OP Token Foundation $157 mn Sale Impacts Markets
Optimism, an Ethereum layer-2 network, announced a private token sale of around 116 million OP tokens worth $157 million, with seven purchasers, as per its governance platform update.
Optimism Foundation has announced plans for several transactions totaling around 116M OP tokens, with seven purchasers subject to a two-year lockup where they delegate the tokens to third parties for governance. The funds will come from the unallocated portion of the Foundation’s token treasury, which is part of its original working budget of 30% of the initial OP token supply. CryptoSlate’s data shows that news of the sales has negatively impacted the OP token. The Foundation has $1.235 billion worth of assets in its treasury.
The Optimism DAO has been rewarded with 19 million OP tokens, worth around $26 million, as part of a third airdrop campaign. The tokens were distributed across 31,000 addresses to users who delegated tokens to support the protocol’s governance. Despite this, the total value of assets locked on the blockchain network rose by 4% to $2.62 billion during the reporting period, with Optimism controlling around 25% of the market share among Ethereum-based layer2 networks.
(With inputs from Shikha Singh)
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