Selling $160M in OP Tokens to 7 Purchasers via Private Crypto Airdrop

Optimism’s Plans to Sell OP Tokens

Optimism, a layer-2 scaling solution for Ethereum, has announced plans to sell 116 million OP tokens to seven private buyers for treasury management purposes. At current prices, this would equate to $159 million worth of OP tokens being exchanged.

Although some individuals feared that the sale could lead to a decrease in OP token prices due to Optimism “dumping” its tokens on the market, it appears unlikely that the private sale will have any major impact on the crypto market now. This is because the tokens are coming from the unallocated portion of the OP token treasury, meaning that they are not part of the circulating supply.

Crypto Market Live: Optimism Announces Token Lockup and Airdrop

As per the information available on the Optimism website, buyers of the tokens are subject to a two-year lockup period, meaning that they cannot sell them on secondary crypto markets.

Nevertheless, buyers have been granted the permission to delegate the tokens to third parties that are not associated with the company for governance purposes.

The sale is a part of Optimism’s original plan and it is accounted for in its “original working budget of 30% of the initial token supply”, as per the company.

This sale comes two days after Optimism announced its third airdrop, where 19.4 million OP tokens were allocated to more than 31,000 addresses who took part in the delegation activities related to the decentralized autonomous organization (DAO), Optimism Collective.

Optimism, Polygon and Arbitrum are the most widely used layer-2 scaling solutions in the crypto industry. Despite lagging behind Arbitrum in terms of total value locked, Optimism saw its total transactions exceed that of Arbitrum in August, driven mainly by a surge in activity from Coinbase’s sandbox and the Worldcoin identity verification project.

Crypto enthusiasts have been buying the rumor and selling the news as the crypto market now continues to remain active. The crypto current is live with airdrops and the latest news from the crypto industry. This has enabled many to create web 3.0 websites to take advantage of the new technology.

Arbitrum crypto has been leading the way in the crypto industry, however, Optimism has managed to surpass it in terms of total transactions. This can be attributed to the increased activity on Coinbase’s sandbox and Worldcoin’s identity verification project.