Optimism price slides 9% after $450M worth of OP tokens transferred from multisig

The Optimism (OP) token has lost more than 9% of its value in the last 24 hours after the team transferred $450 million worth of tokens from a multisig wallet without notice.

The token transfer initially spawned rumors that the Ethereum-based Layer 2 network had been hacked.

However, the team clarified that the transfer was โ€œplanned to be a standard transfer to Coinbase Custody wallets of various investors in OP Labs PBC.โ€

The OP price fell to $1.29 before recovering to its current price of $1.35 at the time of writing.

Community beats down optimism

The cryptocurrency community lashed out at the Optimism team for not announcing the token transfer.

According to rotkiapp founder Lefteris Karapetsas, the communication gap left the community trying to “determine if something was wrong.”

Another community member said Optimism’s team “didn’t put out anything important,” adding, “I’ve never seen a team so unorganized and so uncommunicative with the community.” Added.

Some have suggested that the Optimism team has sold the token short.

Optimism TVL rises

According to DeFiLlama, the total amount of assets locked in Optimism is now over $1 billion, jumping more than 280% in the last 30 days. data.

MakerDAO (MKR) revealed that the amount of DAI on its network increased from $30 million to $140 million within five days.

The Layer 2 network has 35 projects such as DeFi protocol Aave (AAVE), derivatives exchange Synthetix (SNX), decentralized exchange Uniswap (UNI), and automated market maker Velodrome, all of which are optimism accounts for 87% of TVL in

Aave has the highest volume with $538.4 million worth of assets locked in Optimism, followed by Synthetix with $204 million.

Meanwhile, DeFi protocols such as Iron Bank, Yearn Finance (YFI), and Homora also joined Optimism on August 16th.

New protocols have reportedly joined Layer 2 networks to improve security and capital efficiency.

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