Decentralized finance (DeFi) platform Wintermute has moved its Optimisc (OP) tokens to the Binance wallet ahead of the upcoming unlock, which is expected to release $587 million worth of tokens into the market.
On May 31st, 386 million OP tokens will be unlocked for early contributors and investors. The amount of tokens that will be released to the market accounts for 9% of the total supply. The tokens are worth around $587 million and are expected to increase the circulating supply by more than 100%.
Seemingly preparing for what’s to come, Wintermute’s wallet was spotted transferring 2,651 million OPs — worth $4.31 million — to Binance in the past 2 days. According to on-chain analytics platform Spot on Chain, the DeFi protocol sold tokens for $1.63 per OP.
According to the analytics platform, Wintermute has accumulated a total of 21.31 million from crypto exchanges Binance and Coinbase at an average price of $1.01. Currently, the platform has sold 5.9 million tokens for a total of $10.6 million. The DeFi platform still holds a total of 15.37 million OPs, worth about $23.4 million at the time of writing.