Optimism (OP), a leading layer two scaling solution for Ethereum, has announced the completion of a private token sale worth $90 million. OP aims to increase Ethereum’s transaction throughput while decreasing the network’s cost.
The Price of Optimism OP Today
The live price of OP is $4.62, and the 24-hour trading volume is $400,769 at the time of writing. The token has been +15.07% in the last 24 hours, and its total circulating Supply is 1.01B.
Also, while the foundation is selling a substantial quantity of tokens, they specified in the announcement that the sale included a two-year vesting period, restricting the buyer from trading the token before then.
Optimism stated that the buyer can still use the tokens for governance participation within the vesting period.
Optimism wrote, “During the lock-up, the purchaser will be able to delegate the tokens to unaffiliated third parties for participation in governance.”
30% of the Initial OP Token Supply
The organization told the community that the tokens originate from the “Unallocated portion” of the OP Token treasury and constitute a part of the foundation’s initial working budget of 30% of the original OP token supply.
“Over the next few days, there will be several transactions to send the OP. These are all planned transactions, and we’re sharing a heads-up to keep the community informed,” Optimism stated.
Several Users Triggered at Buyer’s Hidden Identity
The foundation explained to the community that the transaction was conducted as a private sale, and the terms and identity of the buyer could not be disclosed. The post triggered discussions on X, with some followers perceiving the sale negatively, while others defended the foundation.
Ethereum advocate Anthony Sassano expressed his love for OP and acknowledged his investment in the project. However, he highlighted that private sales lack transparency, leaving “a bad taste” in his mouth. Meanwhile, other members argued that the team behind OP also needs to sustain themselves financially.
According to records, this is not the first time the foundation has sold its tokens privately. In September 2023, it sold 116 million OP tokens, valued at approximately $160 million.
In May 2023, Optimism unlocked 9% of its native token’s total supply, which raised concerns amongst token holders at the time.