Optimism to Sell $159m in OP Tokens to Private Buyers!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Sep 21, 2023 11:36

Optimism, a layer-2 scaling solution for Ethereum, has revealed plans to sell 116 million OP tokens to seven private buyers for treasury management purposes, worth $159 million at current prices. However, the sale is unlikely to have a material impact on the price of OP tokens, as they are being sourced from the unallocated portion of the OP token treasury and are subject to a two-year lock-up period. This also means buyers are unable to sell them in secondary markets but can delegate them to third parties for governance purposes. The sale comes shortly after Optimism’s third airdrop of 19.4 million OP tokens.