1inch, a major decentralized exchange aggregator has made an announcement for its users involving the distribution of free tokens.
Optimism Participants Brace for Rewards
1inch has announced that the free tokens will be given to the users who participate in Optimism. The developers behind 1inch have stated that with the launch of the reward program, they want to bring in more investors to their platform.
Optimism is a layer-2 scaling solution that is based on the Ethereum network.
Distribution of OP Tokens
For the promotion of Optimism, 1inch has decided to launch a distribution program mainly referred to as airdrop.
1inch officials have confirmed that they will be distributing 300,000 OP tokens as rewards in the form of the airdrop. The tokens will be given to the users whose wallets are highly active.
The users with the highest wallet activity on Optimism will be eligible for the free OP tokens. Alongside the active users would be the individuals, who meet the criteria of being regular users of the protocol.
1inch has announced that they have dubbed the particular distribution program as “Merkle” drop.
Wallets Selected for Distribution
So far, 1inch teams have selected a total of 3,782 wallets that are eligible to become part of the airdrop. These wallets will be allowed to participate in the Merkle drop and will be eligible to receive the OP tokens as rewards for their participation.
For those with less knowledge about Optimism and OP, the latter is the native token that is available for users to utilize on the Optimism platform.
The OP token also acts as the governance token that allows them to vote and make multiple decisions on the Optimism platform. The users can participate in different governance systems that are present on the Optimism platform.
OP Token
The current market value of OP tokens is worth $1.22 per OP. The Optimism native token has recorded a 5% gain in value in the past 24 hours. Back in the month of May, OP token hit the highest trading price.
In the particular month, OP was able to hit its all-time high when it rose all the way up to $4.57 per OP. The reason why OP token hit an all-time high in the month of May was due to the airdrop the protocol had carried out in the same month.
High Volatility
Ever since hitting the all-time high (ATH), the trading price of OP has faced great volatility. Despite the efforts from the bulls, OP has not been able to even come close to its ATH.
Therefore, 1inch has jumped in to offer its support to Optimism and help it regain its lost value with the help of another airdrop.
James Thompson