Optimism Foundation Initiates Private Sale of Governance Tokens

Optimism private sale

“The Optimism Foundation has initiated a private sale of approximately 19.5 million governance tokens (OP) to private individuals, valued at over $89 million. These tokens, which account for 30% of the initial OP token supply, will be subject to a two-year lock-up period. The sale, sourced from the Unallocated portion of the OP Token treasury, aims to bolster the Foundation’s working budget and facilitate community participation in governance.”

Two-Year Lock-Up Period

The Optimism Foundation has commenced a private sale of approximately 19.5 million governance tokens (OP) to private individuals, amounting to over $89 million. These tokens, constituting 30% of the initial OP token supply, will be subject to a two-year lock-up period. The tokens originated from the Unallocated portion of the OP Token treasury and are part of the Foundation’s original working budget.

In an update to the community, the Foundation announced the private token sale, emphasizing the two-year lock-up period. During this time, purchasers will have the option to delegate the tokens to unaffiliated third parties for participation in governance.

Delegation Powers to Purchasers

The update said,

“Optimism has entered into a private token sale of approximately 19.5M OP tokens. The tokens are subject to a two-year lockup. During the lock-up, the purchaser will be able to delegate the tokens to unaffiliated third parties for participation in governance.”

Assurance if Transparency

While the terms and purchaser of the private sale remain undisclosed, the Foundation assured the community of transparency by providing public tracking of the OP token supply. Additionally, it informed the community of upcoming transactions to send the OP tokens, ensuring transparency throughout the process.

As the private sale progresses, the Optimism Foundation aims to maintain open communication with its community, keeping them informed of significant developments and initiatives.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.