Optimism announces the sale of 116 million OP tokens

Nearly 160 million dollars dOP will be sold by the project L2 Optimism as part of a private sale. Visit tokens are distributed among 7 buyers. The justification: the cash management.

Between 2022 and 2023, Optimism has carried out several aidrops, the third most recently involving the distribution of 19 million OP governance tokens. The transactions have not yet been completed.

This time, however, the project will not proceed with a new aidrop, but with a private sale. Layer 2 draws on the unallocated share of tokens to fuel these transactions. These tokens are taken from the 30% of the original supply and earmarked for the operating budget of its foundation.

116 million OP tokens blocked for 2 years

On its forum, Optimism announces the sale of around 116 million OP tokensor around 160 million dollars at the current price. They will be divided between 7 buyers.

The transaction is justified by cash management. Purchasers are required to keep their POs for a minimum period of two years.

During the lock-up period, purchasers will be able to delegate tokens to unaffiliated third parties to participate in governance,” says Optimism.

The private sale was made official on September 20. It will take place via several scheduled transactions, starting on the day of the announcement.

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Strong competition between L2

The identity of buyers is not specified. Analysis of blockchain data will make it possible to trace sales and list, in principle, the addresses of the new owners of the OP tokens – but not necessarily their real identities.

The sale of Optimism takes place against a backdrop of tightening of the competition between layers 2. Two major solutions have appeared in recent weeks: Linea from Consensys and Base from Coinbase.

That’s without counting on the development of other projects like Shibarium in the Shiba ecosystem. Earlier in 2023, Scroll, a startup developing a layer2 zkEVM, raised funds at a valuation of $1.8 billion. No mean feat in a bear market. As for leader Arbitrum, this week it approved an upcoming distribution of ARBs to boost its ecosystem.

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