- Optimism Foundation has conducted a private sale.
- Millions of OP tokens were offloaded.
- Keen observers raised transparency issues with the “private sale.”
Optimism Foundation, the organization supporting Ethereum layer-2 blockchain Optimism, has sold millions of OP tokens from the unallocated portion of its treasury.
OP is Optimism’s native governance token, playing an integral role in the direction and operation of the ecosystem. OP token holders can participate in various decision-making processes through voting, including software upgrades and public goods funding.
Optimism Foundation Sells 19.5 Million OP Tokens
According to a recent update, Optimism has “entered into a private token sale” of 19.5 million OP tokens, valued at approximately $89 million at the current market rates.
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The tokens are subject to a two-year lock-up, during which the buyer will be able to “delegate the tokens to unaffiliated third parties for participation in governance.” However, the buyer will be prohibited from selling the tokens during the vesting period.
The statement clarified that tokens originated from the “unallocated” portion of the OP Treasury and are part of the foundation’s working budget of 30% of the initial OP token supply.
“Over the next few days, there will be several transactions to send the OP. These are all planned transactions and we’re sharing a heads up to keep the community informed.” The statement read. “As this was a private sale, the terms and purchaser are not able to be disclosed.”
The foundation’s move not to disclose the details of the sale stirred heated debates on X, with some observers viewing it negatively, citing transparency concerns. Ethereum advocate Anthony Sassano said the move “left a bad taste” in his mouth, signaling his disapproval.
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Meanwhile, another user argued that they couldn’t blame the Optimism team as “they have to eat too.”
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