Optimism (OP) appears to be on a good recovery path in September so far. This is due to the increasing positive user sentiment surrounding the Ethereum Layer 2 network. However, the latest development on the network could threaten this recovery trend.
Optimism announces third airdrop
Having already completed two rounds of airdrops this year, the Optimism network has moved on to its third airdrops. This time, the network wants to reward loyal Optimism users who have delegated their OP to be used to participate in the management of the network.
In the announcement, the team revealed that the latest version of the airdrop rewards system would see 19 million OP tokens distributed to 31,000 unique addresses on the network. The airdrop distribution began on Monday, September 18, with the tokens sent directly to the wallets of eligible users.
The requirement was to have delegated OP tokens between January 20 and July 20 to receive the airdrop. To sweeten the pot even more, the airdrop applies a 2x multiplier to those who had delegated their tokens to individuals who were active voters.
As for those who were not eligible to receive the latest round of airdrops, the team assured the community that more would come, as 19% of the total OP token supply is earmarked for airdrops.
What’s next?
Eligible addresses are currently receiving OP for Airdrop #3.
???? There is no need to claim this airdrop. Do not interact with a site that asks you to do so. ????
If you missed it, don’t worry: 19% of OP’s total initial supply is earmarked for airdrops.
— Optimism (✨????_????✨) (@optimismFND) September 18, 2023
Will this affect the OP price?
The value of the total number of OP tokens distributed in the third airdrop comes to approximately $26 million. This means $26 million worth of tokens are making their way to the open market. Only half of the participants who sold their allocation were able to experience a $13 million selling pressure on the price of the digital asset.
If there isn’t enough demand to suck up this new supply, the sellers will win and the OP price will drop dramatically. This is already reflected in Optimism’s performance on the last day, which is already in the red with a loss of 0.24%. As more users receive and use their tokens, selling pressure can quickly increase.
However, since users are rewarded for holding and delegating their tokens, this could spark an urge to hold the OP tokens among those who receive them in an effort to qualify for future airdrops. In such a case, OP price will hold firm and shake off all bear pressure.
OP is already seeing increased interest, which has translated into a 40% increase in daily trading volume facts from CoinMarketCap. The price will also remain at $1.40 for the time being, while investors wait for the market to react.
OP price recovers from crash | Source: OPUSDT on Tradingview.com