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.
As such, the private token sale is being seen as an important step for Optimism and the OP token. The announcement could also have a significant impact on the larger crypto ecosystem. At the same time, the two-year lock-in period could herald greater stability and reliability, allowing Optimism to continue to make a name for itself.
Optimism’s Earlier Announcements
Earlier this month, Optimism, in a separate announcement, had stated it was transferring 130 million OP tokens between wallets for treasury management purposes.
“Today, we are transferring 130M OP tokens between wallets for treasury management purposes. This is an internal, planned transaction, and we’re sharing a heads up to keep our community informed.”
It had also announced an airdrop on Monday, which saw around 19 million OP tokens allocated to 31,870 addresses that had participated in the delegation activities of its DAO, called the Optimism Collective.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
