Posted: March 8, 2024 3:55 AM Updated: March 8, 2024 3:55 AM
Correction and fact check date: March 8, 2024, 3:55 a.m.
briefly
The Optimism Foundation plans to sell 19.5 million OP governance tokens to individuals, with an estimated value exceeding $89 million.
The Optimism Foundation, which operates the Ethereum layer 2 project Optimism (OP), has begun selling approximately 19.5 million governance tokens (OP) to private individuals, with an estimated value of over $89 million.
The tokens are subject to a two-year lock-up period, during which time buyers can delegate their tokens to unaffiliated third parties for governance voting. According to the announcement, these tokens come from the unallocated portion of the OP token treasury and form part of the Optimism Foundation’s original working budget, comprising 30% of the initial OP token supply.
Going forward, for the sake of transparency, various transactions involving private sales will take place with public tracking of the accessible supply of OP tokens.
The Optimism Foundation previously conducted a private token sale, selling 116 million OP tokens, achieving a valuation exceeding $160 million last year.
The price of Optimism’s OP token has risen slightly by about 3% over the past 24 hours before falling slightly. As of this writing, OP is trading at $4.57, according to CoinMarketCap data.
Optimism Ecosystem Development
The Optimism Foundation supports the Optimism Collective, contributing to the development of the Optimism ecosystem and related technologies. Developed by OP Labs, Optimism is the main blockchain network within the Optimism ecosystem, comprised of layer 2 chains collectively called Superchain.
OP tokens serve as the primary governance token of the Optimism network and play a pivotal role in guiding and supervising the operation of the Optimism ecosystem. OP token holders can participate in the decision-making process and contribute to the direction and development of Optimism.
Recently, Optimism launched its fourth airdrop to distribute 10,343,757.81 OP tokens worth $40.8 million to Web3 artists to 22,998 addresses. Optimism has allocated 19% of the initial token supply for distribution via airdrop and has set aside approximately 560 million OP tokens for future airdrop plans.
The Optimism Foundation’s multi-pronged approach, exemplified by its private token sale, highlights the Optimism ecosystem development strategy.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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