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Optimism and Sui Upcoming Token Unlocks, LayerZero Halts Emissions on Fantom Pools

May 31, 2023
Author
Walter Teng, CFA
Walter Teng, CFA AC
Market Update After showing gains in after-hours trading, markets retraced on the first trading day after Memorial Day Weekend. President Biden and House Speaker McCarthy struck a tentative deal to raise the U.S. debt ceiling, although markets are ambivalent on whether it can be implemented by the June 5th deadline. $SPX and $QQQ opened 0.5% and 1.1% higher from last week's close before retracing to 0.1% and 0.9% higher, respectively. Treasury yields edged down after rising for almost two consecutive weeks, with the US10Y currently trading at 3.7%. $BTC and $ETH pumped on low liquidity on Sunday when the deal was announced, and are up 0.3% and 0.7% over the past day. $OP has retraced the most in the top 100, down by 6.5% over the past day and 11.9% in the past week, elaborated further belowCrypto networks Optimism and Sui are slated for notable token unlocks, significantly increasing their circulating supply. Ethereum Layer 2 network Optimism is set for the larger unlock, releasing 387 million tokens ($590 million). These tokens represent a 114% rise in the current circulating supply and 9% of the total suply, mainly going to core contributors and investors. Meanwhile, Layer 1 blockchain Sui is unlocking 61 million tokens ($62 million) on June 3, increasing its circulating suppl

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