Optimism Foundation Launches $89M Token Sale

Optimism Foundation Launches $89M Token Sale

Optimism Foundation Launches $89M Token Sale

Optimism Foundation, overseeing the Optimism Layer 2 project, has initiated a private sale of 19.5 million OP governance tokens, valued at $89M.

The Optimism Foundation, which runs the Optimism (OP) Ethereum Layer 2 project, has started selling 19.5 million OP governance tokens to private buyers, with a value of more than $89 million.

The buyer can delegate tokens to unaffiliated third parties for governance votes throughout the two-year lockup term, but the tokens themselves will remain subject to the lockout. The release states that these tokens, which make up 30% of the initial OP token supply, are part of the Optimism Foundation’s original working budget and originate from the unallocated sector of the OP token treasury.

Various transactions related to the private sale will occur in the next days, and the public will be able to track the quantity of OP tokens for transparency’s sake.

Optimism Foundation tokens were valued at more over $160 million last year after the organization’s private token sale of 116 million OP tokens.

In the last day, the price of one Optimism token, the OP token, rose by almost 3% before falling slightly. According to data from CoinMarketCap, OP is now trading at $4.57 as of this writing.

Building an Environment of Hope

In order to foster the growth of the Optimism ecosystem and its related technologies, the Optimism Foundation provides financial backing to Optimism Collective. Built by OP Labs, Optimism is the main network of Layer 2 chains that make up the Superchain in the Optimism ecosystem.

As the Optimism network’s native governance token, the OP token is essential for directing and monitoring the ecosystem’s operations. Optimism token holders have the opportunity to participate in decision-making processes and shape the future of the project.

Optimism has just begun its fourth airdrop in an effort to reward Web3 artists, and 22,998 addresses have been assigned 10,343,757.81 OP tokens, with a value of $40.8 million. Optimism has reserved about 560 million OP tokens for potential future airdrop campaigns, allocating 19% of the original token supply for this purpose.

The Optimism Foundation’s plan for establishing the Optimism ecosystem is highlighted by its diverse approach, which includes a private token sale.

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