• Home
  • Markets
  • Optimism Foundation Executes $157 Million OP Token Sale for Strategic Treasury Management

Optimism Foundation Executes $157 Million OP Token Sale for Strategic Treasury Management

Sep 22, 2023 at 10:53 am

The Optimism foundation, responsible for the second-layer blockchain, has successfully concluded a pre-planned, private token sale. In this event, they sold a total of 116 million OP tokens, equivalent to a value of $157 million, to seven distinct purchasers. This significant transaction was announced via the Optimism governance platform.

It's worth noting that this token sale was meticulously orchestrated, drawing from a predetermined portion of the OP Token treasury. According to data obtained from DefiLlama, Optimism's treasury presently holds assets valued at around $1.25 billion, all denominated in its native token.

The seven purchasers have been endowed with the authority to delegate these tokens to third parties, thereby enabling them to actively participate in blockchain governance matters.

Additionally, earlier this week, the foundation initiated its third community airdrop, disbursing 19.4 million tokens among a user base exceeding 31,000. Despite this allocation, the circulating supply of OP tokens still registers as relatively modest in comparison to the total supply. This is particularly noteworthy given that an additional 570 million tokens have been earmarked for forthcoming airdrops. CoinMarketCap data indicates that the circulating supply of OP tokens presently represents 18.59% of the total supply.

At present, OP is valued at $1.35 in the market, denoting a 2.19% decline in value over the past 24 hours, as reported by Bitsday.

Read more: Circle's USDC Stablecoin Expands Its Reach: Now Available on Base and OP Mainnet

Related News

Sign up for daily crypto news in your inbox

Get crypto analysis, news and updates right to your inbox! Sign up here so you don't miss a single newsletter.