Optimism Foundation's Private Token Sale Raises $90 Million Amid Market Rally

By: Eliza Bennet

The Optimism Foundation recently conducted a private sale of about 19.5 million OP tokens, totaling approximately $90 million. The unnamed buyer agreed to a two-year lock-up period and can delegate the tokens for governance participation in the interim. This move is an echo of the foundation's action in September 2023 when it sold 116 million tokens to seven entities amounting to around $157 million.

The foundation's prior announcement outlined several planned transactions encompassing about 25 million OP tokens. This token sale is part of the foundation's strategy to involve its community in key decisions and provide transparency about its operational activities.

Optimism is currently the second-largest Ethereum-based Layer-2 network, with nearly 24% market control. The total value locked in the network is around $9 billion. Despite the recent sell-off, Optimism's token price has shown significant resilience amid the broader market rally, achieving a new all-time high of $4.86 on Mar. 6, marking an annual increase of over 115%. However, market watchers should brace for significant sell pressure as the network is set to unlock approximately $110.65 million worth of tokens by March 29.