Ethereum Layer-2 scaling solution, following the debut of its much-anticipated airdrop on Wednesday, Optimism has been swamped by “all-time high demand.” As a result, shortly after its much-anticipated airdrop, it dropped 65.6 percent from its $4.57 selling price.
What is Ethereum scaling solutions?
Ethereum scaling solutions make transactions quicker, cheaper, and more energy-efficient than they are on Ethereum’s mainnet. For example, all transactions made on Optimism’s blockchain platform are bundled up into huge batches and then committed to Ethereum’s network via a single transaction.
Users rushing to get their tokens were met with unsuccessful or delayed transactions while the Optimism team worked behind the scenes to expand the network’s capacity. As a result, the airdrop is open to almost 250,000 addresses, with eligibility set for Optimism early adopters and regular Ethereum users, including DAO votes, multi-sig signers, and bridge users.
Due to increasing customer demand on the Optimism network, the largest cryptocurrency exchange Binance reported delays for deposits. As a result, the OP token’s listing on Binance has also been pushed back one hour until 8 a.m. UTC today.
The OP token is presently traded on Huobi, Kucoin, Coinbase, Bitrue, and OKX, among other crypto exchanges. According to CoinMarketCap statistics, OP is currently trading at $1.57, having dipped as low as $0.79 in the early hours of its launch.
Optimism announced an airdrop of 5% of the entire supply of OP tokens, or almost 215 million tokens, in April 2022. According to Dune Analytics, a total of 248,699 users were eligible for the airdrops.
On Twitter, Optimism announced that it would use the lessons gained from the first airdrop to the second wave and publish a “full postmortem next week” describing what happened.
