Ethereum layer-2 scaling answer Optimism (OP) has disclosed plans to promote 116 million OP tokens to seven non-public consumers for treasury administration functions
At present costs, the sale will see $159 million value of OP tokens change arms.
Beginning immediately, there shall be a number of transactions totaling roughly 116M OP tokens. We’re sharing as a heads as much as our group that these are deliberate transactions.
— Optimism (✨_✨) (@optimismFND) September 20, 2023
Whereas some observers feared the sale would result in depressed costs from Optimism “dumping” its tokens in the marketplace, it appears unlikely that the sale of the tokens could have any materials influence on the value of OP, because of the sale being non-public.
Moreover, the tokens are being sourced from the unallocated portion of the OP token treasury — which means that they don’t seem to be a part of the circulating provide.
As defined on the Optimism web site, the tokens are topic to a two-year lock up interval, which means that consumers are unable to promote them on secondary markets.
Consumers have been, nevertheless, granted permission to delegate the tokens to unaffiliated third events for governance functions.
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In accordance with Optimism, this sale is a part of its authentic plan and is totally accounted for in its “authentic working finances of 30% of the preliminary token provide.”
The sale comes simply two days after Optimism introduced its third airdrop, the place 19.4 million OP tokens have been allotted to greater than 31,000 addresses who took half in delegation actions regarding the community’s decentralized autonomous group (DAO), Optimism Collective.
In the present day Optimism is saying OP Airdrop #3.
19M OP allotted to over 31k distinctive addresses to reward positive-sum governance participation within the Collective.
Learn on for particulars on eligibility standards and allocations.
— Optimism (✨_✨) (@optimismFND) September 18, 2023
Optimism, Polygon and Arbitrum stand as probably the most closely used layer-2 scaling options within the trade.
Regardless of trailing behind Arbitrum by way of TVL, Optimism noticed its complete transactions eclipse that of Arbitrum in August, being pushed largely by a surge in exercise from Coinbase’s sandbox and the identification verification venture Worldcoin.
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