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Positive outlook on the sale of $160 million in OP tokens to seven buyers through private transaction.
Ethereum layer-2 scaling solution Optimism has revealed intentions to sell 116 million OP tokens to seven private purchasers for treasury management objectives.
At current market values, this transaction will involve $159 million worth of OP tokens changing hands.
Beginning today, there will be multiple transactions amounting to around 116M OP tokens. We’re informing our community in advance that these transactions are planned.
— Optimism (✨_✨) (@optimismFND) September 20, 2023
While some analysts expressed concerns that the sale could lead to reduced prices due to Optimism “dumping” its tokens onto the market, it appears improbable that the token sale will significantly affect the price of OP since it is a private transaction.
Moreover, the tokens are being drawn from the unallocated segment of the OP token treasury, indicating that they do not form part of the circulating supply.
Optimism (OP) token price over the past 30 days. Source: CoinGecko
As detailed on the Optimism website, the tokens will be subject to a two-year lockup period, preventing buyers from selling them on secondary markets.
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However, buyers have been allowed to delegate the tokens to unrelated third parties for governance purposes.
Related: USD Coin officially expands to Base and Optimism networks
According to Optimism, this sale aligns with its initial strategy and is fully accounted for in its “original working budget of 30% of the initial token supply.”
The sale occurs just two days following Optimism’s announcement of its third airdrop, in which 19.4 million OP tokens were distributed to over 31,000 addresses that participated in delegation activities related to the network’s decentralized autonomous organization (DAO), Optimism Collective.
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 recognized as the most widely utilized layer-2 scaling solutions in the sector.
Despite lagging behind Arbitrum in total value locked, Optimism experienced its total transactions surpassing that of Arbitrum in August, primarily fueled by increased activity from Coinbase’s sandbox and the identity verification initiative Worldcoin.
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