What's Driving Token Prices? (June 01, 2022)

OP (-72%) - Optimism, the Layer 2 scaling solution that uses optimistic rollups, saw its token hit the market and immediately sink 70%. The token was airdropped to over 200,000 wallets, including early Optimism users and active Ethereum users. Interestingly, after initially announcing the airdrop to 248,000 wallets, they retroactively removed 17,000 of these addresses, as they believed they were gaming the airdrop.
MIR (-32%) - Mirror Protocol, a synthetic stock trading protocol built on Terra, suffered an exploit over the weekend that resulted in $2 million in stolen funds. The protocol is still running on Terra Classic, the original Terra chain following the network hard fork. The exploit is due to a faulty price oracle on the Terra Classic chain.
IMX (+5%) - Layer 2 scaling solution Immutable is rolling out protocol fees in anticipation of the launch of staking this month. The fee, which doesn’t have to be paid in IMX tokens, will be split between IMX stakers and Immutable. Although Immutable is introducing fees, they will still be lower than gas fees paid on Ethereum for minting and trading NFTS. In addition, Immutable announced a $40 million blockchain developer fund with Kongregate and an integration with the NFT platform Rarible. Volumes on Immutable X are down 75% MoM.
MPL (+17%) - Institutional lend/borrow protocol Maple Finance launched MPL staking yesterday. Users have two options to stake their MPL tokens: one where they earn 50% of protocol revenues and the other where they become the first loss reserve tranche along with earnings in yield plus MPL rewards. For context on potential staker earnings, Maple’s 30-day annualized revenues are $72 million.

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