantly influence the total number of tokens in circulation.

Optimism, Sui Unlock $650 Million Worth Tokens
Optimism, Sui Unlock $650 Million Worth Tokens

This week, the cryptocurrency networks Optimism and Sui are preparing for the release of tokens, which will significantly influence the total number of tokens in circulation.

OP, Optimism’s Ethereum Layer 2 network, has the most remarkable token unlock among the two networks. It entails the release of 387 million tokens on May 31, amounting to $590 million. This will result in an increase of 114% to the current supply in circulation. Approximately nine percent of the total token supply will be unlocked and distributed predominantly to core contributors and investors.

Notably, this token unlocks prior to Optimism’s Bedrock upgrade, which seeks to improve performance and reduce transaction fees. In contrast, the price of OP, Optimism’s native token, has decreased from $1.64 to $1.52 over the past 24 hours. It has reduced by 6% as of today in anticipation of the token release.

Optimism, Sui Unlock $650 Million Worth Tokens

On June 3, 61 million Sui tokens (equivalent to $62 million) will be released on the Layer 1 blockchain network Sui. This will enhance the supply of Sui tokens in circulation by 13%. However, similar token unlocks will occur routinely until November, doubling the circulating supply, similar to this week’s Optimism token unlock.

Sui’s token release differs from Optimism’s in that retail users will receive tokens through an airdrop as part of its community access program. In addition, the Sui Foundation will receive tokens. According to Alex, an analyst at the cryptocurrency trading firm Scimitar Capital, evaluating the relative influence of these events on token prices requires consideration of additional complex factors.