Optimism Announces $159M Private Token Sell
Optimism's Ethereum layer-2 scaling solution plans a private sale of 116M OP tokens valued at $159M. Tokens are subject to a two-year lockup period.
Optimism, an Ethereum layer-2 scaling solution, has unveiled plans for a private sale of 116 million OP tokens.
Starting today, there will be several transactions totaling approximately 116M OP tokens. We’re sharing as a heads up to our community that these are planned transactions. — Optimism (✨????_????✨) (@optimismFND) September 20, 2023
Optimism's decision to conduct a private sale ensures that only a select group of seven investors can participate. This exclusivity is designed to mitigate drastic price fluctuations, as the tokens won't be immediately available to the public. A few key points about the sale include:
- Valuation: The sale, based on current token prices, is valued at approximately $159 million.
- Source of Tokens: The tokens for this sale come from the unallocated portion of the OP token treasury. This means they aren't derived from the current circulating supply, adding a layer of protection against potential market price depression.
- Lockup Period: All tokens acquired in this sale are subject to a stringent two-year lockup period. This ensures that the buyers cannot sell these tokens on secondary markets for the specified duration.
- Token Delegation: An intriguing aspect of this sale is the allowance for buyers to delegate these tokens to third-party entities for governance purposes, as long as these entities are unaffiliated.
This sale isn't a spur-of-the-moment decision for Optimism. It aligns perfectly with the platform's pre-established plans and is accounted for within its "original working budget of 30% of the initial token supply."
The timing of this announcement is also noteworthy. It comes just two days after Optimism's announcement of its third airdrop, which allocated 19.4 million OP tokens to over 31,000 addresses involved in delegation activities related to the Optimism Collective, the platform's decentralized autonomous organization (DAO).
Today Optimism is announcing OP Airdrop #3.
19M OP allocated to over 31k unique addresses to reward positive-sum governance participation in the Collective.
Read on for details on eligibility criteria and allocations. — Optimism (✨????_????✨) (@optimismFND) September 18, 2023
Optimism, Polygon, and Arbitrum are among the top layer-2 scaling solutions in the sector. While Optimism has a lower total value locked compared to Arbitrum, it surpassed Arbitrum's total transactions in August. This increase was primarily fueled by heightened activity from Coinbase's sandbox and the identity validation initiative, Worldcoin.
