Optimism Selling $162 Million Worth Of OP Tokens In Private Sale

Table of Content

Layer-2 network Optimism is selling around 116 million OP tokens, currently worth around $162 million in a private sale, with plans to transfer the funds immediately.

The organization made the announcement in a post and advised the community that there will be several transactions to send the tokens starting Wednesday.

Optimism Flags Imminent Transfer Of Tokens

According to the announcement by Optimism, the tokens are subject to a two-year lockup period. During this time, purchasers can delegate their tokens to unaffiliated third parties for participation in governance activities. The announcement stated,

“Optimism has entered into a private token sale of approximately 116M OP tokens, split among seven purchasers, for treasury management purposes. The tokens are subject to a two-year lockup. During the lockup, the purchasers will be able to delegate the tokens to unaffiliated third parties for participation in governance.”

According to the announcement, the tokens came from the unallocated portion of Optimism’s OP token treasury. These tokens are part of the foundation’s original 30% working budget of the initial OP token supply. It also told the community that there would be several transactions to send the OP token. However, it assured the community that these are all planned transactions.

“The tokens come from the Unallocated portion of the OP Token treasury and are part of the foundation’s original working budget of 30% of the initial OP token supply. Starting today, there will be several transactions to send the OP. These are all planned transactions, and we’re sharing a heads up to keep the community informed.”

What This Means For Optimism

The new sale is big news for those following the altcoin space closely and will help expand the Optimism ecosystem. As OP token holders can transfer their tokens to participate in governance, the Optimism ecosystem could take on an even more democratic management structure. The sale will allow Optimism to generate considerable revenue, which can be used to develop the platform further. It would also allow new investors to join the platform and expand Optimism’s user base.

Go to Source to See Full Article
Author: Amara Khatri

Did you like this?
Tip BTC Newswire with Cryptocurrency