Optimism Sells $90M Worth of Tokens in Private Deal, Impact on Latest Crypto Market

Optimism Foundation Announces Private Sale of Governance Tokens

Optimism Foundation, the team behind the Ethereum layer-2 blockchain, has revealed plans for a private sale of approximately 19.5 million of its governance tokens. The sale, which includes a vesting period of two years, is valued at around $90 million based on the current market price of $4.62 per token.

During the vesting period, buyers will not be able to sell their tokens but can still use them for governance participation. This move is part of the foundation’s effort to ensure responsible token distribution and prevent any market volatility.

Unallocated Tokens from OP Treasury

The tokens being sold are from an “unallocated portion” of the OP token treasury, which is part of the organization’s original working budget. This budget accounts for 30% of the initial OP token supply and is aimed at supporting the growth and development of the Optimism ecosystem.

Optimism Foundation Conducts Private Sale of OP Tokens, Sparking Discussion in Crypto Community

The Optimism Foundation recently announced that it will be sending OP tokens to the community in multiple transactions over the next few days. This news has caused some speculation in the crypto market, with many wondering about the details of the sale and the impact it will have on the market.

While Optimism has not disclosed the specifics of the private sale or the buyer, some members of the community have expressed concerns about the lack of transparency. Ethereum advocate Anthony Sassano, who has invested in Optimism, stated that private sales without transparency can leave a “bad taste” in his mouth. However, others have defended the foundation, acknowledging that the team behind Optimism also needs to earn a living.

This is not the first time Optimism has conducted a private sale of its tokens. In 2023, the network transferred 116 million OP tokens, worth approximately $160 million at the time, after a private sale. This latest sale has reignited discussions on the role of private sales in the crypto market and whether they are beneficial or detrimental to the overall community.

At the moment, there are concerns about the potential impact of the sale on prices. However, the tokens were also put on hold for two years, which means they did not have an immediate effect on the token’s value.