Optimism's OP Token in Roller Coaster Mode after a 'Turbulent Launch'
OP token by Optimism, a second layer scaling solution for Ethereum (ETH), went on a roller coaster following a "turbulent launch" that led to unprecedented demand and caused delays on the Optimism blockchain mainnet.
The token, after briefly plunging to as low as USD 1.38, hit an all-time high of USD 2.10 in the early hours of its debut, and subsequently started a correction. At 7:35 UTC on Wednesday morning, OP is trading at USD 1.77, up by 23.8% over the past 24 hours, according to CoinGecko.
The Layer 2 (L2) scaling solution launched the much-anticipated airdrop of its OP token on late Tuesday, distributing free tokens among early users of the project who had interacted with the network before June 23, 2021, as well as early DAO voters, more than 24,000 Gitcoin donors, and others. The drop did face some issues, however, which the team said they were able to solve.
While the L2 solution initially intended to include 248,000 addresses, it later removed 17,000 addresses that were considered to be airdrop farmers or sybils, those who create multiple wallets and execute small trades to increase their total earnings when an airdrop occurs.
"All of the OP recovered will be redistributed proportionally to other recipients of Airdrop #1. It’s like an extra mini airdrop," Optimism said in late May.
A number of crypto exchanges, including OKX, LBank, MEXC, and AAX, have announced plans to list the Optimism token. Most recently, US-based crypto exchange Coinbase revealed that it would "add support for Optimism (OP) on the Optimism network."
Nevertheless, Optimism experienced an unprecedented demand following the launch of its governance token, causing delays on the Optimism blockchain mainnet and remote procedure calls (RPCs).
An RPC
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