Wintermute Takes Precautionary Measures Ahead of Token Unlock to Foster DeFi Growth

Wintermute Takes Precautionary Measures Ahead of Token Unlock to Foster DeFi Growth

As it prepares to unlock its tokens, decentralized finance (DeFi) platform Wintermute takes proactive measures. The firm is set to release Optimism (OP) tokens worth $587 million on May 31 to early contributors and investors. This move could increase the tokens’ circulating supply by 9% of the total amount.

To prepare for this major event, Wintermute’s wallet has transferred approximately 2.651 million OP tokens valued at $4.31 million to Binance over the past two days. Spot on Chain, an on-chain analytics platform, has confirmed the successful sale of these tokens at a rate of $1.63 per OP.

 

In the past, Wintermute acquired a total of 21.31 million tokens from leading crypto exchanges Binance and Coinbase at an average of $1.01. Of this number, the firm has sold 5.9 million tokens for a total of $10.6 million, still retaining 15.37 million OP tokens valued at about $23.4 million.

It is worth noting that Wintermute invested in Optimism’s successful Series B fundraising round last year. The Ethereum layer-2 scaling solution raised $150 million, under the leadership of Andreessen Horowitz (a16z) and Paradigm, leading to savings of $1 billion in fees for Ethereum users.

Optimism has scheduled a major update for June 6, called the “Bedrock” upgrade. This upgrade aims to decrease transaction fees and enhance the compatibility of the solution with Ethereum, further cementing its position as a leading scaling solution.

Wintermute’s proactive measures and strategic positioning demonstrate its commitment to optimizing operations and adapting to the ever-changing DeFi landscape. These actions showcase the firm’s determination to meeting market needs and ensuring the continued success of its platform.

Compiled by Coinbold