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Optimism to sell $160M in OP tokens to 7 purchasers by strategy of private sale

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The Optimism network has published that it would possibly well in reality well perchance sell 116 million OP tokens in a sequence of planned sales.

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Ethereum layer-2 scaling resolution Optimism has disclosed plans to sell 116 million OP tokens to seven non-public investors for treasury management purposes.

At most up-to-date costs, the sale will sight $159 million worth of OP tokens alternate palms.

Starting up recently, there’ll be several transactions totaling roughly 116M OP tokens. We’re sharing as a heads as much as our community that these are planned transactions.

— Optimism (✨_✨) (@optimismFND) September 20, 2023

While some observers feared the sale would raise about wretched costs from Optimism “dumping” its tokens on the market, it appears to be like no longer going that the sale of the tokens will procure any cloth impact on the mark of OP on account of the sale being non-public.

Furthermore, the tokens are being sourced from the unallocated portion of the OP token treasury, which technique that they are no longer segment of the circulating offer.

Optimism (OP) token mark loyal thru the final 30 days. Provide: CoinGeckoAs outlined on the Optimism web page online, the tokens are discipline to a two-year lockup length, which technique that investors are unable to sell them on secondary markets.

Investors procure, on the different hand, been granted permission to delegate the tokens to unaffiliated third events for governance purposes.

Associated: USD Coin formally expands to Injurious and Optimism networks

In step with Optimism, this sale is segment of its normal knowing and is completely accounted for in its “normal working budget of 30% of the preliminary token offer.”

The sale comes simply two days after Optimism announced its third airdrop, the set aside 19.4 million OP tokens had been dispensed to bigger than 31,000 addresses that took segment in delegation activities touching on to the network’s decentralized self sustaining group (DAO), Optimism Collective.

This day Optimism is announcing OP Airdrop #3.

19M OP dispensed to over 31okay weird addresses to reward obvious-sum governance participation within the Collective.

Read on for minute print on eligibility criteria and allocations.

— Optimism (✨_✨) (@optimismFND) September 18, 2023

Optimism, Polygon and Arbitrum stand as basically the most closely feeble layer-2 scaling alternatives within the industry.

Despite trailing within the support of Arbitrum with regards to total worth locked, Optimism saw its total transactions eclipse that of Arbitrum in August, driven largely by a surge in task from Coinbase’s sandbox and the identification verification mission Worldcoin.

Magazine: Are DAOs overhyped and unworkable? Classes from the entrance traces

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