TheOptimismFoundationhasallocated25millionOPtokenstoKraken,oneofthelargestcryptocurrencyexchangesintheUnitedStates,aspartofastrategicpartnership.
Thedeal,whichwasvaluedataround$100millionearlierthisyearandiscurrentlyvaluedataround$42.5millionduetotokenpricefluctuations,seesKrakenbuilditsownlayer-2blockchaincalledInkusingOptimism’sOPStackframework.
Kraken’snewlyannouncedprojectInkwilljoinagrowing“Superchain”ecosystemthatincludeslayer-2networksfromothermajorcompanieslikeCoinbase,Sony,andUniswap.TheSuperchainleveragestheOPStackframework,allowingparticipantstocreatetheirownscalablerollupsbasedonOptimism’sblockchaintechnology.
Whilebothpartiesconfirmedthedetails,Krakenannouncedthatthetokenallocationwillbedistributedoverasetperiodoftime.AccordingtoInkfounderAndrewKoller,thenumberoftokensprovidedtoKrakenisinlinewithgrantsgiventootherprojectsintheSuperchainecosystem.“Optimismwasactuallythefirsttoproposethisnumber,anditwasverymuchinlinewithwhatotherSuperchainparticipantswereachieving,”Kollersaid.
AccordingtoCoinGeckodata,thepartnershipwasreportedlycompletedinJanuaryorFebruary,whentheOPtokenwasvaluedatbetween$3.99and$4.06.Thecurrentpriceofthetokenisaround$1.70,whichisasignificantdropfromtheinitialvaluation.
RyanWyatt,chiefgrowthofficeroftheOptimismFoundation,detailedtheallocationbreakdowninaseriesofpostsonX(formerlyTwitter).AccordingtoWyatt,thedealincludes5millionOPtokenstofundengineeringeffortsforInkand20millionOPtokenstiedtotransactionmilestonesintendedtogeneratefeesforthebroaderOptimismecosystem,referredtoas“TheCollective.”
Wyattsaidthefoundationremainscommittedtoinvestingindevelopers,adding,“Thecollectivewillnotstopinvestingindevelopers.”
*Thisisnotinvestmentadvice.
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