Optimism Reveals Plan To Sell 116M OP Tokens in Private Sale
- Considering the current market price of OP tokens, the sale will generate approx $159M.
- Just two days before the sale, Optimism launched its third airdrop, distributing 19.4M OP.
The plan to sell 116 million OP tokens to seven individual purchasers have been made public by Optimism as part of its treasury management strategy. Considering the current market price of OP tokens, the sale will generate approx. $159M.
While it was speculated that Optimism will “dump” its tokens on the market, driving down prices, the private nature of the transaction makes it unlikely that this would really happen. The tokens are not part of the general supply since they come from the unallocated reserve of the OP token treasury.
Covered by Original Working Budget
According to the Optimism website, purchasers will be unable to resell their tokens on secondary markets for a period of two years. However, token purchasers are permitted to assign governance responsibilities to unaffiliated third parties. This sale, Optimism claims, was always planned for and is fully covered by the “original working budget of 30% of the initial token supply.”
Just two days before the sale, Optimism launched its third airdrop, distributing 19.4 million OP tokens to more than 31,000 addresses for their participation in delegation activities related to the Optimism Collective, the DAO that runs the network.
Among layer-2 scaling solutions, Optimism, Polygon, and Arbitrum are the most popular. Optimism’s total transactions in August surpassed Arbitrum’s, despite the fact that it was still behind in terms of TVL. At the time of writing, OP is trading at $1.31, down 5.64% in the last 24 hours as per data from CMC.
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