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- Based on the current market value of OP tokens, the sale is expected to yield approximately $159M.
- Just two days prior to the sale, Optimism executed its third airdrop, distributing 19.4M OP tokens.
Optimism has disclosed its intention to sell 116 million OP tokens to seven individual buyers as part of its treasury management approach. Based on the current market value of OP tokens, the sale is expected to yield approximately $159M.
Although there were concerns that Optimism might “dump” its tokens onto the market, potentially lowering prices, the private nature of the transaction makes such an outcome unlikely. The tokens are not included in the general supply as they originate from the unallocated reserve of the OP token treasury.
Covered by Original Working Budget
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As stated on the Optimism website, buyers will not be able to resell their tokens on secondary markets for a duration of two years. However, token buyers are allowed to delegate governance rights to unrelated third parties. Optimism asserts that this sale was always part of the plan and is entirely funded by the “original working budget of 30% of the initial token supply.”
Just two days before the sale, Optimism executed its third airdrop, distributing 19.4 million OP tokens to over 31,000 addresses for their involvement in delegation activities associated with the Optimism Collective, the DAO that governs the network.
Among layer-2 scaling solutions, Optimism, Polygon, and Arbitrum are the most prominent. In August, Optimism’s total transactions exceeded those of Arbitrum, even though it still lagged in terms of total value locked (TVL). At the time of this report, OP is trading at $1.31, reflecting a decline of 5.64% in the past 24 hours according to data from CMC.
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