Optimism Foundation Initiates Private Sale of $89 Million Worth OP Tokens
In Brief
Optimism Foundation will sell 19.5 million OP governance tokens to private individuals, with an estimated value exceeding $89 million.
Optimism Foundation, operating the Ethereum Layer 2 project Optimism (OP), initiated the sale of around 19.5 million governance tokens (OP) to private individuals, with an estimated value exceeding $89 million.
The tokens will be subject to a lockup period of two years, however, during this time, the buyer can delegate tokens to unaffiliated third parties for governance votes. According to the announcement, these tokens come from the unallocated segment of the OP token treasury and constitute part of the Optimism Foundation’s original working budget, comprising 30% of the initial OP token supply.
In the upcoming days, various transactions linked to the private sale will take place with public tracking of the OP token supply accessible for transparency.
The Optimism Foundation has previously conducted a private token sale, selling 116 million OP tokens, resulting in a valuation exceeding $160 million last year.
The price of Optimism’s OP token has increased by nearly 3% over the past 24 hours before experiencing a slight decline. As of the writing time, OP is trading at $4.57, according to CoinMarketCap data.
Development of Optimism Ecosystem
The Optimism Foundation supports Optimism Collective, contributing to the development of the Optimism ecosystem and the associated technology. Developed by OP Labs, Optimism is the primary blockchain network within the Optimism ecosystem, consisting of Layer 2 chains, collectively referred to as the Superchain.
The OP token serves as the native governance token of the Optimism network, playing a pivotal role in guiding and overseeing the operations of the Optimism ecosystem. Holders of OP tokens can engage in decision-making processes, contributing to the direction and evolution of Optimism.
Recently, Optimism initiated its fourth airdrop to reward Web3 artists, to distribute 10,343,757.81 OP tokens, valued at $40.8 million, to 22,998 addresses. Optimism has dedicated 19% of the initial token supply for distribution through airdrops, with approximately 560 million OP tokens set aside for future airdrop initiatives.
The Optimism Foundation’s multifaceted approach, exemplified by a private token sale, highlights its strategy for developing the Optimism ecosystem.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
