Markets News Report
March 08, 2024

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 Initiates Private Sale of $89 Million Worth of OP Tokens

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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