Optimism token plunges 65% after ‘turbulent launch’

The Optimism (OP) token dropped 65.6% from its listing price of $4.57 following an in-demand airdrop that stress-tested the scaling capabilities of the layer-2 solution, Optimism.

The token is trading at $1.57 after a plummet to $0.79 in the early hours of this morning, according to data from CoinMarketCap.

The hyped airdrop was announced in April, announcing a drop of roughly 215 million tokens, or 5% of OP’s total supply. In data collected by Dune Analytics, around 248,699 users were eligible for the airdrop.

Due to traffic on the Optimism public RPC (an avenue for apps to connect with the blockchain) users experienced delays when trying to claim their airdrop. As of now, only half of the 215 million airdropped tokens have been claimed.

This morning the Optimism team took to Twitter to clarify the unexpected situation, the initial tweet read: “Wow, what a day. OP Drop #1 had a turbulent launch which we finally stabilized after more than five hours of non-stop work.

“We’ll be publishing a full, detailed retrospective on the lessons learned next week. Let’s quickly talk about what happened.”

Following this, the team proceeded to tweet a thread of detailed explanations for its users.

Elsewhere, due to increased user demand, Binance has reported slower speeds on deposits across the Optimism network.

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Updated: 06/01/2022 — 15:00