Wintermute Moves $4M in Optimism Tokens to Binance Ahead of Unlock
• Wintermute has transferred 2.651 million Optimism (OP) tokens to Binance ahead of the upcoming $587M token unlock on May 31.
• On-chain analytics platform Spot on Chain reported that Wintermute sold the tokens at $1.63 per OP.
• Optimism is set for a major upgrade on June 6 which is expected to reduce transaction fees and enhance its compatibility with Ethereum network.
Wintermute Transfers Optimism (OP) Tokens Ahead of Unlock
Wintermute Moves Over $4M of OP Tokens To Binance
Decentralized finance (DeFi) platform Wintermute has transferred its Optimism (OP) tokens to a Binance exchange wallet ahead of the upcoming unlock that’s scheduled to release $587 million worth of tokens into the market. On May 31, 386 million OP tokens will be unlocked for early contributors and investors. The amount of tokens that will be released into the market accounts for 9% of the total supply and are expected to increase the circulating supply by over 100%. Seemingly preparing for this event, Wintermute’s wallet has transferred 2.651 million OP — worth $4.31 million — to Binance in the past two days. According to the on-chain analytics platform Spot on Chain, Wintermute sold these tokens for $1.63 per OP.
Optimism Raised $150 Million in Series B Round
In 2022, Ethereum layer-2 scaling solution Optimism raised $150 million in a Series B round led by Andreessen Horowitz and Paradigm and saved $1 billion in fees for Ethereum users. Wintermute was one of the investors who participated in this round and had acquired 21.31 million OP tokens from crypto exchanges such as Binance and Coinbase at an average price of $1.01 each before selling 5.9 million tokens for a total value of around $10.6 million while still holding 1537million OP worth around 23$24million at current prices .
Optimism Set For Major Upgrade On June 6th
Optimism is set for an upgrade on June 6th called Bedrock which is expected to reduce transaction fees and enhance its compatibility with Ethereum network . This upgrade should help improve user experience when interacting with applications built using Optimism’s technology .
Wintermute Holds 1537 Million OPs Worth Around 23$24 Million At Current Prices
Wintermute holds 1537million OPs worth around 23$24million at current prices which it acquired from exchanges such as Binance and Coinbase at an average price of 1$01 each before selling 590million OPs totalling up 10$6million while still holding 1537million OPs worth around 23$24million at current prices . This asset forms part of their DeFi portfolio now valued well above their initial investment .
Conclusion
In conclusion , Decentralized Finance (DeFi) platform Wintermute has transferred its Optimism (OP) tokens worth 4$31milliontoBinanceto prepareforitsupcomingtokenunlockthatwillrelease5871millionsworthoftokensintothemarketonMay31st2023 . WiththeJune6thBedrockupgradeexpectedtoreducefeesandenhancecompatibilitywithEthereumnetwork , thenearfuturelookspromisingfortheprojectaswellastheDeFiportfolioofWintermuteworthovertheirinitialinvestment .
