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Bears dominate the crypto space as Bitcoin lost 1.90% in the precious 24 hours, showcasing weakness above $60,000. Meanwhile, layer2 blockchain Optimism (OP) led the downside, losing over 6% within the past day.
Optimism’s downward stance follows the recent airdrop, which saw the network distributing 10,368,678 tokens (worth around $16 million).
The event allocated the assets to 54,723 user addresses, rewarding individuals who propelled Superchain growth.
🔴 Use the Superchain, and reap the benefits 🔴 Today, @Optimism unveils Airdrop #5: Onchain together, benefit together. 10M+ OP has been allocated to 54k+ unique addresses. As of today, roughly 550M OP remains for future airdrops.
The announcement read:
Airdrop #5 rewards power users who have contributed to the growth of the Superchain Ecosystem. The best apps across social, DeFi, gaming, and more live on the Superchain, and it’s crucial to support their growth and success.
Active Superchain users rewarded who transacted on Base, OP Mainnet, Orderly, Race, Polynomial, Xterio, BOB, Derive, Lisk, Redstone, Swan, Mint, Cyber, Fraxtal, Metal, Mode, and Zora.
Addresses that engaged with over twenty contracts within the Superchain Ecosystem from 15 March to 15 September, qualified for the giveaway. Meanwhile, eligible users have until 13 February 2025 to claim their assets.
Why is Airdrop 5 different?
The latest airdrop is unlike the previous one as it introduces additional incentives.
For instance, users can magnify their rewards by engaging with seven different contracts in Superchain and transacting specified amounts of OP coins.
Meanwhile, Optimism launched its first airdrop on 31 May 2022 and has allocated over 265 million tokens since. It has 550 million OP assets awaiting future distributions.
Ethereum’s Vitalik Buterin recognized Optimism
The Ethereum co-founder praised a crucial upgrade in Optimism’s SuperchainERC20. The update aims to bolster collaboration between ETH infrastructure units with a state-of-the-art cross-chain interface.
Seen on @Optimism github: “Also introducing ICrosschainERC20 interface… to be cross-chain neutral and extensible to other L2s” I think people are sleeping on just how much Ethereum infrastructure players really *are* willing to cooperate and build a unified Ethereum ecosystem
The upgrade will enhance Ethereum’s interoperability and scalability across different L2 solutions.
Moreover, Buterin proposed reduced minimum staking requirements to boost Ether’s inclusivity.
Further, he revealed the chances of introducing models such as the Harberger tax within ETH L2 blockchains to ensure a harmonious economic balance in the ecosystem.
OP price outlook
The altcoin reacted to the latest OP distribution with a bearish move, plunging 6.07% on its daily chart to trade at $1.54.
Source: CoinmarketcapOptimism boasts a market cap of $1.93 billion, whereas the airdrop has increased OP’s circulating supply to 1.3 billion.
Considering the supply and demand narratives, the distribution will likely translate to amplified selling momentum in the up-and-coming sessions.
That might catalyze bearish slides towards the nearest footing at $1.185 – a 30% dip from OP’s current price.
A technical analysis supports the downward outlook.
OP price hovers beneath the crucial 50 and 200 Exponential Moving Averages on the 4-hour timeframe.
Moreover, the Moving Average Convergence Divergence has swayed below the signal line, highlighting a bearish advantage.
Meanwhile, OP’s trajectory will largely depend on how users will behave with the distributed tokens. Immediate selling would trigger significant declines while locking the assets could absorb the downward pressure for quick rebounds amid the anticipated Uptober rally.
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