A prominent decentralized finance (DeFi) platform, Wintermute, is taking proactive steps in preparation for the upcoming token unlock. Wintermute will release approximately $587 million worth of Optimism (OP) tokens on May 31 to early contributors and investors. This move will significantly increase the circulating supply by 9% of the total.
To ensure readiness for this important event, Wintermute’s wallet recently completed a transfer of 2.651 million OP tokens, valued at $4.31 million, to Binance within 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.
Wintermute had previously acquired a total of 21.31 million tokens from renowned crypto exchanges Binance and Coinbase at an average price of $1.01. So far, the platform has sold 5.9 million tokens for a total of $10.6 million while still retaining 15.37 million OP tokens valued at approximately $23.4 million.
It is worth noting that Wintermute participated as an investor in Optimism’s highly successful Series B funding round last year. This Ethereum layer-2 scaling solution raised an impressive $150 million, led by Andreessen Horowitz (a16z) and Paradigm, resulting in substantial fee savings of $1 billion for Ethereum users.
Looking forward, Optimism has a significant upgrade planned for June 6, known as the “Bedrock” upgrade. This eagerly anticipated enhancement aims to reduce transaction fees and further improve compatibility with the Ethereum network, solidifying its position as a leading scaling solution.
Wintermute’s proactive measures and strategic positioning exemplify its commitment to optimizing operations and adapting to the ever-changing landscape of DeFi. These actions showcase their dedication to meeting market developments and ensuring their platform’s continued success.