Jannat Ara

Optimism Foundation Conducts $90 Million Private Sale of OP Tokens

The Optimism Foundation, responsible for overseeing ecosystem projects and infrastructure development, has recently announced a private token sale involving approximately 19.5 million OP tokens, valued at around $89.5 million as of the latest disclosure.

This move, revealed through a forum post on March 7, marks the sale of a portion of the foundation’s “original working budget,” constituting 30% of the initial OP token supply. The specific terms of the sale and the identity of the purchaser remain undisclosed, attributed to the private nature of the transaction. However, the tokens involved in the sale are subject to a two-year lockup period.

During this lockup period, the purchaser retains the ability to delegate the tokens to unaffiliated third parties for participation in governance activities, as outlined by the Optimism Foundation.

The foundation emphasized that the sale aligns with their planned initiatives, with the transfers of tokens scheduled to occur over the coming days. Despite this significant development, the market price of OP tokens has exhibited minimal fluctuation, maintaining stability at approximately $4.59 per token, indicating a marginal increase of around 1% based on CoinMarketCap data at the time of the announcement.

This private sale echoes a similar instance in September 2023, when the Optimism Foundation conducted the sale of 116 million OP tokens to seven private buyers. Similar to the current sale, detailed information regarding the transaction was not extensively disclosed at that time.

Overall, the private sale of OP tokens underscores the foundation’s strategic approach to funding its ongoing initiatives while maintaining a level of flexibility in governance participation for token holders.

Powered by Crypto Expert BD

Follow us on Twitter: https://x.com/CryptoExpert_BD

Join our Telegram channel: https://t.me/CryptoExpert_BD

Leave a Comment