The Optimism Foundation will conduct a private token sale, amounting to approximately 116 million OP/USD tokens.
This move involves seven buyers and is primarily aimed at treasury management, the foundation said.
The tokens, originating from the Unallocated segment of the OP Token treasury, were part of the Foundation's initial working budget, which constituted 30% of the original OP token supply.
As the crypto industry continues to evolve, events like these are expected to be a focal point at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14.
Buyers of these tokens will be subjected to a two-year lockup period.
However, during this time, they will retain the ability to delegate these tokens to independent third parties, ensuring their participation in governance.
The community can anticipate several transactions commencing today for the transfer of OP tokens.
The Foundation's proactive approach to keeping its community informed is evident through this announcement.
On the backdrop of this sale, the Foundation had recently executed its third community airdrop. This initiative saw over 31,000 users benefiting from a distribution of 19.4 million tokens.
Despite these distributions, the circulating supply remains significantly lower than the total supply.
An additional 570 million tokens have been earmarked for impending airdrops.
As per data from CoinMarketCap, the circulating supply of OP stands at 18.59% of its overall supply.
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Image: Optimism
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