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Optimism token plunges 65% after ‘rough launch’

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The Optimism (OP) token dropped 65.6% from its listing cost of $4.57 following a sought-after airdrop that stress-tested the scaling abilities of the layer-2 option, Optimism.

The token is trading at $1.57 after a drop to $0.79 in the early hours of this early morning, according to information from CoinMarketCap.

The hyped airdrop was announced in April, revealing a drop of approximately 215 million tokens, or 5% of OP’s overall supply. In information gathered by Dune Analytics, around 248,699 users were qualified for the airdrop.

Due to traffic on the Optimism public RPC (an opportunity for apps to get in touch with the blockchain) users experienced hold-ups when attempting to declare their airdrop. Currently, just half of the 215 million airdropped tokens have actually been declared.

Today the Optimism group required to Twitter to clarify the unanticipated circumstance, the preliminary tweet read: “Wow, what a day. OP Drop # 1 had an unstable launch which we lastly supported after more than 5 hours of non-stop work.

” We’ll be releasing a complete, in-depth retrospective on the lessons discovered next week. Let’s rapidly discuss what occurred.”

Following this, the group continued to tweet a thread of in-depth descriptions for its users.

Somewhere else, due to increased user need, Binance has actually reported slower speeds on deposits throughout the Optimism network.

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