Optimism Launches Airdrop, Problems Depress Token Price
Crypto News

Optimism Launches Airdrop, Problems Depress Token Price

2d"
6 months ago

Optimism launched its highly anticipated airdrop, though not without problems.

Optimism Launches Airdrop, Problems Depress Token Price

Optimism, an Ethereum layer-two scaling solution, finally launched its airdrop, which had been highly anticipated in the entire crypto space.

However, things did not go as smoothly as Optimism (or airdrop recipients) may have hoped. Upon launch, many users found to be not eligible despite having been notified of their eligibility previously. Others were struggling with failed transactions as the network could not keep up with the high demand.

The airdrop of the OP token will happen over several stages as the network launches its DAO called "The Optimism Collective." even after removing 17,000 addresses to weed out bots, more than 230,000 addresses were eligible for the airdrop. Qualifying requirements were for example, voting in a DAO, bridging, signing multi-sigs, and several other requirements.

The Optimism mainnet was bogged down by the increased load for a few hours, to which the network responded on its Twitter account:

The network acknowledged that the drop had not gone as well as it hoped it would and promised to do better next time:

Although blockchain builders on Twitter lauded Optimism for its efforts and gave the network credit considering the difficulty of Ethereum scaling, retail users were not as patient.

Several users took to Twitter and let Optimism know about their dissatisfaction in no unclear terms.

The OP token, already available for trading on several exchanges like Binance, KuCoin, and Gate.io, felt the wrath of retail. From its launch price of $4.57, the token price quickly plummeted below $2 and is currently trading at $1.28.

Users that are eligible can claim their airdrop here.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
19 people liked this article