Wintermute transfers $4M of Optimism to Binance before token unlock

The Wintermute decentralized finance (DeFi) platform has transferred its Optimism (OP) tokens to a Binance exchange wallet in preparation for the upcoming token unlock, which is set to release $587 million worth of tokens into the market. On May 31, 386 million OP tokens will be unlocked for early contributors and investors, accounting for 9% of the total supply. The tokens are expected to increase the circulating supply by over 100%. Wintermute’s wallet has already transferred 2.651 million OP, worth $4.31 million, to Binance in the past two days. The company accumulated a total of 21.31 million OP tokens from crypto exchanges Binance and blockchain at an average price of $1.01, and has already sold 5.9 million tokens for $10.6 million, still holding 15.37 million OP, worth around $23.4 million at the time of writing.

Optimism, the Ethereum layer-2 scaling solution, raised $150 million in a Series B round led by Andreessen Horowitz and Paradigm in 2022, saving $1 billion in fees for Ethereum users. Wintermute was one of the investors who participated in this round. Optimism is set for a major upgrade on June 6, which is expected to reduce transaction fees and enhance its compatibility with the Ethereum network.