The Optimism Foundation, which supports the Ethereum Layer 2 project Optimism, has revealed a private sale of approximately 19.5 million governance tokens, valued at over $89 million at current prices. According to an official announcement, the tokens are subject to a two-year lockup.
While the identity of the buyer remains undisclosed, the announcement stated that the purchaser will still be able to delegate tokens to third parties for governance votes during the lockup period. The terms of the private sale have not been revealed.
The Optimism project claims that the tokens being sold come from the unallocated portion of the OP token treasury and are part of the Foundation’s original working budget of 30% of the initial OP token supply.
This is not the first private token sale conducted by the Optimism Foundation. In September 2023, the foundation sold 116 million OP tokens, valued at over $160 million at the time.
The news of the latest OP private sale has received mixed reactions from the wider Ethereum community. While some have criticized the lack of transparency, the price of Optimism’s OP token has seen a nearly 3% increase over the past 24 hours.
Also Read: $900 Million in Vested Tokens will be Released in February
