Wintermute has transferred a chunk of its Optimism (OP) tokens to a Binance exchange wallet in preparation for the upcoming Unlock event scheduled to hold on May 31, 2023.
According to Spot On Chain, Wintermute’s wallet has sent 2.651 million OP tokens, equivalent to $4.31 million, to a Binance wallet. These tokens were sold for $1.63 each.
???????? Over the past 42 hours, @wintermute_t has moved 2.651M $OP to #Binance at $1.63 on avg ($4.31M).
⚠️ 386.5M $OP ($587.5M) will be unlocked in 18 hours:
– 204M $OP to core contributors
– 182.5M $OP to investors
– Represents 9% of total supply or 53.5% of circulating supply pic.twitter.com/XLSkeaEqHp— Spot On Chain (@spotonchain) May 30, 2023
Wintermute has accumulated a total of $21.31 million worth of OP tokens at an average cost of $1.01 per token via active trading with cryptocurrency exchanges; Binance and Coinbase. The platform has generated $10.6 million by selling 5.9 million tokens, and it still holds approximately 15.37 million OP tokens, valued at nearly $23.4 million.
Optimism, the Ethereum layer-2 scaling solution used for protocol development, raised $150 million in Series B funding in 2022. Andreessen Horowitz (a16z), Paradigm, and Wintermute were among the investors that participated in this funding round
The upcoming Unlock will enable early donors and investors to access 386 million OP tokens worth $587 million. This release represents 9% of the total token supply and significantly increases the current circulating supply of 335 million tokens.
In addition, a significant upgrade for the platform is scheduled for June 6, 2023. The “Bedrock” patch, announced by Optimism on May 16, 2023, aims to reduce transaction fees and improve compatibility with the Ethereum network, further enhancing Wintermute’s capabilities.
Users, node operators, and developers had been warned that during the upgrade, there will be a temporary suspension of transactions to the sequencer, as well as deposits and withdrawals, for approximately 2-4 hours. This precautionary measure guarantees the preservation of all balances, contact addresses, transaction data, block data, and historical execution traces. All transactions on the OP Mainnet will be halted throughout the upgrade.
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