Optimism Foundation Offloads 157 Million Dollars Worth of OP Tokens, Cites ‘Treasury Management’

Crypto News– The organization behind the layer2 blockchain Optimism recently completed a sale of 116 million OP tokens, totaling $157 million, to seven different buyers.

Optimism Foundation Offloads 157 Million Dollars Worth of OP Tokens, Cites ‘Treasury Management’

This transaction was officially announced on the Optimism governance website and was described as a private and pre-planned event. The tokens for this sale were sourced from an unallocated portion of the OP Token treasury. It’s worth noting that Optimism’s treasury currently holds approximately $1.25 billion, comprised entirely of its native token, as per data from DefiLlama.

The seven buyers who participated in this sale will have the option to delegate these tokens to third parties for engagement in blockchain governance activities.

Moreover, it’s important to highlight that the foundation carried out its third community airdrop earlier in the week, dispersing a generous sum of 19.4 million tokens to a broad user base comprising over 31,000 individuals. Nevertheless, the OP token’s circulating supply remains relatively modest when juxtaposed with the grand scheme of its total supply. The reason behind this is the allocation of a substantial 570 million tokens earmarked for future airdrop events. As things stand, the OP token’s circulating supply represents a fraction of the total supply, specifically amounting to 18.59%, based on the data sourced from CoinMarketCap.