Optimism, the leading Ethereum Layer-2 scaling solution, plans to sell 116 million $OP tokens (equivalent to $154 million) to seven private buyers for treasury management purposes. Additionally, according to the team’s statements, this step is emphasized to be an integral part of Optimism’s original operational budget and of significant importance.
Starting today, there will be several transactions totaling approximately 116M OP tokens. We’re sharing as a heads up to our community that these are planned transactions.
— Optimism (✨🔴_🔴✨) (@optimismFND) September 20, 2023
This Sale Is Taking Place To Fund Future Development
Optimism is recognized as one of the solutions offered to address scalability issues within the Ethereum ecosystem. This Layer-2 solution was developed to increase the transaction capacity of the Ethereum network and reduce costs. In their statements, the Optimism team emphasizes that this token sale is aimed at financing future development and sustaining their project.
No Impact on the Price of OP Token
Furthermore, this token sale includes tokens obtained from the unreleased portion of Optimism’s treasury. This means that the tokens being sold are not part of the circulating supply, which is why the team stated that this sale will not have any impact on the market price of OP tokens.
Additionally, the buyers of these tokens will not be able to sell them on secondary markets because Optimism plans to subject these tokens to a two-year lock-up period.
Lastly, the founding team of Optimism asserts that this token sale is a critical step to secure the project’s future. They also emphasize the necessity of such financial measures to ensure the continued growth of the Layer-2 solution offered to the Ethereum ecosystem and to serve a larger user base.
Source: Cointelegraph
