Latest Developments in Optimism

Optimism, one of Ethereum’s best layer2 solutions, made a new announcement about airdrops. The airdrop process started on June 1, 2022, and 215 million tokens were allocated during this process. 166 million of these tokens were sent to wallets due to demand. However, approximately one quarter of the addresses eligible to receive airdrops did not request it. For this reason, the Optimism team decided to distribute directly to addresses that did not receive their rights.

Optimism had announced that it planned to distribute 19% of the initial token supply via airdrop. There have been two airdrops so far and the remaining balance is set at 13.73%. Currently Optimism is the second largest layer2 solution in terms of TVL size. The altcoins’ ATL journey has also stalled as Bitcoin’s price holds in the $26,500 region. OP Token was trading at $1,369 at the time of writing. The price is stalled at the $1.34 support and it may continue to move upwards as long as the $1.31 support is maintained. If the $1.44 region is breached, a new move to the $1.8 region may begin after $1.5 and $1.59. However, if the $1.2 zone is lost, there is a risk of a decline to 1.063 and $0.9.

Depending on Bitcoin’s price performance, OP Token could approach one of two extreme targets. Fed data is expected on Wednesday and this may clarify the details regarding the interest rate ceiling. If the Fed announces that it does not need further tightening and announces the interest rate ceiling, this may mean that a relief environment has begun for risk markets.