2024

Optimism

Foundation

Read

Optimism Foundation decided to sell 19.5 million OP tokens, which are part of its ‘original working budget of 30% of the initial OP token supply.’
<a href="https://crypto.news/tag/optimism/" target="_blank" rel="noopener noreferrer nofollow">Optimism</a> Foundation, a non-profit organization that oversees the development of ecosystem projects and infrastructure, revealed in a <a href="https://gov.optimism.io/t/token-sale-march-2024/7760" target="_blank" rel="noopener noreferrer nofollow">forum post</a> on Mar. 7 that it has entered into a “private token sale” of approximately 19.5 million OP tokens worth around $89.5 million as of press time.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Starting today and over the coming days, there will be several transactions from Optimism controlled wallets totaling approximately 25M OP tokens. We’re sharing as a heads up to our community that these are planned transactions.— Optimism (@Optimism) <a href="https://twitter.com/Optimism/status/1765754682935312656?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 7, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
While the organization refused to disclose the terms and purchaser due to the nature of the deal, it noted that the tokens “are subject to a two-year lockup.”
<blockquote class="wp-block-quote">
 “During the lock-up, the purchaser will be able to delegate the tokens to unaffiliated third parties for participation in governance.”
 Optimism Foundation
</blockquote>
You might also like: <a href="https://crypto.news/altcoins-february-kaspa-optimism/" rel="noopener noreferrer nofollow"> Altcoins nearing all-time highs in February: KAS, Optimism in focus </a>
The foundation announced that the transfers would be executed over the coming days, asserting that these transactions were all part of their planned initiatives. Despite this development, the price of OP tokens remained mainly unaffected at $4.59, showing a marginal increase of approximately 1% according to CoinMarketCap data at the time of reporting.
This isn’t the first time the foundation has engaged in a private sale as in September 2023 the project also <a href="https://crypto.news/optimism-to-sell-156m-in-op-tokens-via-private-sale/" target="_blank" rel="noopener noreferrer nofollow">sold</a> 116 million OP tokens to seven private buyers. At the time, the Optimism Foundation also refused to provide extensive details about the sale.
Read more: <a href="https://crypto.news/optimism-airdrop-41-million-tokens/" rel="noopener noreferrer nofollow"> Optimism’s fourth airdrop distributed nearly $41m in tokens </a>

Optimism Foundation dumps $90m of OP tokens in private sale

crypto.news

Other articles published on Mar 8, 2024

BlockDAG Presale In Full Swing Raises Above $3M In Presale Amid Chainlink and TRON Price Surges

Terraform labs’ Do Kwon to be extradited to South Korea, details here

Ethereum Price Prediction: ETH Closes On $4K As Bitwise Sees Surge To $10K And Experts Say This B...

Four Strong Indicators of Stacks’ Explosive Growth

Major Cryptocurrencies Experience Positive Shift

Breaking: Sam Altman’s Worldcoin (WLD) Files Lawsuit Against Ban in Spain

Join our free newsletter for daily crypto updates!