Optimism Foundation, a key contributor to the development and maintenance of the Optimism network, executed this private token sale on Friday. The Optimism network operates as a blockchain platform facilitating transactions on Ethereum.

Under the terms of the sale, the purchased tokens will be locked up for two years. However, the buyer retains the option to delegate these tokens to external parties for engagement in governance activities, granting similar privileges as an unvested holder.

These tokens originated from the unallocated section of the OP Token treasury, constituting part of the foundation’s initial operational budget, which allocated 30% of the initial OP token supply. As of the recent transaction, the OP token’s circulating supply stood at 1 billion tokens, with a total supply of 4.29 billion.

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.

The post Optimism Foundation Secures $89M in Private Token Sale appeared first on Coin Engineer.