A shocking development is happening in the Bitcoin and altcoin world. The fact that an altcoin project will sell a significant amount of tokens hit the agenda like a bombshell. Cryptocurrency investors are inevitably uneasy. Let’s look at the details.
Altcoin Optimism (OP) plans token sale for treasury management
There is an important development today in Optimism (OP), the tier 2 scaling solution of altcoin Ethereum. Accordingly, it announced its intention to conduct a token sale involving 116 million OP tokens. At current market prices, the number of tokens corresponds to high amounts. These tokens, worth approximately $159 million, will be sold to seven private buyers for treasury management purposes.
Selling inevitably causes anxiety. However, minimal impact on Altcoin OP price is expected. There are, of course, concerns about the potential impact of this token sale on the market price of the OP. However, the private nature of the sale and the fact that the tokens are not part of the circulating supply are also evident. Considering this situation as Kriptokoin.com, significant price fluctuations are unlikely.
Locked tokens for treasury management
It should be noted that these tokens are obtained from the unallocated part of the OP token treasury. Therefore, buyers are subject to a two-year lock-in period that prevents them from selling them on secondary markets. However, buyers retain the option to transfer these tokens to unaffiliated third parties for management purposes.
Altcoin Optimism states that this token sale is in line with the initial strategy. On the other hand, he states that it constitutes 30 percent of the initial token supply. It also claims to have been fully integrated into the original study budget.
Latest developments and airdrop
Interestingly, this sale took place right after altcoin Optimism’s third airdrop announcement. On the other hand, 19.4 million OP tokens were allocated to more than 31,000 addresses participating in authorization activities in connection with the Optimism Collective, the network’s decentralized autonomous organization (DAO). Despite lagging behind Arbitrum in terms of Total Value Locked (TVL), altcoin OP witnessed a surge in total transactions in August. It also exceeded the Arbitrum’s activity. This increase is attributed to Coinbase’s sandbox implementation and the increased activity of authentication project Worldcoin.
The sale of these tokens will contribute to the long-term development and expansion of Optimism. On the other hand, it is expected that the altcoin Ethereum will position it as an important player in the scaling solutions environment. Although the token sale was reflected as a negativity, the stage we have reached indicates an important turning point for crypto money.
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