343M OP Tokens Will Enter Circulation Over the Next Year—Optimism Lays Out the Math

Token unlock seasons are rarely frictionless, and Optimism’s Year 5 supply schedule is no exception.

The Foundation’s annual budget update projects that 342.9 million OP tokens will enter circulation between May 2026 and April 2027, expanding the liquid supply to 2.504 billion OP—roughly 58.3% of the total 4.29 billion cap.

The numbers come from the foundation’s public outlook, not from a new allocation request, and that distinction matters for how markets process the information.

Every vesting cliff that turns into liquid tokens creates a local pricing game between holders who believe in the network’s long-term utility and recipients who may want to rotate into other positions.