OP

$155M+ in OP Tokens Sold in Private Sale With 2-Year Lockup

by BSC News

September 21, 2023

chain

The tokens involved in private sale are drawn from the Unallocated section of the OP Token treasury, representing 30% of the initial OP token supply.

Optimism Announces Significant Private Sale 

Optimism, an Ethereum-based Layer-2 blockchain, has officially announced a substantial private sale of its OP tokens, with a total value exceeding $155 million. 

The announcement, made on September 20, shines a spotlight on the strategic movements within the blockchain and crypto sector, highlighting the magnitude of investments in the field.

Details of the Sale

Based on the information in the protocol’s blog announcement, Optimism “has entered into a private token sale of approximately 116M OP tokens.” This considerable amount was divided amongst seven unique purchasers. The primary aim behind this strategic sale is mentioned to be for “treasury management purposes.”

As reported, the tokens involved in private sale are drawn from the Unallocated section of the OP Token treasury. Notably, these tokens form part of the Foundation’s initial working budget, representing 30% of the initial OP token supply.

Two-Year Lockup Period

Participants in the private sale are subjected to a two-year lockup period. This means that the purchasers can only utilize the acquired tokens freely once this stipulated timeframe is completed. 

However, during this lockup phase, the purchasers hold the privilege to delegate these tokens to third parties that are not affiliated, enabling them to participate in the governance processes. 

This delegation feature allows external entities to have a say in the governance, potentially bringing diversified perspectives and insights into the protocol’s developmental trajectory.

Community Awareness

Optimism has maintained transparency with its community, opting to inform them about the transactions involved in sending the OP tokens to the purchasers. With this in mind, the protocol disclosed to the community that the series of transactions are “planned.” 

“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,” the blog stated. 

This gesture reassures the community about these transactions' organized and planned nature, mitigating any potential concerns or speculations.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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