Optimism, a popular layer-2 blockchain on Ethereum, saw its governance token OP plummet over 60% in its market debut.
The blockchain began airdropping the token, OP, late on Tuesday. Early adopters of the project, which offers scaling solutions for Ethereum, were the primary recipients of the airdrop.
OP debuted at $4.479, before dropping sharply to as low as $0.7973. The token is now trading around $1.56- nearly 66% below its debut, according to data from Coinmarketcap.com.
Optimism had announced the airdrop in April, along with plans to launch a decentralized autonomous organization (DAO) governing the OP token.
The project is a Layer-2 rollup on Ethereum that allows users to access most of ETH’s features with faster transaction speeds and without high gas fees. It claims to have an on-chain value of over $800 million.
