- L2 Optimism project conducts a private sale of $160 million worth of OP tokens.
- This decision is in hopes of improving cash management.
- 116 million OP tokens sold to 7 buyers, with a 2-year holding requirement.
Nearly $160 million worth of OP will be sold by the L2 Optimism project as part of a private sale. The tokens are distributed among 7 buyers. The rationale behind this unexpectedly befuddling move happens to be cash management.
In particular, between 2022 and 2023, Optimism carried out several airdrops, including the very recent third airdrop with the distribution of 19 million OP governance tokens. The transactions have not yet been completed.
However, this time, the project will not proceed with a new airdrop, but rather they switched tactics with a private sale. Layer 2 draws on the unallocated portion of tokens to power these transactions. These are taken from the 30% of the original supply and intended for the operating budget of its foundation.
116 Million OP Tokens Blocked for 2 Years
On its forum, Optimism therefore announces the sale of approximately 116 million OP tokens, or approximately $160 million at the current price. They will be divided between 7 buyers.
The transaction is justified by cash management objectives. Note that buyers will have to keep their OPs for a minimum period of two years.
During the blocking period, buyers will be able to delegate the tokens to unaffiliated third parties to participate in governance, Optimism clarifies.
The private sale was made official on September 20. It will be carried out through several scheduled transactions, starting from the day of the announcement.
The identity of the 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 comes in a context of toughening competition between layers 2. Two major solutions have appeared in recent weeks with Linea from Consensys and Base from Coinbase.
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