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
