Optimism Foundation Privately Sells 19.5 Million Governance Tokens Worth $89 Million+
The Optimism Foundation, a supporter of the Ethereum Layer 2 project Optimism, has announced that it is conducting a private sale of approximately 19.5 million governance tokens. The total value of these tokens is estimated to be over $89 million based on current prices. However, the terms of the private sale and the identity of the buyer have not been disclosed.
The announcement states that although the tokens will be subject to a lockup period of two years, the purchaser will still have the ability to delegate tokens to unaffiliated third parties for governance votes. This sale comes from the unallocated portion of the OP token treasury and is part of the foundation’s original working budget.
Previous Token Sale
This is not the first time that the Optimism Foundation has conducted a private token sale. In September 2023, they sold 116 million OP tokens valued at over $160 million at that time.
‘Bad Taste’ Reactions
The news of this latest private token sale has not been well-received by some members of the Ethereum community. Anthony Sassano, founder of The Daily Gwei, expressed his displeasure with the lack of transparency in private sales like this. Another user sarcastically questioned whether it can still be considered dumping if it’s a private sale.
Price Increase
Despite some negative reactions, the price of Optimism’s OP token has increased nearly 3% in the past 24 hours according to The Block’s price data.
Hot Take: Optimism Foundation Conducts Private Sale of Governance Tokens
The Optimism Foundation has recently conducted a private sale of approximately 19.5 million governance tokens, valued at over $89 million. While the terms of the sale and the buyer’s identity have not been disclosed, the tokens will be subject to a two-year lockup period. Despite criticism from some members of the Ethereum community regarding transparency, the price of Optimism’s OP token has seen a 3% increase in the past 24 hours.
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