Ethereum layer 2 scaling solutuion Optimism launched its native token OP today through an airdrop. After the launch the price of the token dropped by around 70%, falling from $4.5 to $0.7. Currently, OP trades at around $1.3.
Related: Optimism Raised $150 M at $1.65 B Valuation
The Optimism team announced an airdrop of the 5% of the total supply of OP tokens, which is around 215 M tokens in April 2022. There were 248,699 eligble users for the aidrops, data from Dune Analytics show. Users have claimed almost half of the airdropped tokens.
The high demand for the airdrop caused some trouble at the time of launch, Optimism tweeted. According to the tweet, the reason for delays was the immense traffic on Optimism's software communication protocol.
The Optimism team announced they will publish an extensive report about the launch and taken lessons next week.