🤵 Optimism Foundation Announces $89 Million Private Sale 📣
The Optimism Foundation has recently revealed that it has conducted a private sale of 19.5 million OP tokens, amounting to $89 million in value at current prices. While the identity of the buyer remains undisclosed, the foundation has also not provided any information regarding the terms of the sale. Here’s what we know so far:
▶️ Tokens subject to a two-year lock-up period: The Optimism Foundation has stated that once the sale is concluded, the purchased tokens will be subject to a lock-up period of two years. However, during this time, the buyer will still have the ability to delegate the tokens to unaffiliated third parties for governance votes.
📜 Foundation’s official announcement: The Optimism Foundation made this announcement through its official website. In the announcement, the foundation stated, “Optimism has entered into a private token sale of approximately 19.5M OP tokens. The tokens are subject to a two-year lock-up. During the lock-up, the purchaser will be able to delegate the tokens to unaffiliated third parties for participation in governance.”
▶️ Tokens from unallocated portion of the treasury: According to Optimism, the tokens sold in the private sale are sourced from the unallocated portion of the OP token treasury. These tokens are part of the foundation’s original working budget, accounting for 30% of the initial OP token supply. The foundation also revealed that there will be multiple transactions related to the private sale in the coming days.
🔍 Community concerns and criticism: This is not the first time that the Optimism Foundation has conducted a private sale of OP tokens. In September 2023, it announced the sale of 116 million OP tokens worth over $160 million. However, the latest private sale has received criticism from the larger Ethereum community. Some members of the community expressed their concerns and grievances about the lack of transparency surrounding the sale.
💬 Founder of the Daily Gwei’s opinion: Anthony Sassano, the founder of the Daily Gwei, shared his opinion on the matter. As an angel investor in Optimism, he expressed his support for the project but criticized the private sale for its lack of transparency. Sassano stated, “I love Optimism and what they’re building (and I’m an angel investor in them), but private sales with zero transparency like this just leave a really bad taste in my mouth. This is not the gwei.”
▶️ Response from another user: Another user on social media commented on the private sale, highlighting the positive impact it could have on the treasury. They wrote, “@Optimism has sold another 19.5m $OP, a nice little $90m or so to strengthen the treasury. It’s not dumping if it’s a private sale.”
📈 Token performance: Despite the criticism received and the unfavorable opinions expressed by some community members, the OP token has shown a 3% increase in value over the past 24 hours. However, it has also experienced a slight drop and is currently trading at $4.60.
🔥 Hot Take: Controversial Private Sale Raises Distrust in Optimism Foundation 🤨
The Optimism Foundation’s recent private sale of OP tokens has sparked criticism and raised concerns within the Ethereum community. As the foundation chose not to disclose the buyer’s identity and the terms of the sale, many community members expressed their dissatisfaction with the lack of transparency. This has led to questions regarding the motives and intentions behind the private sale. It remains to be seen how the Optimism Foundation will address these concerns and regain the trust of the community going forward.
⚠️ Disclaimer: The information provided here is not financial advice and should not be taken as such. Always do your own research before making any investment decisions.
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