Optimism Foundation sells $89 million worth of OP tokens to an unknown investor

Last September, the project also conducted a private transaction, selling 116 million coins

08.03.2024 - 13:15

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2 min

What’s new? Optimism Foundation, a non-profit organization, will privately sell 19,5 million OP governance tokens worth over $89 million at the current exchange rate to an unknown investor. The terms of the sale were also not disclosed. However, it is known that the coins will be locked for two years, while the buyer will be able to delegate them to unaffiliated third parties to participate in voting on the development of the project.

Announcement of the foundation on the project’s forum

What else is known? The team claims that these tokens are taken from the part of OP’s treasury that was not intended for any specific purpose. These coins are part of the initial working budget of the fund, which amounted to 30% of the original OP offering. The fund also warned that there will be several large transactions related to this private sale in the coming days.

Some members of the crypto community have criticized the fund for the opaque private transaction. That said, this is not the first time Optimism has made such a transaction. For example, in September last year, the fund privately sold 116 million OP worth over $160 million.

Despite the negative attitude of some community members, the OP rate for the last day added 5,5% and reached $4,79, but by the time of writing it has partially corrected to $4,61. The asset ranks 30th in the cryptocurrency ranking by market capitalization with a figure of over $4,6 billion.

Optimism network distributes more than 10 million OP tokens to airdrop participants

The assets were distributed to 22 998 unique addresses

Optimism is a Layer 2 (L2) network for scaling the Ethereum blockchain, the Optimism Foundation NPO is involved in supporting the project. The OP Stack architecture from the creators of Optimism is used for blockchain development by DeFi protocol Aevo, Base network from crypto exchange Coinbase, and others.

On June 6 of last year, the network underwent the Bedrock hard fork, which led to a 70% reduction in fees, making Optimism the cheapest L2 solution on Ethereum.

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